Is the concept of co-living changing the face of real estate?
September 27, 2019
To combat urban loneliness and corporate dormitories, India`s real estate sector is getting a makeover in the form of co-living. Here`s what you need to know.
Co-living spaces in India are worth $12 billion
According to a survey by Knight Frank in 2018, over 50% of individuals from 18-35 years are willing to rent co-living spaces in top Indian cities like Mumbai, Delhi NCR, and Bengaluru. Obvious factors like job opportunities, lifestyle choices, and stratospheric housing prices are key contributors to this trend. However, there are several hidden concerns that co-living resolves with remarkable ease.
Discrimination can be rampant for bachelors, single women, and even people from different communities. At times, people`s eating habits, lifestyles, and more are evaluated—creating an air of discomfort. At such times, co-living comes as a refreshing alternative.
Further, as rent rates of homes shoot up, millennials find co-living as the best option, which gives them all the benefits without burning a hole in their pockets. With millions migrating to urban settings in pursuit of better job opportunities and fulfilling their ambitions, co-living becomes their best bet when it comes to cost-efficient spaces:
- - Fully managed spaces: With customisation possible, this concept has become a hit amongst millennials and has led to the creation of the Shared Housing and Accommodation segment. Co-living gives tenants the chance to choose their bedrooms, utilities, etc.
- - Affordable and convenient: Co-living spaces are fully-furnished, with maintenance and cleaning taken care of. Residents share the cost of WiFi and other amenities, making this arrangement cost-efficient
- - Engaging lifestyle: With co-living, you get the best of both worlds. Unlike restrictive environments of PGs or hostels, you can collaborate, connect, and build a community with people from all walks of life.
Millennials seek to invest in experiences, and co-living aligns with their line of thinking. In cities that never sleep, the concept of co-living has found several takers, acting as their home away from home.