Unlike previous generations, for whom owning a home was an essential life ambition, millennials value access to experiences and a sense of community over property ownership. While the concept of community living is not new, it is millennials’ lifestyle choices that bring them together in co-living places. Barbecue parties, movie evenings, board games, delicious brunches, and other activities keep the site hopping. It’s no wonder that occupancy rates range from 95 to 100 percent.
Co-living allows the millennials to connect with like-minded people and have critical face-to-face talks in a virtual and lonely environment. Rents are rising, and pockets are narrowing for millennials who move out of their city in quest of a wonderful school or career possibilities. Students and young professionals do not want to share their living quarters with obnoxious landlords or be saddled with mundane activities such as changing the light bulb. Co-living satisfies their need for freedom and relieves them of the day-to-day responsibilities of handling your place.
Co-living solves some challenges associated with urban life as our cities become denser and more expensive. Apartments are becoming smaller, and rents are rising, making it more difficult for younger workers to find a place to call home. Signing a 12-month or 24-month lease on an apartment when you may move again is not always a good idea. People are getting busy, more prone to travel, and have less time to get to know one another at the same time. They are over-reliance on technology and social media exacerbates the tendency of loneliness and isolation among Millennials.
Co-living is becoming more popular because of such causes. It’s a low-cost method for Millennials to get started right away and have their apartment, utilities, furniture, and community access is taken care of. While there will always be a market for condominium apartments or classic serviced flats, among families, there is no disputing that the millennial workforce has a strong desire for the latter. These actual demographic trends are being brought together by co-living. It’s inventing a new way of living in this brave new world. The reasons for the appeal of co-working and co-living are similar: a mobile generation of young people who seek flexibility, openness, and collaboration. Millennials, born between 1980 and 2000, have lost the ability to distinguish between labor and pleasure, job and play. They aren’t afraid to be digital nomads, travel, or move for business. They love being a member of a community and seek experiences above all else.
Sharing is Caring
Let’s take the sharing economy as an example. Collaborative consumption is transforming the way we live, from transportation to workspaces to online entertainment. Because sharing has become a typical expectation among millennials, an increasing number of customers are prioritizing access over ownership. The term “lifestyle” has changed. Unlike previous generations, for whom having a home was a significant life ambition, today’s youth value access to activities and a feeling of the community over property ownership. As a result, the world’s hottest real estate trend has emerged: co-living.
Young professionals are regularly traveling and transferring, sometimes within the same city, because of today’s globalized workforce. For millennials who are moving to new cities and may not have access to funds to pay hefty deposits, buying and renting spaces in cities is too expensive or too limited. Formal leasing agreements frequently cannot meet the needs of this always-on-the-go generation.
Co-living provides a modern and long-term solution to the urban space issue. Tech firms are developing a new asset class in real estate investing in India, changing the residential real estate landscape.
According to millennial space usage trends, they spend over nine hours per day in the bedroom and bathroom areas, which account for almost 40 percent of total apartment space. The hall, kitchen, and utility spaces–which account for 60% of the apartment’s area and expense–are only used for three hours every day.
To maximize real estate utilization, co-living spaces provide a sensible blend of private and communal areas. The goal is to make sharing low-use rooms like the living room, kitchen, and utility space easier with a broader community, providing a cost-effective solution to urban housing shortages. We’ve observed how smart space utilization may easily save expenditures by at least 10%.
Unlike a traditional paying guest (PG) hotel, a co-living facility premium on innovative design and exceptional service. Even if you are a stranger in a new city, the structural design is so adaptable that it helps you feel at ease. The plug-and-play format appeals to millennials’ desire for simplicity. Consider living alone but not having to deal with the hassles. To put it another way, co-living combines the best of both worlds: the comfort and familiarity of home with the ease of staying in a stylish hotel.
Easy on Pocket
Co-living spaces are more cost-effective in absolute terms because the monthly fee covers maintenance, water, power, Wi-Fi, furnishing, laundry, housekeeping, TV, security, CCTV surveillance, and just about everything else! Co-living reduces the average cost of living by at least 15% in most circumstances. The deposit is for three months rather than six. Not to mention the convenience and flexibility of renting fully furnished spaces and avoiding the headaches of finding maids, plumbers, carpenters, electricians, and other service providers. Most co-living complexes are also strategically positioned near meaningful workplaces, which helps ease transportation congestion in cities. What’s not to like about this money-saving, energy-saving, and technology-enabled rental experience?
Safe and Private
Residential security is more than just having a security guard for safeguarding the premises, it’s about the feeling of well-being that the location elicits. When choosing a co-living space, you can count on 24-hour security, CCTV surveillance, access card entry, background verification, and resident and staff screening. Millennials looking to relocate to a new city may prefer this kind of specialization sector, as it is more organized and transparent than PG lodgings and rental choices. Even the most extroverted people require some space from time to time, and co-living places provide the best of both worlds. Even though co-living encourages a sense of community and collaboration, you can still get some much-needed alone time.
They can have a semi-private or private area surrounded by an open, shared space with a concierge and unlimited food and beverages. A friendly environment was crucial in attracting co-living tenants, notably through various common areas, such as game rooms, community activities, a cinema, sauna, and spa, all with one cost to pay. However, many real estate experts believe that common spaces alone aren’t enough to foster community: businesses must do more legwork. Hosting events is an excellent place to begin.
Making your Choices
The concept of living in a community is not new. Millennials bond with each other by their lifestyle choices rather than religious affiliations or any other factors and hence they choose to live arrangements that are more adaptable and social. Co-living is an excellent option to find spaces for people who can’t afford to buy or rent real estate on their own, but want to travel the world, or who aren’t ready to settle down in any one specific city yet. Colive is one of the leading networks of co-living places globally, catering to a wide range of people with different needs.
Co-living is the best and most convenient way to create ideal density, cheap housing, and an urban community in the urban housing crisis and real estate developers. Young people, particularly millennials, have embraced the concept of sharing rides, experiences, and homes in today’s sharing economy. Simply said, co-living makes this more accessible and convenient.
If you decide to go the co-living way, Colive, the world’s largest verified co-living platform, is an excellent place to start. We make it simple to choose your ideal co-living space in your preferred region. Visit www.colive.com to learn more about the incredible range of Colive properties available in Bengaluru, Hyderabad, Pune, and Chennai. For more details, visit www.colive.com .