Co-living properties gain popularity in Charlotte area as people struggle to find affordable housing

CHARLOTTE, NC– An old concept with a new name is gaining popularity across Charlotte as people struggle to find affordable housing. People are trying out co-living with strangers to cut costs, the idea is similar to a dormitory setup.

Single family homes are converted to shared common spaces like kitchens, bathrooms and living rooms and tenants get their own private rooms. The homes are located in various neighborhoods across the area.

Annetria Lattimore is a property manager with Carolina Realty Link. She manages multiple co-living spaces in Charlotte where single people with no children and no pets can rent a furnished room and share common spaces starting at $700 a month with utilities included.

“I’ve seen how the rents have drastically increased and so this is definitely a way of for people to be able to afford to live instead of being on the streets,” Lattimore said. “Some people have low wages, some people might be seniors that have retired and have limited income. It works for multiple people.”

Lattimore says people interested in co-living are screened and background checked for safety. Each room has a lock on the door for security.

“It might not be the ideal situation for some people, but it definitely gives you a warm, safe place to stay,” Lattimore said.

As the cost of living continues to climb, Lattimore says she expects more people to turn to co-living.

“It’s becoming very popular for the simple fact that rents are outpacing the wages and for affordability. This is what some people are looking into as far as housing,” Lattimore said.

In 2024, research shows the global co-living market made more than $7.8 billion dollars and is expected to grow 13.5% in the next 5 years.