Synopsis
Since professionals now spend more time at their residences they are looking for convenient housing options with all modern amenities, good food, and uncompromised safety under one roof.
The Pandemic has adversely impacted the growth of businesses in various domains across the globe. One such industry which had a huge impact due to Covid-19 is the rental housing sector. However, owing to business continuity and operations, people are now adapting to a lifestyle that meets the demands of the situation. India hosts one of the youngest populations in the world and around 30% of the population is in the 15-34-year age band. The majority of this population lives in urban areas. Considering the age and other demographics, the spending capacity of this age group in limited. Which means they would be dependent on rental housing rather than purchasing.
Breaking out of the cocoon, into the post-pandemic world, professionals are now getting back to their normal work life even if that means under compromised circumstances. The new normal encourages a hybrid work culture which allows working remotely for few days of the week and reporting to the office for the others. The recent Future of Office Survey by CBRE suggests that 58% of employers encourage their employees to work from the office but allow them to Work from home if they wish. It is estimated that around 25% of the total workforce in India would work in a hybrid format in the long run. This means the necessity to relocate for work exists with an additional requirement: better living spaces!
Since professionals now spend more time at their residences they are looking for convenient housing options with all modern amenities, good food, and uncompromised safety under one roof. The co-living and real estate businesses in India are amalgamating cutting-edge technology with human understanding which caters to these requirements through co-living.
Pandemic encouraging new lifestyle
The pandemic has spurred the new digital nomad lifestyle with the increasing demand for remote working. Companies are now offering hybrid working options to their employees where they are independent enough to choose convenient working options. The biggest change seen in the lifestyle of people is the huge business opportunity which one can acquire. With the increasing acceptance of remote working, nomadic lifestyle, leisure and work travel have become the new normal.
Community living is a perfect choice for such people. With all the basic amenities at hand, one can focus on being productive rather than engaging in day-to-day tasks like cooking, cleaning, and traveling for other resources and services. For instance, most of the co-living spaces have common areas like the cafeteria, gym, yoga room, conference room, and indoor game arenas.
Health and hygiene have become a priority for everyone looking for accommodation. With all resources and facilities under one roof, the necessity to travel reduces. Thereby reducing the risk of exposure, and saving on a lot of time and effort. Implementation of technology and organized hospitality, co-living spaces have managed to provide a comfortable living experience without compromising on safety and security. Increased awareness and demand for co-living will prove a gamechanger in the foreseeable future.
The virus distress has further led to robust growth and development in technology happening across the globe. To experience effective and the essence of core co-living, inculcating technology with the various applications of artificial intelligence, machine learning will fuel up the growth of this sector. With features like temperature sensing access doors, biometric lockers, mobile applications for raising tickets for issues etc, co-living service providers are making co-living a preferred option for accommodation seekers. The use of touchless technology is on the rise. If that’s not intriguing enough, industry leaders are now considering the implementation of data analytics to figure out what best can be offered to the residents so that they get the best possible experience. Feedback collected from the mobile app combined with behavioral patterns will be analyzed, and changes will be made in the services and operations. This means increased customer loyalty, and increased demand in a longer period.
Mixed living to overcome the pandemic stress
The virus distress has further led to robust growth and development in technology happening across the globe. To experience effective and the essence of core co-living, inculcating technology with the various applications of artificial intelligence, machine learning will fuel up the growth of this sector. With features like temperature sensing access doors, biometric lockers, mobile applications for raising tickets for issues etc, co-living service providers are making co-living a preferred option for accommodation seekers. The use of touchless technology is on the rise. If that’s not intriguing enough, industry leaders are now considering the implementation of data analytics to figure out what best can be offered to the residents so that they get the best possible experience. Feedback collected from the mobile app combined with behavioral patterns will be analyzed, and changes will be made in the services and operations. This means increased customer loyalty, and increased demand in a longer period.
Mixed living to overcome the pandemic stress
To overcome the pandemic blues in the upcoming year’s people are now opting for community living options where all generations can live and share a common space. This helps in overcoming the stress and disparity that the Covid-19 has caused in everyone’s life. From senior citizens to students all can opt for co-living spaces where they can live together and experience each other’s lifestyle. This also facilitates sharing of experiences, knowledge, and resources, ultimately leading to a pleasant and productive experience.
Eco-friendly living
Green Technology and sustainability have increased in popularity in the co-living and housing sector. The rise of well-being and health-related solutions are the most crucial demands in today’s world. Reusing and repurposing of spaces with significant improvements would be witnessed in the upcoming years. Additionally, using sustainable solutions to further create quality and comfortable co-living along with handy ideas for eco-friendly and affordable living.
Innovation-driven housing facilities
Another crucial trend and outlook to watch out for in the upcoming times would be the innovation-driven living spaces. The demand for rental apartments has decreased in contrast to the demand for furnished living spaces. People living in co-living spaces will have amenities like swimming pools, gym, barbeque space, library, study place, game rooms, and many more. These spaces are carefully designed to provide all the modern-day needs and also a great investment opportunity when it comes to business. A short-term lock-in period adds to the advantages as tenants have the freedom to commit occupancy for a few months. This allows the tenants to explore opportunities in various cities and areas suitable for their work.
The increase in the popularity of co-living is just the beginning. Therefore, the demand for co-living will witness a sudden rise with the introduction of many new strategies and services in the real estate industry. Increased demand leads to increased competition. Increased demand leads to increased competition. This sudden competitiveness will enhance the service along with facilities that provide a delightful consumer experience. In India, the co-living sector is introducing a fresh perspective where the real estate and housing industry is seen coping up with the emerging trends and competitive market.
(The writer is co-founder, COVIE)
(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)
Source – Economic Times