Sharing spaces

The increase in population has caused a global shortage of space. This has led to an increase in property prices. Due to the high prices of real estate, people cannot afford to buy real estate. However, space is required for both residential and commercial purposes. The solution for this has emerged in the form of space that is rented. There is an increase in the number of people who rent spaces compared to those who buy them.

Renting for residential purposes involves renting a house or an apartment. Generally, the accommodation is rented for a relatively long period of time. Leasing means renting for longer periods. The landlord and the tenant sign the terms of the contract by mutual agreement. However, the terms cannot be changed during the term of the contract. A commercial space is also rented for a long period. However, event venues and spaces are rented for short periods. They can be rented by the hour, day or week.

However, the concept of renting spaces has given rise to a new trend of sharing spaces. Sharing space involves renting an area in an already established place.

Examples of shared spaces:

1. Share desk space in an office:

In this case, the office owner rents his unused desk space to people looking for such spaces.

2. Share space in a retail store:

A new retail entrepreneur can share space in an established retail store if the store’s activity helps their business.

3. Storage space:

Renting storage space has become a common feature now. Many times, people rent storage space in their garage or sheds.

Sharing spaces has many benefits for both owners and tenants.

Benefits for tenants:

• Tenants can rent spaces in a prime location at minimal cost.
• They have the flexibility to move as they wish, as the contract is short-lived.
• When a tenant rents a space, they generally don’t have to worry about maintenance.
• Utility expenses, etc. are covered by the rent.

Benefits for owners:

• Often times, the space shared by the owner can be an underused space. Renting it helps the owner to turn it into a source of income.
• Sometimes the space that the owner rents to an entrepreneur can initially be rented for a short period. But as the business becomes established, the tenant may not want to move. This puts the landlord in a commanding position and can demand the rent of his choice.
• The demand for some spaces is seasonal. In such cases, the landlord has the opportunity to increase the rent during the high season.

With population growth, the problem of inadequate space will only increase. Therefore, sharing spaces is a welcome solution to combat this problem.