Co-living: everything you should know
With the number of young professionals moving to new locations for employment increasing, the notion of community living is gaining popularity. Co-living is a new trend that has taken hold in India’s metropolises. Because of co-living spaces, you no longer have to worry about buying a refrigerator, setting up an internet connection, or even being lonely when you move halfway across the nation to regions with no stable support system-friends or family.
Various Co-living start-ups have come up with their models as of 2021, and they have begun business activities, receiving positive feedback from everyone from younger college students to corporate executives. In India, there are currently approximately 25 co-living space start-ups and companies. Let’s dig a little further and learn more about it.
What Exactly Is Co-Living?
Co-living is a cultural distinction because it can encompass a wide range of structural forms, such as rental and ownership, as well as urban and rural life. Coliving, in its current form, is still mostly urban and confined to a single structure, house, or apartment. And the demographics favor young workers in their twenties and thirties over families, baby boomers, and retirees. Residents of coliving spaces range in age from 20-somethings to retirees and come from all walks of life. Among them are likely to be hardworking professionals, entrepreneurs, creatives, and artists looking for a supportive and inspiring workplace.
Co-living encourages people to live more sustainably by making it simple to share resources. It’s a terrific way to break up your routine if you’re bored with your 9-to-5 job, want more face-to-face engagement, or simply want more from your daily life. Millennials who would benefit from a Co-Living space include:
- Students who are pursuing higher education in cities where they are not native.
- Nomads in the Digital Age
- Those who work as freelancers or on a short-term contract
- Single women
- Young Professionals in the Workplace
Why should you consider renting a co-living space?
Community, convenience, and cohabitation are all important aspects of co-living. The need for inexpensive, convenient living options is growing as millennials and young professionals continue to flock to densely crowded, high-priced metropolitan locations. Although each co-living company’s business strategy is unique, co-living often entails people renting a private room in a communal residence.
The following are some of the reasons why you should consider moving into a Co-living Space.
Convenience of living
If there was ever a rating of real estate products based on convenience of living, coliving would surely be at the top. Especially for millennials in cities, who change jobs (and houses) every 20 months or so. When furnishings, kitchen utilities, and maintenance services are taken care of, the entire process of shifting to a new location becomes as simple as opening a bank account.
Budget or Living Expenses
The majority of young professionals cannot afford to purchase a home in the city. As a result, renting becomes the only viable choice. If you opt to live in a coliving space, you will no longer be responsible for the utilities.
Don’t be concerned about not paying your electricity bill or exceeding your monthly internet quota. Everything has been taken care of. You can only remember so much, and the water bill should not be one of them. Most co-living spaces offer a variety of plans depending on internet usage, TV viewing, and gas consumption, which residents can pick from.
Residential security entails more than just having a security officer on the premises. It’s about the feeling of well-being that the location elicits. You may expect 24-hour security, CCTV surveillance, access card admission, background verification, and resident and staff screening when you choose a co-living place. This specialty real estate industry is far more organized and transparent than PG lodgings and rental choices, making it a safer option for millennials moving to a new city.
Living with a community is not a new concept that has been practiced over years. What’s different is that, unlike in the past, millennials are united by their lifestyle choices rather than religious affiliations or other factors. Young people choose living arrangements that are more adaptable and social. It’s all about having a good time at home!
Diversity is what makes co-living a fascinating experience, and their residents don’t want to leave once they experience the perks of living away from snobbish landlords, according to co-dwelling tenants.
You’ll have privacy when you need it.
Even the most extroverted people require some alone time from time to time, and co-living places provide the best of both worlds. Even though co-living emphasizes collaboration and community, you can still obtain some much-needed alone time.
How does co-living assist in overcoming the difficulties of Indian real estate?
People traveling to new locations are finding it challenging to find adequate housing within their budget due to soaring rental prices and limited monthly income. Co-living is a rental housing idea in which fully-furnished residences are available for rent for people who want to live together, without the conventional leasing limitations that apply to paying guest or hostel-style lodging. A co-living space is similar to a serviced flat, except it allows for more customization. Co-living, according to industry experts, would play a critical role in fuelling India’s real estate boom in the future. Here is how co-living is overcoming the challenges of the realty sector.
Making use of unsold inventory
One of the most serious problems confronting the real estate sector is the accumulation of unsold inventory. Even though multiple properties are unoccupied across India’s main cities, there is a shortage of affordable flats in Tier 1 and Tier 2 cities. Unsold flats can readily be turned into shared or family rental facilities, which are typically set up by co-living businesses that lease the entire building. According to a recent survey by a leading portal, roughly 72% of millennials are interested in renting co-living spaces.
According to the newly enacted Model Tenancy Law
According to data, nearly 11 lakh properties remain unoccupied across the country. The recently enacted Model Tenancy Act 2019 not only acknowledges the widespread issue of a demand-supply mismatch but also strives to organize the rental housing industry. Rental housing can be pushed even further in India with the help of co-living companies. They do away with the need for a third party, and because advance deposits are lower than in traditional leasing, they offer greater transparency and leave minimal possibility for landlord or tenant exploitation.
Promoting developers’ active participation
The new wave of co-living allowed huge cities to tap into hitherto untapped real estate opportunities. The majority of players in the co-living area collaborate with developers who have inventory that can be used for rental accommodation. Developers’ property is managed by the co-living service providers. The partnership is profitable since the rental money benefits both parties.
Employing technology to better one’s quality of life
In India, co-living has welcomed technology with open arms, combining it with human skills to deliver the finest living experience to those looking for a place to call home. Co-living has encompassed everything from Virtual Reality (VR) to Artificial Intelligence (AI) and the Internet of Things (IoT). Some of the most popular co-living trends are voice control, smart locks, and home automation. Several firms also provide consumers with smart gadgets that allow them to track their bills, energy usage, and appliance usage at home.
In addition to the foregoing, co-living space providers have simplified the process of relocating. They provide residents with fully furnished, ready-to-move-in units, allowing them to move in with only their things. In the future, the rising demand for co-living, as well as the widespread adoption of technology and government initiatives to improve affordable housing, will help the real estate market recover from its current depression. Assetmonk is a major player in the coliving space market in India. Our new co-living initiative is about to take off at Hyderabad’s Rajiv Gandhi International Airport. Visit us for more details.
Co-living is a cultural distinction because it can encompass a wide range of structural forms, such as rental and ownership, as well as urban and rural life. Co-living, in its current form, is still mostly urban and confined to a single structure, house, or apartment. And the demographics favor young workers in their twenties and thirties over families, baby boomers, and retirees.
Co-living is affordable and convenient. It comes with a built-in community and eliminates the financial liability of roommates. It offers flexibility and allows you to live light.
Although it resembles student residence, co-living incorporates several other factors, including a feeling of community, sustainability, and a collaborative economy. This concept first appeared in Denmark in the 1970s, under the name cohousing.