When moving somewhere new, what’s most important isn’t how big your kitchen is or whether or not your new home has a fireplace. You might value what else you have access to and how quickly you can enjoy those perks. It’s common for renters to look at not only the rental property itself but also what the surrounding area offers: Can you find grocery stores, eateries, shops, bars and office buildings nearby?
People seek those conveniences, but it’s difficult to find all in the same area. That’s where live-work-play communities can come in and offer everything you could need and more—all in one place.
What are live-work-play communities?
Live-work-play communities include housing, stores, office spaces, gyms, dining, schools and other living conveniences for tenants and community members. They make it easy to get everything you need outside of your home, whether it be groceries, a workspace or entertainment, hence the name “live-work-play.” In addition to it being where you live, you can easily pivot to working or relaxing and having fun.
Are live-work-play communities different from mixed-use developments?
Live-work-play communities are the same idea as mixed-use developments—the only thing that’s really different is the term people choose! On top of the easy access to everything you’ll need, these communities typically offer more than one type of housing. They have smaller apartments and townhomes for those that want a little more room and some even have single-family homes for those that want a larger, more private home while being close to the action.
Four benefits of renting in a mixed-use development
Live-work-play communities have plenty of advantages for those living in them. Overall, you’ll find that convenience is the common thread, but let’s dive into some of the specifics.
No commute
When you live close enough to work that you can quickly walk, you’ll reap multiple benefits. Not only is it saving you time, but there’s also the additional advantage of not needing to increase car wear-and-tear or pay for gas or parking, saving you countless fees and maintenance costs over time. Driving less also means you’re reducing your carbon footprint. So, for those that are in the office at all for their job, even with a hybrid work schedule, not having a commute provides both convenience and savings.
Access to entertainment and shopping
When you’ve got restaurants, shopping and other businesses and services right outside your door, you rarely find the need to make your way across town. You may head out for date night or you may just want to pop into a boutique for a few minutes to check it out. Either way, you’re not going through the hassle of heading out to a mall or city center to find what you want.
Easy to make friends
When you’re out and about all the time in the same area, you can quickly make friends with those you see out and about. In the case of a mixed-use neighborhood, you’ll likely see your neighbors frequently while you perform your daily activities. This is especially nice if you’re moving to a new area from out of town and don’t know anyone yet: You’ll find a strong community full of future friends.
Housing needs met at every stage
For some, living in the same area for five or more years sounds appealing, but life circumstances and demands can change drastically over that time. You may not have a partner when moving to an area, but then find someone and want a bigger place to live. And years later, you may decide to have a family.
When it comes to a live-work-play community, you may not need to move more than a minute or two away. You could easily go from a one-bedroom apartment to a three-bedroom townhome in the same location! Mixed-use developments accommodate any age and stage of life.
Three drawbacks of renting in a live-work-play community
Along with the many pros, there are some cons to living in live-work-play developments and neighborhoods. For some, these are entirely negative, but we suggest you consider these cons.
Lack of privacy
When you’re in a close-knit community and within walking distance of almost everything, it means you’re likely going to run into people frequently. Whether you’re on a walk through the park, shopping for food at the grocery store or out at a restaurant, you may not get much privacy and other residents will likely know what’s going on with you all the time, whether you like it or not.
Higher cost
When you’re paying to live in a rental, you’re paying for more than the unit itself—you’re paying for its location and amenities. This means that you’re going to spend more for the convenience of living near co-working spaces and entertainment, so these areas will have a higher cost to live there.
Strict rules
Because a mixed-use development is trying to build and maintain a whole community, it usually means there are many rules to follow. This could be everything from restrictions on house and yard projects (sometimes this can affect your interior design) to who can visit.
It’s difficult to entertain large groups since these communities aren’t always in typical residential areas with lots of street parking, so if you’re one that enjoys having people over all the time, you may find it hard to live the life you want here.
Where are mixed-use communities located?
Mixed-use or live-work-play communities used to only exist in large cities, where there was a higher population and more demand for all-in-one developments. But in more recent years, these developments have started popping up outside of major metros. As remote work grows steadily, you’ll see them emerging in more areas, since those who work remotely often like having everything close to where they live and work.
Are live-work-play communities right for now?
Live-work-play developments have their advantages, so many developers are building them. They serve everyone from young professionals to young families to empty-nesters, because of the unmatched lifestyle perks they offer. Further, they show us what the future might look like for planned communities.
However, these communities aren’t right for everyone. It’s up to you to decide if you really want the convenience of having a residential space right by your office, along with all of the fun and play. Keep in mind that you’re giving up some privacy and control over your living area—which is completely comfortable for some people, but not for others.
Searching for live-work-play developments
If you’re looking for live-work-play developments, it’s easy to start your search online. Since mixed-use communities are booming, you can typically find them in almost any area, especially in cities of all sizes. Most rental websites can point you in the right direction, so take a look at the live-work-play areas near you today!
Source: rent.com