Let’s begin this article with an insight into the much talked about ‘Millennials’ and the generation of people after them; the ‘Gen-Z’, who will make up 50%-60% of the workforce according to research from PwC, by 2020. Millennials are the generation born between 1981-1996 and ‘Gen-Z’ are the people born thereafter.
Millennials and Gen-Z are multi-taskers, glued to the internet, well informed and live in the social media environment. They are always on-the-move and travel frequently for work/pleasure. More than anything, they believe in investing towards creating memories and value experiences over creating assets and possessions.
Pride of property ownership is not a Millennial or Gen-Z thing, though they still want to be part of a community. Hence, we come to the concept of Co-Living.
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What’s the renting philosophy?
Co-Living is the mantra, but the philosophy behind that is derived from Millennial and Gen-Z behaviour, where such renters share living spaces, kitchens, entertainment areas, etc. in order to make an economical rental decision and be part of a like-minded community of individuals.
Evolution of Co-Living
Co-living or communal living is not a new concept. In fact it dates as far back as the 17th century in many countries. Medieval villages, religious cults, monks living in monasteries, the hippie movement of the 1970’s boarding houses. These boarding houses, mostly in America acted as stepping stones for young boarders and helped them bridge the gap between family life and adult independence.
The top 5 reasons for Co-Living
- Co-Living spaces have evolved from non-exciting, unfurnished houses or dingy PG’s to extremely swanky apartments designed to the Millennial and Gen-Z taste. They boast of modern designs, consisting of simple-yet-clean colours, textures, industrial elements, and natural wood.
- The co-living spaces operate on a plug-and-play model, doing away with the hassles of daily chores. This is to the liking of the Millennials and Gen-Z who do not want to be burdened with daily housekeeping or maintenance issues.
- It is ready-to-live-in, hence the Millennials and Gen Z can jump right in with not only access to modern amenities, but also have access to a like-minded community of individuals. A lot of community focused events are organised to forge connections and improve social aspects among residents.
- Co-Living spaces provides the perfect marriage of socialization and privacy. This is a much needed facility for young adults, who move into big cities, away from family and want to stay or live-in with other young adults in complete independence.
- For young entrepreneurs and Millennials it is a win-win situation as they want the flexibility to move around as their work demands. Co-living with flexi lock-in plans and short term lease options is the perfect answer.
According to a Harvard study, loneliness rates have increased by 20% every year in the past 2 decades. Hence, there is a need to build a strong sense of community where new friendships and relationships can foster. Co-Living is creating a fresh mode of accommodation for a brave new world with emphasis on improving the issues of loneliness and creating better community relationships.
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Co-Living is the future and the story has just begun.
Find out more about Co-living at: www.colive.com.
Looking for a Co-living outfit near Sarjapur, Bengaluru; find out in our next feature: colive.com/blog