Co-Living: The Next Big Trend Among Working Millennials
Working professionals have bid adieu to traditional rental homes and paying guest (PG) accommodations and moved towards co-living facilities over the last 5 years. The popularity of co-living spaces in India is due to the country’s young working population, who prefer to enjoy facilities at low prices rather than place a high value on the concept of ownership. As a result of this trend, the co-living market is expected to grow to Rs 1 trillion by 2023.
This article will highlight some of the top reasons why co-living is gaining immense attention from the working millennials.
Moving to a new city can be an exciting adventure with so many places to visit, people to meet, and things to do. Finding a place to call home is the first big step you have to take and it can be a little challenging. It’s no secret that many of India’s largest cities lack affordable housing options. That may put a damper on your dreams of living in a big city. People are turning to an age-old practice to help them cope with high housing costs.
People are reverting to the age-old practice of cohabiting to avoid high housing expenses. In a nutshell, they are assigned ‘housemates’. However, the recent housing trend of “co-living” gives this tradition a modern twist. Coliving has been compared to dorm life and communal living. Some folks don’t see how it differs from a typical roommate situation. Coliving is a distinct entity that offers specific qualities that set it apart from other housing options.
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What is coliving?
Coliving is a newer rental concept that has emerged in recent times. It’s a form of shared housing arrangement that’s becoming increasingly popular. Developers provide shared living spaces with each resident having their bedroom and common communal areas. This might sound like a regular roommate scenario. However, coliving differs in a few fundamental aspects, including:
- The prospect of sharing a room with like-minded people
- A vast coliving community
- Amenities of the highest caliber.
- Compared to usually shared living arrangements, they have lower living expenditures.
- It has reduced roommate conflicts as well.
Finding a roommate that fits your lifestyle might be tricky. Money, housekeeping, guests, and pets all cause problems. Those things will inevitably create issues between roommates. Furthermore, cost-cutting tactics frequently put luxury services out of reach for many newcomers. Moving to a new city, finding suitable housing, and finding a nice roommate is, in short, a difficult task.
All these issues can be addressed through coliving. Developers while offering co-living opportunities, make it appealing to new inhabitants by connecting individuals within a space, providing cleaning services, creating individual lease agreements, and providing luxury facilities.
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Why is coliving the best choice for young professionals?
Co-living is a rapidly rising industry that will transform the real estate market in the next years. These residences blend private parts such as bedrooms and baths with communal and shared facilities such as the kitchen, dining room, living room, game room, utility spaces, and gardens. Shared housing creates a community-centered living environment that stimulates social interaction through community programming while simultaneously providing privacy in living arrangements.
The most major factor fuelling the rise in popularity of co-living spaces is the increased migration of young renters to new cities in search of convenient access and fairly cost rental housing. So, while you have the security, convenience, and privacy of your bedroom, you can always come out and be a part of a larger community of individuals who share your interests.
The concept of living in a community is not new; what is new is that, unlike in the past, millennials are attracted together by lifestyle choices rather than religious affiliations or other factors. Housing areas that are more communal and flexible are preferred by youth. A growing tendency among the younger generation is “home is where the fun is.”
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Co-living is not a passing trend. In the real estate industry, it is already establishing itself as a viable category. It is based on the three Cs idea, which stands for Comfort, Convenience, and Community. These places include a variety of group events, such as yoga sessions and movie evenings, to ensure that you do not feel isolated in your new location. This modern design does not make you feel as if you are far away from home. It provides the tenants a feeling of having a home away from their home and thus brings in a feeling of belongingness. These living areas provide maximum comfort to residents by providing all of the modern facilities. Some of the top reasons why co-living is the best choice of investment among young professionals include:
●You save money
When compared to renting an apartment in the same area, co-living spaces are less expensive. Since they are shared accommodations, an individual does not have to pay exorbitantly for the services he or she requires. On the other hand, if you wanted to set up a complete rental property based on your work requirements, you’d need a lot of money in addition to the effort required to complete the operation. In a co-living arrangement, you simply move in and everything is taken care of. The popularity of the co-living concept in India and worldwide is due to the value of experience without ownership.
●You have to deal with well-organized players
Rental homes and PG spaces, unlike co-living, are dominated by unorganized players. This is why, once you move in, the quality of safety, security, and services provided by landlords is frequently degraded. When it comes to co-living, you get what you pay for, and you have the opportunity to leave if you are dissatisfied with the services.
●Tailor-made amenities are made available
A strong Wi-Fi network, some furniture that is suited for working from home, and an efficient housekeeping crew are all necessities for today’s working professionals. The other two qualities that are highly valued are security and privacy. All of these amenities are exclusively available in co-living spaces, not in rented apartments or PGs.
●You can stay near your workplace
Co-living developers carefully locate their premises near city economic zones because the daily drive to and from work consumes so much of one’s productive time, moving to a location closer to work makes sense. Apart from enhancing production, this saves time, energy, and money. With co-living facilities being provided in proximity to the workspaces, young professionals looking to live independently and save cash get attracted to it.
One of the major benefits of living in a coliving is that you build communal behavior. It helps you come out of your private worlds and mingle with those outsides. Since facilities such as the kitchen, gym, etc. are common for all, it in-cultivates socializing behaviors. Co-living is attracting investors as they provide all the freedom they need with a sense of belonging to the community. It has become the new ‘cool’ for the millennials.
Is coliving safe?
Co-living places are still in their infancy, and many people are unfamiliar with the concept. There have been concerns among the investors in regards to safety, getting scammed, etc. All these concerns are practically possible and thus understandable. Here are some suggestions for keeping your coliving place safe:
- Take your time when touring potential living places and envision how you’d feel going home to it every day.
- Consider the details, particularly if you want a private room, an open kitchen, or amenities such as a gym or a pool.
- Meet and talk with the residents to learn about their hobbies and how they prefer co-living at the property.
It is also recommended that you look up the developer offering the coliving facilities to ensure that you don’t get scammed. With sufficient due diligence, you’ll be able to determine whether a location is safe and suitable for you.
To summarise, co-living is causing a shift in people’s lifestyles. In this brave new world, it is establishing a new way of housing. Furthermore, it addresses the issue of isolation that has grown so prevalent among today’s adolescents. Co-living is a trend that isn’t going away anytime soon. It gives millennials the best of both worlds and will be a preferred option for an increasing number of them in the future. Assetmonk is India’s fastest-growing wealth tech platform focused on commercial real estate investments. For retail investors who want to earn high returns from their investments, Assetmonk provides investment opportunities in upcoming commercial asset categories like co-living. Our new co-living project, The Landing, is India’s first co-living venture in an international airport. To know more about investing in such a landmark asset, visit our website.
Co-living Space FAQ's:
Coliving is so popular now because it is affordable, convenient, flexible, etc. Coliving provides a built-in sense of community while also removing the financial risk of sharing a space.
Concerns about safety, scams, and practicality are common and understandable. You can make your co-living investment safer by taking time and conducting due diligence. You may also consider the details and try talking with the residents to learn about their hobbies and how they prefer co-living at the property. It is also recommended that you look up the developer offering the coliving facilities to ensure that you don’t get scammed.