Stay for a Night or a Year? The "Flexible Living Era" of Young People in the U.S. Has Arrived
As the housing market in the U.S. continues to evolve, "flexible living" is gradually becoming the preferred choice for young people. This emerging way of living not only meets the needs of a fast-paced lifestyle but also breaks the boundaries of traditional housing, completely changing the way people perceive renting.
From short-term rentals to co-living spaces and co-working communities, modern rental options no longer rely solely on fixed-term leases. Young people in the U.S. are redefining what "home" means through flexible living arrangements.
What Is "Flexible Living"?
In simple terms, flexible living refers to a variety of rental options in terms of lease duration, payment methods, and types of accommodation. It can be short-term rentals, co-living spaces, or integrated co-working and living spaces.
Unlike the traditional 12-month lease, flexible living provides renters with more options, allowing them to choose different living arrangements according to their needs, without being tied down by long-term contracts or a single housing type.
Three Major Models of Flexible Living
Short-term Rentals
This is the most well-known form of flexible living. Platforms like Airbnb, Vrbo, and others allow users to rent for a day, a week, or even a month. The main characteristic of short-term rentals is their flexibility; renters do not have to commit to long-term leases and can easily change residences based on their personal situations.
Example:
Airbnb entered the market in 2019 and quickly accumulated a large user base. According to Airbnb's report, the global short-term rental market earned $11 billion in 2022 and is projected to continue growing, with an annual growth rate of 9.7% by 2025. In major cities like New York and San Francisco, many young people find flexible accommodation options, especially those working remotely.
Co-living
Co-living is a way of housing multiple renters in the same building, where each tenant has their own bedroom but shares common areas like the kitchen, living room, and bathroom. This model is especially appealing to young people who value social interactions and want to save on rent. Co-living spaces offer greater flexibility, and tenants can opt for either short-term or long-term leases, sometimes even sharing workspaces.
Example:
WeLive, launched by WeWork, combines co-working and co-living concepts. WeLive provides furnished short-term rental units, ideal for digital nomads and young entrepreneurs. Since its launch in 2019, WeLive has attracted many young people looking for flexible living and socializing opportunities. According to Co-living.com, the global co-living market was worth $3.8 billion in 2022, and it is expected to grow to $8.2 billion by 2027, with an annual growth rate of 15.6%.
Co-working + Living Spaces
In recent years, the rise of co-working spaces like WeWork and Spaces has given rise to a blend of living and working environments. In these places, renters can find both workspaces and living spaces in the same location. Co-working spaces are no longer just for businesses—they've evolved into integrated communities that offer flexible rental options for work, living, socializing, and entertainment.
Example:
The Assemblage is a co-working and co-living space in New York City, offering flexible rental options for both living and working. Renters can choose short-term accommodation while enjoying open office spaces, event spaces, and social activities. Since its launch in 2016, The Assemblage has attracted many digital nomads and freelancers, becoming a fusion of modern living and working. According to JLL's research, the global revenue from co-working spaces reached $26.6 billion in 2023 and is expected to continue growing, with an annual growth rate of 10% by 2026.
Why Is "Flexible Living" Becoming a Trend?
1. Economic Pressure
In major U.S. cities with high housing prices and rent, particularly in New York, Los Angeles, and San Francisco, traditional long-term rental contracts no longer meet the needs of many young people. The flexible living model allows them to adjust the rental period and costs according to their income fluctuations and personal needs, avoiding the economic pressure of long-term leases.
Data Insight: According to Zillow, rents in U.S. cities increased by 7% in 2023, and according to a RentCafe survey, in cities like Los Angeles and New York, a single renter's annual rent expenditure accounts for more than 40% of their income, which is significantly higher than the ideal 30% rent-to-income ratio.
Personal Opinion: As rents continue to rise and the cost of living increases, flexible living has become an important option for young people. It not only helps alleviate the burden of high rents but also provides more freedom in choosing living arrangements. In cities with high housing costs, short-term rentals and co-living spaces offer a solution to avoid the financial strain of long-term contracts.
2. Changes in Lifestyle
Modern young people are increasingly adopting flexible work and living arrangements. Many choose remote work or a digital nomad lifestyle, and as this trend grows, they need flexible housing options where they can move around at will. Short-term rentals and co-living spaces provide quick and convenient options for young people to choose living locations based on their needs.
Data Insight: According to Statista, about 30% of young people worldwide choose a digital nomadic lifestyle, and over 35% of remote workers in the U.S. say they need flexible accommodation to match their work and lifestyle needs.
Personal Opinion: The rise of remote work and digital nomadism has changed the traditional approach to housing. In the past, renting was mainly for stable work environments, but now, more people want to find a balance between work and life, and flexible living fits that need perfectly. This trend also reflects society’s increased focus on work flexibility and freedom.
3. Socializing and Community Building
Co-living, in particular, fulfills the modern young person’s need for social interaction and a sense of belonging. In shared spaces, tenants are not just neighbors but live together as companions. Co-living spaces offer social functions that allow residents to connect, share resources, and even form small communities.
Data Insight: Co-living spaces statistics indicate that the global market for co-living spaces reached nearly $3.8 billion in 2022, and it is projected to grow to $8.2 billion by 2027, with an annual growth rate of 15.6%.
Personal Opinion: Co-living is not just about accommodation; it’s also about creating a social environment. Many young people view co-living as an opportunity to interact and build meaningful connections. With the growth of social media, the desire for social interactions has increased, and co-living spaces can fill that gap perfectly.
How Flexible Living is Impacting the U.S. Housing Market
As flexible living becomes more widespread, it is having a profound effect on the U.S. housing market. Here are some notable impacts:
1. Housing Demand Becomes More Diverse
In the past, rental demand was mainly for long-term, stable leases, but now, with the rise of flexible living, demand has become more diverse. Some renters are looking for spaces that meet both their living and social needs, and these needs are driving the growth of new types of rental models.
CBRE Report: According to their findings, short-term rentals and co-living are among the emerging housing models in major U.S. cities, particularly in places like San Francisco, New York, and Los Angeles, offering young people more choices that meet their needs.
2. Competition in the Rental Market is Increasing
As short-term rentals and co-living spaces become more popular, competition in the traditional rental market is intensifying. Developers and landlords are starting to offer more flexible lease terms, lower entry barriers, and additional amenities to attract young tenants.
RentCafe Survey: In 2023, about 40% of new rental leases were for 6 months or less, a 15% increase compared to 2020.
3. Driving Innovation in Real Estate Development
Real estate developers are gradually adapting to the new demand by creating innovative residential and workspaces designed specifically for flexible renters. For example, some new residential areas combine shared kitchens, gyms, social spaces, and more with living spaces, meeting renters’ needs for both work and comfort.
The Future of Flexible Living in the U.S.
As the demand for flexible living continues to grow, short-term rentals, co-living spaces, and co-working spaces will continue to expand. According to Statista, the short-term rental market is projected to reach $80 billion by 2025, and the market for co-living and co-working spaces is also growing steadily.
This change is not only due to rent pressure but also because of the evolving lifestyle. In the future, we will see more innovative living models, especially those that combine living, working, socializing, and entertainment. For young people, flexible living is not only a way to save on rent but also a part of adapting to a fast-paced lifestyle.
Conclusion
“Flexible living” is becoming a part of life for young people in the U.S. Whether it’s short-term rentals, co-living, or co-working spaces, these emerging rental models are gradually replacing traditional housing options, offering people more freedom and choice. As the market continues to evolve, flexible living is likely to become the mainstream trend in the future housing market, providing a more convenient and personalized living experience for many people.
Through the introduction of case studies, data insights, and personal opinions, we can see that flexible living is not only a challenge to traditional rental models but also a rethinking of housing needs, lifestyle, and social interaction among modern young people.