Renters take advantage of co-living trend in urban markets

Young renters love communal living for its affordability and sense of community

The newest housing trend has emerged and it involves sharing a communal space with strangers.

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Younger renters are opting in to rent a single room with shared communal space to find a sense of community when moving to a big city. Being a Venn member grants access to Venn's communal living and workspaces, as well as access to social events.

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Venn City, a community living and real estate company founded in Israel, has launched its business through recreating spaces in urban areas such as Brooklyn, N.Y., and renting out space. The option is cost-effective, ranging from $1,100 to $1,300 a month (utilities included) and comes with built-in friends.

Venn apartments come fully furnished with free wifi and communal spaces are cleaned bi-weekly. Renters who embrace the lifestyle say they love living in Venn housing for these offerings and more.

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“We also really do enjoy going to restaurants and having fun together,” Venn member Daniel Bae told FOX Business’ Kristina Partsinevelos. “To promote that idea of coming together… so you’re not by yourself.”

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Venn has locations in Brooklyn, Tel Aviv and Berlin. It plans to expand apartments across the West Coast next.