How do co-living spaces meet the needs of the work from home environment?
In recent times there has been a rise in remote working, where professionals can work from anywhere at any point in time. Around 70% of organizations are looking at hybrid work models beyond the pandemic, according to the Return to Workplace survey conducted by the National Association of Software and Services Companies (NASSCOM) in association with jobs portal Indeed. The flexibility of working remotely for a few days of the week and attending office on others means places of residence now have to be as efficient as their workplace.
Resources like high-speed Wifi, meeting rooms, workstations are necessities for uninterrupted work. Irrespective of the profession, while working remotely, a person needs basic facilities like a proper workstation, uninterrupted power backup, and a place that is quiet enough to be able to attend a meeting. Co-living spaces provide all these amenities and services which helps increase productivity and also helps in maintaining the balance between work and personal life. Co-living spaces are designed to be future-proof, meaning they provide everything a person needs at work, and at home.
How are co-living places utilizing technology to satisfy hybrid living’s demand?
In today’s world, the wide spectrum of fast-growing technology has evolved the living conditions, therefore, making co-living an affordable and high-quality option to look for. One important role of technology is to reduce physical contact; with equipment, surroundings, and people. Co-living spaces have smartly used tech to replace a lot of physical tasks. For instance, temperature sensing doors that allow a person to enter only when he is within the safe body temperature threshold have been installed. Digital lockers are provided to the tenants to store their valuables. Co-living spaces that have emerged in recent times are designed with various factors in mind.
Smart use of resources and advanced construction technology has transformed living spaces. They are now more spacious, convenient, and energy-efficient. Managing health and hygiene has also become convenient with the help of technology. An app now takes care of a lot of things like billing, raising a ticket for any issue, or calling housekeeping to clean the room. As a co-living company, we are now working on creating better experiences for the tenants with the help of data analytics. They study the data collected through feedback and behavioural pattern of the tenants, to create or implement changes in their services for a better overall experience. This also helps them present options to the tenants when it comes to sharing rooms with another person. The algorithm works in a way that people with similar interests are brought together, aiding in building communities that are sustainable and create a sense of belonging.
How can community living be considered to be the best option for an affordable stay?
The need to move to large urban cities for jobs or to become self-sufficient is non-negotiable as the population grows. Therefore, choosing an economical place to stay can benefit its occupants in a variety of ways. Properties that are managed commercially are more organized as there are processes and people in charge of those processes. Professional housekeeping services along with the operations team ensure that people staying in the property get a good experience of hospitality. People can live and work together as there are dedicated spaces for all different activities, making it a perfect blend of privacy and social life.
In urban areas, the cost of living is directly proportional to the availability of resources. Along with accommodation, services like laundry, gym, and places of leisure are taken into consideration, not to mention the added cost of travel and time spent. Co-living places offer all these services and amenities under one roof, making them more convenient and affordable. Not only does it save money, but also saves a lot of time and effort. In simple words, the price for all the amenities and services that a co-living space provides would be exponentially high if one decides to stay in a rental apartment in the same area.
Co-living: a viable solution to the urban housing crisis.
The urban housing crisis is not a new phenomenon, a predominant issue in the west, it is now seen globally. For years, people have battled to find their ideal home in big cities, complete with all of the facilities they like, at a price that is reasonable both in terms of rent and availability. Few people who can afford those expensive units confront a slew of challenges, including broker fees, credit checks, furniture, and utility expenses, all of which can stifle the pleasures of owning a property.
The urbanization rate of India is 2.3% and around 35% of its population lives in urban areas. The rate at which people are migrating from rural areas to urban civilization is always increasing, complimenting the cost of living. However, co-living offers a more economic way of living for people with the concept of shared space and community. These homes have been meticulously built to meet the needs of consumers by adding greater convenience and comfort to their lives. Co-living spaces typically include all amenities in one bill, allowing people to enjoy their independence while being connected with a diverse group of people and efficiently utilizing the space. Shared resources lower operational costs, which ultimately means a lower cost of living for the tenants. Considering the average spend capacity of the population moving to urban areas, co-living certainly is a better option compared to rental housing.
How India’s co-living market is expected to grow in the next few years?
India has a huge potential for the co-living industry due to the ever-growing demand for rented accommodation. Migration to urban areas continues to be a strong phenomenon led by demographic expansion and poverty-induced rural-urban movement. However, the millennials and Gen Y prefer shared accommodation over private rented apartments owing to factors like cost of living, services offered by co-living spaces, location, and many more. As per a research by JLL, India’s co-living market is expected to increase at a strong CAGR of 17% in the next five years to expand to a nearly INR 1-trillion market. Once an unorganized market, the co-living industry is now a growing ecosystem of a variety of stakeholders including startups, developers, and investors. With the increasing demand, and multiple players building up a healthy competition, the foreseeable future of the co-living industry is bright indeed.
Source – Construction Week Platform