Over the past 5 years, working professionals have said goodbye to traditional rental homes and paid guest (PG) accommodations and moved to co-living facilities.
The popularity of co-living spaces in India is due to the country’s young working population, who prefer to enjoy low-cost facilities rather than value the concept of ownership. Due to this trend, the cohabitation market is expected to reach Rs 1 trillion by 2023.
What is cohabitation?
Co-living is a new rental concept that has emerged in recent times. This is a form of cohabitation that is becoming increasingly popular. The developers offer shared living spaces in which each resident has a bedroom and common areas. This may sound like a normal roommate scenario. However, coliving is different in a few fundamental ways, including:
- The possibility of residing in a room with like-minded individuals
- A great community of coexistence
- Services of the highest caliber.
- Compared to shared lifestyles, they have a lower cost of living.
- It also reduced conflicts between roommates.
Why is cohabitation the best option for young workers?
Co-living is a growing industry that will transform the real estate market for years to come. These residences combine private areas, such as bedrooms and bathrooms, with common and shared facilities, such as a kitchen, dining room, living room, games room, service areas and gardens. Shared housing creates a community-oriented living environment that encourages social interaction through community programs while providing privacy in living conditions.
The main factor driving the growing popularity of co-living spaces is the increasing migration of young renters to new cities in search of convenient access and affordable rental accommodation. As long as you have the safety, comfort and privacy of your bedroom, you can still get out there and be part of a larger community of like-minded people.
These living spaces offer maximum comfort to residents by offering all modern amenities. Some of the top reasons why co-housing is the best investment option among young professionals include:
- You save money
Compared to renting an apartment in the same neighborhood, co-living spaces are cheaper. Since it is shared hosting, an individual does not have to pay exorbitantly for the services they require. On the other hand, if you want to put together an entire rental property based on your work requirements, you will need a lot of money in addition to the effort required to complete the operation. In a cohabitation arrangement, you just move in and everything is done. The popularity of the co-living concept in India and around the world stems from the value of the experience without ownership.
- You are dealing with well-organized players.
Rental houses and PG spaces, unlike cohabitation, are dominated by unorganized actors. This is why once you move in, the quality of safety, security and services provided by landlords often deteriorates. When it comes to cohabitation, you get what you pay for and you have the option to leave if you are not satisfied with the services.
- Custom installations available
A strong Wi-Fi network, work-from-home-friendly furnishings, and an efficient cleaning crew are essential for today’s professionals. The other two top-rated features are security and privacy. All of these facilities are exclusively available in shared living spaces, not in rental or PG apartments.
- You can stay close to your workplace
Shared housing developers carefully position their facilities near the economic areas of the city because the daily commute to and from work requires a lot of productive time, so it makes sense to move closer to work. In addition to improving production, it saves time, energy and money. With co-living facilities planned close to work spaces, young workers who want to live independently and save money are drawn there.
- Create a community
One of the great advantages of living with a roommate is building common behaviors. It helps you get out of your private world and blend in with outsiders. Since facilities such as the kitchen, the gym, etc. are common to all, they cultivate socializing behaviors. Co-living attracts investors because it offers all the freedom they need with a sense of belonging to the community. It has become the new “cool” for millennials.
Is cohabitation safe?
Coexistence is still in its infancy and many people are unfamiliar with the concept. Investors were worried about security, fraud, etc. All of these concerns are practically possible and therefore understandable. Here are some suggestions for keeping your meeting place safe:
- Take your time to visit potential residences and imagine how it will feel to come home each day.
- Consider the details, especially if you want a private bedroom, an open kitchen, or amenities like a gym or pool.
- Meet and chat with residents to learn more about their hobbies and how they prefer to live together on the property.
- It is also recommended to research the developer that offers the co-housing facilities to make sure you don’t get scammed. With enough due diligence, you will be able to determine if a place is safe and suitable for you.
In short, living together leads to a change in people’s way of life. In this brave new world, a new way of life is established. Additionally, it addresses the issue of isolation that has become so common among teenagers today. Coexistence is a trend that is not going away anytime soon.
This gives Millennials the best of both worlds and will be a preferred option for a growing number of them in the future. Assetmonk is India’s fastest-growing wealth management technology platform focused on commercial property investment.