In India, ‘Co-living’ changing the face of rented accommodation

Millennials are putting an end to their housing difficulties by choosing co-living facilities, which provide convenience as well as a thriving community of like-minded individuals.

Millennials have a reputation for being constantly on the move. They work their way up the corporate ladder in search of better possibilities, which is partly due to economic factors outside their control. Most millennials switch employment every one to three years, which sometimes necessitates relocating to a new city, which necessitates relocating to a new home. It’s rare for a millennium to locate the perfect home for hours, in the appropriate neighborhood and with the correct people, at the right price, in the right quarter. The truth is that typical rental housing has few good possibilities, which is why this new trend of co-living is gaining steam.

Given their unfamiliarity with the new place and city, most people are apprehensive to move into new housing on their own. Moving in with relatives is the most practical choice at the moment. However, most people only use this option for a brief period of time. Most people consider moving out and living alone after the initial time of adjustment. However, their fears of being able to live independently in a new city weigh heavily on their minds. Aside from safety, the sheer administration of a new residence, as well as the additional responsibilities of operating a household on their own, slows them down. Here, living rooms are convenient, take care of the needs and make people feel protected and well looked after.

The idea of owning a home is no longer appealing to millennials. Instead, people prefer to spend money on activities and experiences that bring them joy. One of the most important factors influencing their decisions, from their place of employment to who they live with, is finding like-minded people and forming a tribe. The concept of co-existence is well suited to this and is in keeping with their objectives. metacommunities that mix state-of-the-art, hyper-assembled, tech-capable communal areas for young workers and students are the greatest places for living together.

Enabling ‘ease of living’

Co-living is a concept that combines completely equipped and managed living rooms with common facilities, in order to produce housing. While shared living is not a new concept, what appeals to the younger generation is the ‘ease of living’ provided by co-living spaces, which includes a diverse selection of amenities and unrivalled services. Young people are no longer ready to cope with obstructive landlords, and factors such as a hefty deposit and a strict lock-in term are contributing to the emergence of this concept.

For young working professionals and students, co-living offers state-of-the-art, hyper aggregated, tech-enabled communal quarters. Co-living fosters social contact and community building in contrast to other shared living arrangements. Curated events for residents such as open mics, grilling sessions, karaoke nights, and a flea market stimulate social contact and build a sense of belonging in those who choose to live in co-living spaces.

These places are meant to make people’ lives easy with facilities and great quality of life. Residents who live in co-living spaces like coming home after a long day at work since they don’t have to worry about plumbing, electricity, or housekeeping. It gives people comfort to know that their home will always be a pleasant place, no matter how stressful their day has been.

Co-living, in my opinion, is a rapidly growing trend. It has quickly established itself in an unorganized and congested rented housing market.

Why does co-living appeal to millennials?

Millennials are always on a journey to find new, more authentic experiences for business and fun. Meeting new people, forming social bonds, and creating memories are more important to them. Furthermore, the rise of alternative professional opportunities and purchasing power has resulted in a proliferation of options, leading millennials to abandon traditional ways of life.

As a result of these characteristics, millennials are drawn to businesses that speak to them in their own language and market the lifestyle that they most identify with. This is where co-living spaces come into play – as housing alternatives that have grown into ultra-swanky residences tailored to millennial preferences. They have industrial features as well as modern designs with clean, simple colors and textures. Because of its clever use of space, co-living has evolved into a wonderful combination of socialization and seclusion. When creating a co-living apartment, architects keep in mind that the house should be built in a way that maximizes space, is not inconvenient, and provides seclusion when needed. Colors and patterns play an important part in defining the space that a group of people can call home.

The best use of technology and affordability

As our mobile phones become more and more indispensable, co-living businesses place a premium on effective mobile app users to make members’ lives easier. In the event that immediate assistance is required, this allows for smooth communication between the tenant and the operator. These reasons all contribute to millennials’ preference for co-living arrangements. Co-living property owners prioritize security and safety, which they achieve by implementing biometric and facial recognition systems, as well as establishing a 24-hour concierge and recruiting guards and wardens.

Despite the popular notion that co-living places are expensive, they are now available at fairly affordable prices. On average, non-sharing studios rent for Rs 20,000 to Rs 30,000, whereas twin-sharing studios rent for Rs 10,000 to Rs 15,000 each month. Co-living may appear pricey when compared to a per-square-foot basis, but the rent includes costs for maintenance, housekeeping, laundry, gaming room, Wi-Fi, furnishing, TV, security, CCTV surveillance, and everything you need, making it a cost-effective option. In addition, most co-living sites are near main areas of work, cutting travel times and allowing thousands of years longer for individuals.

The rise of freelancers, entrepreneurs, and remote employees, as well as millennials who thrive on networking, are all factors that will soon make co-living a necessity. Co-living spaces are expected to expand in many ways, from building a feeling of community to providing exceptional amenities.