Paying guest accommodation (PG), hostel accommodation, and co-living rooms are the most cost-effective options for individuals looking to stay for more than a few nights. The three, however, operate for different reasons and so have various operations and setups. Organizations that provide professional services, meetings, and activities for the host community-run co-living spaces. The PG is more of a private homestay with limited owner help and little or no community involvement. Hostels, on the other hand, are a kind of cross between hotels and dorms. They also include bunk beds in communal rooms, as well as shared restrooms and common areas for overnight guests.
Co-living is an investment option
Co-living is becoming increasingly popular in India’s major cities. Students and working adults are now looking for an alternative to PG and hotels. Companies that rent entire flats or homes to people who live together run co-living spaces. Tenants are supplied with completely furnished, cheap apartments in a small, vetted group. Many co-living spaces cater to various groups of people, including entrepreneurs, business teams, artists, and others. Open to all types of people, co-living spaces are best suited to open-minded individuals who are eager to learn, share, and grow with their new roommates.
- Cost-effective since co-living places offer both private and shared rooms, as well as access to unique opportunities like a pool or co-working space inside your home or building, all for one fixed charge.
- An amazing group of people from all walks of life, from all walks of life, who share common values for the community.
- Entrepreneurs and young professionals would normally be able to source and pay for networking events through their companies.
- The initiative has incredible benefits because it is run by a corporation rather than individuals who are only interested in assisting the organization they represent.
- People are considerably more likely to follow the law if everyone who enters the house is vetted and knows the rules. People also have lockers where they can store their goods.
- As tenants are not required to sign a lease agreement and can simply give limited notice before moving out, flexibility is essential.
- This can be noisy owing to group meetings in a limited space, but such events are usually planned ahead of time and never come as a surprise.
- As several co-living firms operate on different living standards, it is critical that you properly investigate each organization, read reviews, and ask questions to ensure that the space meets your needs.
Hostels as an investment option
If you’re a student or professional intending to move out of the house to study or travel the world, the amount of stuff that comes your way may overwhelm you. Before you leave your house, you’ll hunt for housing with affordable living options. For the workers, there is a limited selection of PGs, hostels, and hotels. Hostels and hotels have a reception space, a dining area, a kitchenette, cleaning services, WiFi, and laundry facilities, among other things.
- Cost-effective for those looking for a place to stay for a short or long time without breaking the budget.
- People living in hostels frequently travel alone and are keen to make new social connections, thus access to a community within the common space is important.
- Soap, toilet paper, instant coffee, video gaming access, regular laundry, lockers, and other basic services
- As you often share a room with numerous other people who do not respect the hostel’s regulations and who frequently leave late, noise is a worry.
- Low security since, even if you have keys to lockers, you still share space with unidentified strangers, and theft is a common occurrence.
- Because of the frequent flow of people who come and go in a limited space, hostels are not always sanitary, and bed bug outbreaks can occur.
Paying Guest (PGs) as an investment option
The right of the owner or landlord to rent a portion of a residence to a guest is known as paying guest accommodation. The owner will reside in the house with you and provide you with necessities such as food, laundry, and utilities for a charge. You are renting a room within a bigger shared apartment, not an entire house. The owner is responsible for paying the bills, and you are not required to handle anything other than your monthly fee.
- For individuals who cannot or do not want to rent a complete house or room on their own, this is a cost-effective option.
- You’ll have some access to a local network because you’ll be surrounded by locals who can advise you on what to do or where to go.
- When you live in an apartment-style place with few other people, this is a good safeguard, but you must put your trust in the owner you rent from.
- Ascertain conditions cannot be assured, you must assess each situation to ensure that it is precisely what is advertised and that it meets your needs in terms of facilities, safety, and security.
- They have little flexibility.
- As it’s not a large-scale, regulated enterprise, but rather a collection of individuals, there are few rewards, and you’ll have to do most of the work yourself as a resident (this can vary depending on who you live with).
How is co-living a better option than hostels and PGs
The biggest advantage of living in a co-living environment is that you don’t have to sacrifice comfort when you’re away from home. The amenities, such as utilities and maintenance, are comparable to those found in one’s own home. While co-living may not be as inexpensive as a hostel, it does provide more amenities for a somewhat higher price. Hostels and PGs, according to experts, are mostly about accommodation and boarding, but co-living offers a more elevated lifestyle, with possibilities to socialize and cohabit without the intrusive surveillance and rules of hostels and PGs.
Co-living places offer a variety of lease options, from short-term to long-term. Events such as yoga, festival nights, movies, sports tournaments, etc. are hosted by the co-living service providers as a part of the complex’s leisure activities. In addition, hostels and PGs may have rules about visitors, return home deadlines, and other things that make flexible working hours difficult.
With the country’s rising migrant population, the concept of shared living is gaining popularity. Such accommodations are especially beneficial for students who are relocating to cities to begin their college careers. While hostels and paying guest rooms were formerly the only possibilities for students, innovative concepts such as co-living spaces or student homes are now available. If you are looking for a co-living investment option in Indian cities, Assetmonk can be an ideal partner. Our latest co-living project ‘The Landing‘ is one of the best co-living investment options available in India. Explore further on our Assetmonk website!!
Co-living, Hostels, or PGs- The Ideal Investment Option for You FAQ's:
Co-living, which is aimed at millennials, provides community spaces with monthly rents that include utilities (water and electricity) and amenities (beginning at about INR 7500 and going up to 30,000 depending on whether it is a shared or private room) (Wi-Fi, housekeeping, meal services).
Hostels and PGs, according to experts, are mostly about accommodation and boarding, but co-living offers a more elevated lifestyle, with possibilities to socialize and cohabit without the intrusive surveillance and rules of hostels and PGs.
Basic amenities such as water and electricity, Wi-Fi, housekeeping, meal services, refreshment zones, etc. are some of the amenities provided at a co-living.
It depends on various service providers. Some provide meal services while some have kitchens large enough to equip two or more people.