Thousands of millennials leave their homes each year to follow their dreams in India’s major cities. Although rich professional prospects abound in Indian cities, getting suitable housing becomes a challenge for them. Landlords reject their applications. And if they are accepted, they must abide by the ridiculous rules and restrictions of their new home. All of that has altered in the last year, thanks to the rise of co-living, a popular rental concept. Students and working professionals can choose between a private room or a shared room in a furnished apartment with all the conveniences, all for a low monthly fee. Although the notion is new to India, it has been present for a long time in other countries. Conversations over meals introduce the flatmates to each other’s cultures and traditions. With the growing popularity of co-living spaces in India, several entrepreneurs and enterprises have created wacky and colourful environments to appeal to the tastes of Indian millennials. The enthusiastic embrace of students and working people has fueled the creation of these spaces. In certain ways, it facilitates the mixing of people from various cultural backgrounds.
India has a persistent shortage of student housing. In India, none of the public institutions have enough dormitories or student homes for their students. The problem affects most private universities as well. Small, unorganized private players have always dealt with the paucity of student accommodation. These people run small, run-down buildings with minimal amenities. As a result, most foreign students have trouble getting suitable housing. Financial constraints also restrict many of them. This country does not have enough high-quality, affordable housing for young people. Several issues are unique to India. Most property owners, for example, avoid renting it to students, young working professionals, or unmarried couples. You will have a tough time renting a house with your partner. It’s no surprise that so many ambitious entrepreneurs perceive a huge potential and are working to solve this significant problem. They are familiar with how students in these countries live and interact. Now, some of them have returned to India and established businesses that provide high-quality housing for Indian students, comparable to what they found at international colleges.
The Lifestyle Quotient
Co-living spaces are popular in India. Many people believe it’s just the old paying guest model renamed. That, however, is a misconception; the concept’s true motivation is to provide economical convenience and comfort. When one considers places such as Delhi or Mumbai, one is likely to believe that accommodation issues and limits are modest. The truth, however, is different. Several of his acquaintances have suffered discrimination based on their community background while renting an apartment. Even now, we see signs stating that ‘Bachelors and Dogs are not permitted here.’ In India, the general quality of youth lodgings was awful, with inconsistent services, poor infrastructure, and no technology at all.
The student housing will appeal to young students because it offers a healthy environment, as well as like-minded co-residents and all necessary conveniences. The current market gap, as well as expected reports and developments, shows that student housing will be the next great real estate asset. In the next ten years, it will account for a significant portion of demand from both students and working professionals. Students in India, in particular, seek housing options that provide a pleasant living environment with all the amenities at a reasonable cost. Co-living provides a high standard of living with standardized services besides the essential amenities. Student housing today provides renters with safety and security, as well as a conducive learning atmosphere. The co-living culture provides a user-friendly experience by catering to all demands. Every co-living company is now aiming to give you additional amenities, such as lounge rooms, recreational areas, and community activities. As a result, student housing will experience massive and unprecedented expansion in the real estate industry in the future. To suit the market’s wants and demands, all real estate properties are partnering with co-living companies to create and develop properties. It will cater to all the demands of students in particular, and accommodation will be developed to meet their needs.
Choice of Students
Student housing, like the worldwide scenario, is one of the most interesting parts of co-living environments. Because of the poor quality of hostels and the rising costs of living in these hostels, the student housing concept is more relevant to India as a separate market. Co-living was inspired to create a unique and high-quality student living concept in India by a combined experience in the student housing market in India and overseas. They discovered that there is a major gap in India’s student housing industry in terms of quality infrastructure and personalized services. In India, the student housing business generates more than $15 billion in revenue yearly and is predicted to rise by multiples. The segment receives a demand from approximately 11 million migrant students on average. We believe there is a strong need for a professionally managed, tech-enabled student living experience, and that consumers are eager to try out a new value proposition. Co-living is a new type of housing in which inhabitants share a living space and a common set of interests, values, and goals. It’s a fresh perspective for the millennial age, which emphasizes openness, collaboration, social networking, and the sharing economy. Nowadays, students prefer co-living accommodations since it provides them with a greater sense of independence. Being away from parents, moving to a new city, and adjusting to life away from home are all hard tasks. Students must have the confidence to make their judgments when moving away from home and settling in a new location. The way you handle things and manage your daily life is the most important thing to consider. Fully furnished rooms, cleaning and maintenance services, utilities, furniture, and other amenities are all included in co-living accommodations. Co-living is a far more liberal and handy alternative for a student’s housing. According to current trends, the real estate business is concentrating its efforts on areas such as Mumbai, Delhi, Bangalore, Pune, Jaipur, and other educational hotspots. Student housing or Co-living is making a lot of money, which is attracting a lot of real estate developers. The most important aspects will provide you with a clear picture of the future of student housing in India.
Owners and agents select who gets in and who gets kicked out, thus young professionals and students are at the mercy of them. Curfews, no friends or family, vegetarian fare only are arbitrary and often overbearing for young adults, making house shopping for these millennials a long-drawn nightmare. Landlords usually want a large deposit, which is a significant financial hardship for someone just starting in their profession while living away from home. A glitzy cousin of hostels and PGs, the co-living space, has checked into this jumble of arbitrary demands, unfulfilled promises, and general chaos. Several hotel businesses are now expanding in this market.
Co-living, which is sometimes referred to as “an extension of dorm life,” allows renters to rent a private bedroom within a bigger apartment. Living rooms, kitchens, and other common areas are available to all co-residents. Cleaning services, dog walking, and cooking instruction are frequently included in the package. Although having roommates is comparable, co-living varies primarily in that a tenant has an individual lease rather than a shared lease, and is thus only responsible for his or her bedroom and bathroom. Co-living is an excellent alternative to an oversupplied luxury multi-family market from the standpoint of landlords and developers. Young renters with disposable income can benefit from co-living situations. Their buildings can be more competitive than typical options because of the facilities they provide.
Millennials and other renters are looking for new technologies as they hunt for new ways to rent. Co-living is a fantastic illustration of this because it is a technology-driven service that gives tenants and landlords more options. Similarly, solutions such as lease guarantee or security deposit replacement are allowing millennials to move when and how they choose. Anyone with even a rudimentary understanding of business and economics understands that the sharing economy is the way of the future. The sharing economy is where supply meets demand. It all started when the internet changed the way people communicated. The Internet leveled the playing field and encouraged businesses to digitize their data. The way we gain information and communicate has altered because of search engines and social media.
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