The Playa Vista neighborhood, situated strategically in the LA area slightly outside of downtown and minutes from the airport, has recently exploded in popularity. Young professionals, entrepreneurs, and families have all flocked to the area in pursuit of its attractiveness, walkability, nonexistent commute, and (most importantly) business stronghold.
Such crazy expansion in Playa Vista is no coincidence — businesses recognize its ability to shop, work, and play in the same compact place. However, such clout has come with a price. With key tech players including Google, Microsoft, Yahoo, and YouTube setting up shop here, the cost of securing a living space has gone through the roof (pun intended)! In its interview with Cypress Equity Investments CFO Alla Sorochinsky, Bisnow confirmed that “the more jobs that we’re going to see coming into Silicon Beach — it just keeps growing and growing and growing — the more pressure there’s going to be on housing”. For all of us in an already pricey location, this is bad news. We feel the pain, and hard.
Until now, no real solutions have existed for residents to live in this desirable environment without paying a painful chunk of income. But this is all about to change! Investors and entrepreneurs are exploring the vast potential of coliving in the area to solve soaring rent while keeping the location and networks which remain so important. In an area that’s rethinking the idea of space into a shared concept with interactive value, communal productivity areas like WeWork have gained amazing traction but haven’t yet transitioned to the home. The coliving model offers this same dynamic of high amenities, high engagement with key individuals, and high flexibility at a price that is kept doable.
All in all, major companies are already making huge investments toward new coliving ventures. However, these are still a long way off from being fully established enough to move in anytime soon. For those who don’t want to wait or would just rather fix it for themselves, the ability to create a coliving home already exists! While it may need some guidance from those who have already tested the process, running your own coliving home can allow you to personalize every part of a space and say goodbye to the stress of rent costs for the rest of your life. Our world is quickly changing, and with these challenges come viable (and thrivable) solutions!
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