A new pan-India study has showcased that the preferences of the young urban population have changed dramatically as they opt for homes that are beyond just a decent place to stay. An ask for living spaces with hygienic surroundings and a work-friendly area in the proximity of their workplaces combined with affordability is becoming increasingly popular.
The report by Colive, a technology-powered fully-managed co-living homes provider, details insights into the demographics of Indian millennials and how they want to live. It reveals that 81 per cent of the urban population of the country below the age of 27 are the key drivers of the co-living industry. About 36 per cent of this population are in the age group of 18-22.
The study mentions the difference in preferences when it comes to dwelling requirements. India is home to the largest millennial population globally, comprising 34 per cent of the country’s total population who are looking for better careers and lifestyle, says Colive.
The study largely gathered responses from singles, married and unmarried couples, working professionals and small nuclear families. The era of moderate acquaintance, friendship and close togetherness indicates that about 76 per cent of the young population chooses to live in a single accommodation over the 26 per cent who wish combined living with their partners. Focusing on privacy needs, about 91 per cent prefer to rent a “no sharing room”, unlike regular hostels, PG or serviced accommodation.
About 66 per cent of married couples in any new city feel that the a environment can be daunting when things around them feel and look unfamiliar, yet some know-how is important. That’s why they prefer the ease of finding a co-living apartment than a secluded independent house.
About 82 per cent select 1BHK homes due to the affordability. The average cost that one is ready to pay has been noted as below Rs 10,000 per month, says 65 per cent of the working population. However, the other 35 per cent opts for additional services, despite the exceeding cost with a no-compromise mindset on lifestyle requirements.
“Co-living culture is growing at a very fast pace. The nature of the ecosystem ensures comfort, affordability, safety, and privacy. Our research report shows how this is the most preferred way of living in today’s era… The concept of phygital meets drives the mindset of the youngsters. They want to have a mobile living experience looking for an urban lifestyle when migrating to new cities to pursue jobs and education. And co-living spaces like ours meet their expectations by offering fully managed service and affordable luxury that meets their style and preferences. All this signals to great times for co-living which offers fully managed rental homes to upwardly mobile urban dwellers,” says Suresh Rangarajan, Founder & CEO, Colive.
According to Colive, by 2028, New Delhi is likely to become the most populous city in the world. Other urban centres like Bengaluru, Hyderabad, and Mumbai will also start experiencing this rapid urbanisation. Hence, it would not be a surprise if a genuine need for co-living spaces increases gradually.
The industry is witnessing a well-planned and wisely understood model by the key players. Hence, if this is executed well, co-living can solve the affordable housing shortfall in almost all major Indian cities. It is an aspirational pursuit for urban and community planning. It can be a sustainable tool for creating integrated community living with better social capital and higher trust levels.