Co-living Spaces in Real Estate: What We Wish Everyone Knew?
Co-Living, the most hyped concept of millennial community living, was fairly a new trend in India which was not unknown until just a few years ago. The development of the Co-living Spaces concept in India caters to millennial populations’ housing needs and problems. Co-living combines private living spaces with shared communal facilities and promotes social contact through community events. It was conceptualized to promote a community built to focus on socializing offline where there are hundreds of alternatives to socialize virtually.
Co-living to be described in simple is a modern, better and simplified community for students and professionals. Being high end and yet not burning your pockets, that’s what makes people love Co-living for these obvious reasons.
Co-living A Blessing To Professionals And Students Away From Home
440 million millennial population accounts for the development of the Co-living concept in India. Millennials’ lack of interest is the main reason for paving the way for the development of Co-Living. The concept of Co-living was developed keeping in mind the millennial populations’ housing needs and problems that the traditional hostels and PGs failed to cater to. The driving force behind the rising popularity of co-living spaces is the youth moving to new cities for chasing their dreams.
Co-living has really turned the fate of students and professionals staying away from home in traditional PG’s and hostels which lacked even basic facilities such as well ventilated, spacious rooms.
Co-living communities provide solutions to common housing problems such as high deposits, negative perception letting to bachelors, basic facilities like well-ventilated rooms and high-speed internet. Co-living provides all the mentioned amenities with additional facilities such as an amphitheater, library, gym, pool, a/c, community room, and high-speed Wi-Fi.
The youth of the country now seeks a homely place where they find comfort and enjoy the sense of living in a like-minded community. Co-living spaces are also very affordable considering the amenities and hotel standard maintenance they provide. Features of Co-living that make to the best of living.
Tension-free tenancy: Strict Landlords or wardens and the weird rules that they expect the tenants to follow are a big-time headache. Co-living communities are very flexible and do not impose any rules or time constraints on the people. This gives a sense of freedom and people don’t have to worry about being late or anything.
In-house facilities: Worrying about going out for a meal or coffee every day is not a very pleasant experience. Hence, common in-house facilities like cafes, restaurants in the Co-living come in handy at all times.
High-end amenities: Co-living promises to provide a hotel standard living like spacious rooms, comfy beds, wifi and space for working. This helps in overcoming the problems that people usually face in Hostels and PGs , having to share a room with many people, poor maintenance, lack of privacy, etc.
Socializing: Co-living also challenges to overcome the most millennial problem of getting stuck with phones. By organizing various events and community activities this concept helps people to socialize offline. This is one of the best things about Co-living.
Budget-friendly: Though Co-living offers hotel standard facilities and amenities it is also not too heavy on pockets. Though it may be slightly pricey compared to hostels or PGs it is still worth what it actually offers.
Co-living Spaces in Real Estate Market
The Residential sector of Real estate market in recent times has faced a downtime. This has been caused by excess supply and low demand situations along with the unaffordability by the end users that adds up. In distinction, the Real Estate industry has witnessed significant demand from Student Housing and Co-living sectors.
The co-living space in India is worth $12 billion currently. According to a survey, more than 70 percent of millennials in India prefer Co-living due to the modern amenities and hotel standard services these communities offer. An increasing number of millennials migrating to different cities for education and better career prospects is one of the main reasons boasting the Co-living community. Co-living is the next big wave in India, which will alter the real estate scenario in major metropolitan cities of India.
The growing interest in co-living spaces in major cities such as Bengaluru, Hyderabad, Chennai, and Pune has an attractive factor to many investors who are willing to diversify their portfolio. For investors, co-living is expected to generate stable rental income over a longer period.
Co-living may offer a higher rental yield of as much as 8-11 percent, as compared to the current average yield of 1-3 percent in residential properties. It is definitely paving the way for a new asset class in real estate investing. Interestingly, co-living spaces can also bring down the average cost of living for consumers by as much as 10-15 percent.
Yielding higher rental income to the owners and being affordable to the young, the co-living space is gaining immense response among Indian millennials.
Co-living is one segment in real estate that has been embraced and accepted by Indians widely. India’s co-living players are combining high-end technology with human expertise to provide tenants the best community housing experience possible. From offering hotel standard amenities to going paperless tenant on-boarding process, companies are leveraging their community features to attract and satisfy their customers.
Co-living spaces are the modern communal housing facilities that offer high-end amenities. These places are very good for people who are living away from their homes but don’t have enough time to cook and maintain a household.
Co-living spaces are high end student-living and communal spaces that allow individuals to live a hassle free life. With modern and high end amenities along with regular events these communities are attracting the millennial population.
The demand for the Co-living market in the Indian Real Estate is increasing at a faster pace. The co-living space in India is worth $12 billion. Investing in these communities is a good choice as the demand seems to be raising.
Co-living communities have spacious rooms, air conditioning, Wifi, laundromat, community kitchen, Gym, Cafe and in-house restaurants and regular events on the weekends. Housekeeping and maintenance is taken care of by the management so that the inhabitants don’t have to worry.