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.
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.”
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.
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 one of the leading players for coliving facilities in India. Our new co-living project is all set to spread its wings in the Rajiv Gandhi International Airport, Hyderabad. Visit us for more information.
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.