As the pandemic has redefined work and travel trends across the world, young working professionals and the student community are now seeing greater scope to expand their living choices. Amid the ongoing transformation post pandemic, co-living spaces have surpassed hostels as the preferred accommodation option for students or young workforce relocating to a new city.
Having said that, let’s understand what is co-living?
Similar to the coworking spaces where individuals work independently or in collaboration at a shared workplace, there are co-living spaces where different individuals share a home. Needless to say, that millennials are the actual instigators behind the rising demand of co-living spaces in India. Additionally, in urban centres which attract maximum number of immigrants for higher education and work opportunities, people prefer to live in spaces with modern apartments, rather than an old-school leasing model.
So, what is motivating students and other millennials to commit to a concept like “Co-Living”? Well, the answer lies in its flexibility. Co- living helps in higher savings and mitigating the issues around the discovery of a decent house equipped with modern amenities. It also eliminates the pressure of high set up cost like brokerage and high security deposit, unnecessary regulations and fluctuating rents. In today’s era where everyone is busy in their own hectic work life and struggling to get a better standard of living, being a part of a healthy and encouraging community has become very important not only for having a support system in a new city, but also for sharing ideas that will help you grow as an individual. And what could be a better option than having a co-living space which benefits you in broadening your social circle? Right, isn’t it?
How is Co-living helping young generation?
The young urban working population in the age bracket of 18 to 35 is finding the co-living model suitable. The working professionals and young students are giving preference to co-living spaces as they provide premium infrastructure compared to the traditional choices of living. Co-living offers fully furnished rooms equipped with housekeeping, power bills, internet, etc and are even managed by the operators. Besides this, the modern minimalistic design, latest amenities make co-living an ideal choice for youngsters in comparison with a serviced apartment.
Is it here to stay?
Well, there is no doubt in saying that the entire work system has changed after the outbreak of coronavirus pandemic. The companies are now looking flexible and tech-based solutions to enhance their business. And that’s where the need of co-living arises. With the reopening of offices and colleges, the demand of for co-living stays has increased in the urban cities as it provides a better community experience which was not available in the past.
Moreover, the increasing prices of rental real estate in prime locations has also given a major boost in the occupancy of co-living spaces. According to JLL, India’s co-living market in India is expected to increase at a strong CAGR of 17% in the next five years. Given the stats, it is quite clear that the concept of co-living is here to stay.