How co-living has revolutionised the rental industry
The co-living industry is changing the long term rental paradigm by bringing together such groups of millennials and professionals for hassle-free, networking, and facilities rich rental experiences. This shared long-term rental housing option provides the opportunity for residents to live together and interact and engage over similar interests, requirements, and professions.
The pandemic has made drastic and disruptive changes in our lives and the real estate industry as well. Proportionally, the demand for housing and rental accommodation has dropped significantly. Co-living spaces that once had full occupancy had also struggled to cope with the losses that occurred due to the pandemic. Therefore, to overcome the situational demand, co-living players have reconciled their strategies, encouraging them to provide services and facilities that make co-living a preferred choice.
Moreover, with the introduction of hybrid working standards, the Indian co-living market has witnessed rapid growth. The co-living players are focusing on big city areas and attracting single-young working professionals, digital nomads, and students ready to move in with all necessary facilities and services. And to experience an independent way of living, young professionals and students are also opting for co-living spaces that have a growing potential in revolutionising the overall rental industry.
Convenient and luxurious amenities
Co-living spaces are designed keeping in mind the need for flexible terms along with conditions to enhance a hassle-free moving in and out with short-term contracts. Here, regulations are designed by the providers, considering the tenant’s need for freedom and privacy along with safety and peace of mind. In the co-living spaces, tenants can use the space for both work and leisure alongside all amenities and services under one roof. Therefore, premium amenities like high-speed Wi-Fi, housekeeping, laundry, and air conditioning makes the co-living well preferable. Hence, such new-age living facilitates a convenient lifestyle that has fueled the demand for co-living in the rental industry.
Co-living is a shared rental space that emphasises community building, where one can engage and live with likely-minded people. And as the pandemic has implanted fear in the minds of the masses, socialising is not the same anymore. Engaging in various activities and events to create a feeling of belonging makes co-living perfectly balance privacy and community living. Thus living in such spaces ensure hygiene and safety alongside the opportunity to meet and greet new people.
With the majority of co-living residents being migrants, working professionals, and students, such spaces provide affordable housing and flexible pricing. Considering the expenses for living spaces, co-living can be more affordable as it includes the cost of all services and resources as one does not have to pay separate bills compared to rental apartments.
Lastly, to enjoy the next generation of living spaces, opting for co-living is worth the value. Given that the Indian rental sector is unorganised, co-living provides an enormous opportunity for the robust development of the segment. Also, with increased demand, the co-living providers are growing in number, leading to healthy competition. Thus, as things settle down and companies adapt to hybrid work culture, universities and institutions reopen, the Indian co-living industry is expected to witness remarkable growth in the coming years.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. 99acres does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.