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.

Share on facebook
Share on twitter
Share on linkedin
shutterstock 1795757935 min 1

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.

Also Read: Is Coliving the next big thing in India’s Real Estate? Here’s what the reports say

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.

Also Read: Investment Trends: Top 11 Countries With The Most Developed Coliving Ventures

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.” 

Also Read: 6 Statistics To Reason Why NRIs Should Invest In Indian Real Estate

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. 

●Build community 

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.

Related Articles

gold saving scheme

Gold Saving Scheme

The gold saving scheme is? Do you want to find the greatest monthly savings plan with jewelers? A large number of individuals participate in gold-saving plans given by fine jewelry in India. People are particularly interested in these schemes since gold is a valuable metal and a part of our culture. Gold-saving schemes from your jeweler are helpful when you wish to acquire gold for a special occasion, such as anniversaries or weddings. Schemes like these let you receive a discount on the manufacturing charges from specific jewelers. Individual schemes must be examined to determine if they are appropriate for you. A jeweler’s gold deposit or savings program is a system in which you park your gold with the jeweler and earn more gold at the end of the year. Jewelers may also provide a monthly amount of payment and return your gold at the end of the period. The primary goal of this strategy is to mobilize gold, supply…

Read more
tax saving scheme

Tax Saving Schemes

Ugh, taxes, taxes, taxes. Isn’t it a burden? Let us not be afraid to say that none of us enjoy the word “tax.” Let alone paying for it. But did you know that you may reduce your tax burden? One can reduce one’s tax load by participating in tax-saving programs or tax-saving schemes offered by the government and private organizations. Investment in these tax-saving schemes will enable you to become qualified for tax breaks and exemptions under several sections of the Income Tax Act. Income taxes in India can be decreased slightly by investing wisely in tax-saving initiatives. There are several options to minimize an individual’s tax liability by properly utilizing the various schemes. Sections of the Income Tax Act of 1961 dealing with tax exemptions and deductions include Sections 80C, 80D, 80CCF, and others. Both government and private-sector groups provide a variety of tax-saving opportunities to Indian citizens. IT Saving Schemes Income tax savings plans and schemes are available…

Read more
Commercial real estate image

When Is The Best Time To Invest In Commercial Real Estate?

Commercial real estate (CRE) is typically seen as a long-term investment. Even when the cost of purchasing an item or owning a section or fraction of a property is included, it is still a considerable sum that cannot be overlooked. Given that real estate is a very illiquid investment, care must be taken to ensure that no unexplained obligations arise when entering or exiting a real estate transaction. Thus, time is important in CRE investments, just as it is in any other type of investment. Timing your CRE investments allows you to attain greater diversification in your portfolio without the fear of missing out on a particular opportunity completely. You’ve probably heard that real estate investments are a great way to make money. But, if you’re like most people, you may feel hesitant about putting your cash into commercial real estate. The good news is that there are plenty of opportunities for investors out there in the commercial real estate…

Read more
istockphoto 1096383602 612x612 1

UMANG App : Registration, Download, Login, Services & Benefits

The UMANG App is a mobile application that can help you with your governmental service needs. It enables you to browse and avail yourself of a variety of government services from various departments of state and local government from your smartphone while you are on the go. To use UMANG, you have to: Download the application from Google Play Store or Apple App Store. Install the app on your mobile phone. Open the application and start using it. For Apple users, the application can be downloaded from the Apple Store. Android users can download the Umang app from the Google Play Store using their Android phones or tablet. Windows users can download Umang App from the Microsoft store by using their windows based mobile phones/tablets. If you have not installed the store, go to your Android or iOS phone and search for the “UMANG App.” You will be able to see the app name on your screen. If you don’t…

Read more
istockphoto 1385940107 612x612 1

NREGA / MGNREGA – Eligibility, Benefits, Account Balance & App

The National Rural Employment Guarantee Act, or NREGA, is a scheme aimed at creating employment and livelihood security in rural areas. The scheme also seeks to increase access to productive assets like land, credit, and financial services for all rural households. The Act was passed by Parliament in 2005 and came into force on February 2, 2006. It aims to provide at least 100 days of guaranteed wage employment in every financial year to adult members of any rural household willing to do unskilled manual work. Also, read Saving Schemes in India. This scheme aims to increase livelihood security in rural areas The scheme is a demand-driven program that employs 100 days a year. It also aims at increasing the livelihood security of rural people by providing them with a regular source of income during this period. The scheme is implemented by the state governments through their respective rural development departments. These departments are responsible for employing eligible households that…

Read more
istockphoto 1372362922 612x612 1

PPF Withdrawal Rules: How to Withdraw Your Partial & Complete PPF

So, what exactly is PPF Withdrawal? Withdrawing money from your PPF account is not easy. You have to apply for it and then wait for the government to approve your request. However, there are other options available as well that can help you withdraw some money from your PPF account. Also, read PPF: Eligibility, Tax Benefits, Interest Rate, How to Open Online, Withdrawal. Is partial withdrawal possible in PPF? If you want to withdraw some money from your Public Provident Fund (PPF) account, you can. PPF is a long-term investment and not meant for daily use. Therefore, you must understand the rules regarding partial and complete withdrawals before making any decisions on whether or not to take advantage of this option. PPF is a long-term investment and not meant for daily use. Therefore, you must understand the rules regarding partial and complete withdrawals before making any decisions on whether or not to take advantage of this option. Also, read PPF…

Read more