Co-living presents an innovative solution to address the housing needs of urban youth, and its popularity is steadily increasing, thanks to the numerous advantages it offers to young city residents. This trend is capturing the interest not only of young professionals but also of students and young couples.
In major Indian metros and Tier 1 cities, co-living has become a sensation among students and young professionals. Co-living spaces offer a hassle-free living experience with shared amenities and vibrant social opportunities. While still relatively new in India, the concept is gaining traction rapidly.
For students moving to cities, co-living facilities often surpass the quality of college hostels. In some cases, colleges have even partnered with co-living providers to outsource their student housing needs. Typically, parents fund the stay in co-living spaces for students, with a strong emphasis on safety, proximity to the college campus and meal provisions.
As students graduate and enter the workforce, gaining financial independence, their priorities shift. Beyond safety, they start looking for services that cater to their needs. They also look for spaces that allow them certain independence and a sense of belonging within a community. With the rise of hybrid work arrangements, essentials like Wi-Fi become mandatory, and working professionals choose co-living spaces that align within their budgets.
With more years of professional experience and increased financial stability, they seek 'value for money' co-living options. In this phase, privacy becomes a priority, leading them to opt for quiet studio apartments equipped with kitchens. They expect a higher level of service and would be willing to pay more for it. Affordability is no longer an important concern, as they seek larger, well-managed spaces with top-notch services.
Some young couples also turn to co-living for short-term accommodation solutions either when they move to a new city or based on the social arrangements. While they search for permanent residences, they often choose studio apartments with kitchen access and other amenities.
Every age group within the younger millennial generation that embraces co-living brings its unique expectations and budget considerations. As the co-living trend continues to grow, it constantly evolves, introducing new elements to the urban housing landscape. These emerging trends promise an exciting future for co-living spaces.
Author - Ajay Nemani, CEO of FF21 – a Co-living community space company.
