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Here’s How Coliving is Shaping Rental Housing Patterns in India

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Modern & Convenient: Co-living Is The Future Of Rental Housing In India

Modern India has witnessed large migrations from rural parts of the country to urban cities and metropolitans. Youngsters from all over the country move away from their homes in search of better jobs and educational opportunities.

This has also led to a rise in demand for comfortable rental homes at an affordable price. In short, the new migration trends might be a great opportunity for co-living to establish itself as a mainstream living and residential option in India.

 

What is a Co-living Space?

Co-living is a residential community living model. As the name suggests, a co-living model aims at accommodating three or more like-minded people to form an intentional community. As it is a modern form of communal living, it might also help deal with social stigmas revolving around youngsters, mostly single unmarried individuals.

 

Essential features of co-living?

While rental housing is not new to Indians, a co-living model can be confusing for many. So here is a simple explanation of the concept.

 

– Where did the concept originate?

The idea of shared living or co-living was first introduced in London in the 1930s. A shared living space called Isokon was designed to offer amenities such as shared communal spaces, a workspace, laundry area along with separate rooms etc, and from there it gradually grew to capture the west and slowly expanded in the east starting from Japan and Singapore before reaching India. It was initially designed to combat the rising property prices.

 

– How does co-living work?

Several co-living companies are emerging or have established themselves as reliable platforms through which interested people can rent co-living spaces.

All co-living spaces offer some basic amenities such as furniture, essential kitchen appliances, etc. The rest can vary from one company to another.

Talking about bills and expenses, you don’t have to pay any extra charges for things like the water and WiFi as it is all included in the one rent you are paying.

As all the resources, as well as the rented space are equally shared amongst three or more people, it makes living in luxurious comfortable spaces affordable.

Benefits of Co-living

 

Searching for a new home can be overwhelming, especially for frequent movers who have to jump from city to city for their job. In such cases, co-living does provide some added benefits to all investors.

1. Co-living is Affordable and convenient

In co-living, you only have to pay a fixed rent to live in a comfortable house without worrying about the electricity, WiFi, and water bills. Also, purchasing heavy appliances such as a refrigerator, microwave and washing machine by one person alone can be very costly, here you just have to use them in a shared manner.

2. Very little financial liability

As all heavy appliances, as well as furniture, are pre-installed in your rentals, you are left with very little financial liability.

3. Flexibility

If you want to move to another city, it can be really difficult to look for a home and purchase all the basic commodities or even have them shipped from a completely different city. And so co-living becomes an affordable alternative as it allows you to live light. All you need to move into your new home is yourself, and everything else is taken care of.

4. Enjoy the community and grow

As co-living allows you to live with like-minded people, you can choose your community and also grow with them.

5. Bringing high profile vacant properties in use

In cities like Bangalore and Hyderabad, the prices of property are very high, especially high profile luxury apartments can be very difficult to afford at times. This creates a problem of vacancy, while many people want a good place to live in, they cannot always rent very highly valued properties.

This is where a co-living company could take over the apartment, pay the owner a lease or purchase it from them and build it into a luxurious co-living space and rent it at a low price.

This way co-living can also deal with the problem of vacant properties.

Co-living Trends in India

Co-living does not just bring down the cost of living, but it also helps build community and bring unoccupied properties into use, this will also help resources get utilized to their full potential.

Some latest trends that we can witness concerning the co-living spaces in real estate are:

1. Designing a shared future for all

As you might have already figured, most of the changes in the real estate sector are owed to the changing migration trends as well as the evolving needs of the people, specifically for experiences that vary from private spaces to communal ones.

2. Technology in Co-living

Co-living spaces will see commercial-grade technologies, including a smart locking system in place of cards and keys to ensure security. Also as these spaces are ideally designed for working professionals, we can expect various new additions.

3. Building Conscious Communities

As co-living pays more attention to bringing people of the same community and interests and experiences together, we might see a change in the way human relations develop as well. While the experts and builders are still considering the possibility that there might be a large population that could also feel isolated due to all the criteria, this is also an opportunity to build a conscious society.

4. Design and Construction of Co-living spaces

Co-living spaces are equally shared spaces, equal distribution of luxury, and room will also be important. In response to the pandemic, the Biophile Design is gaining a lot of popularity. The Biophile design will bring people closer to nature, as people become more conscious of the air they breathe and the food they eat, Biophiles will be leading very soon.

 

Co-living being in its nascent stage in India is majorly limited to a few cities only, while we can expect it to grow out in the rest of the country, the co-living market is looking very city-centric for now.

Talking in numbers, the co-living market in India is expected to grow very widely. According to some experts, the number of Indians living in co-living spaces is expected to reach 525 million by 2025 when the co-living market in 2019 was only worth $ 273 million, although the market did suffer at the hands of COVID, the market will see positive and almost full recovery by the end of DEC 2021.

With the drop in average rent and a substantial rise in living standards, co-living is all set to change the Indian rental system forever.

Co-living as an Investment in India

Based on the numbers, it is safe to assume that the Co-living market will be witnessing a high-value appreciation for a long time in the future. This in return will make it a high profit-yielding investment as well. According to some experts, if things went well, which they have been for the past few months, co-living could soar in 2022. According to the team at Assetmonk, the co-living concept has a long way to go. They have already started pitching high-end co-living properties based in Bangalore, Hyderabad, and Chennai for investors to chip in.

Not stopping at that, Assetmonk is also displaying its confidence in the co-living system being developed within Hyderabad Airport. They have called this program The Landing which is all set to attract high investments and provide high returns. Visit the Assetmonk website to know more.

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