The co-living space is on the cusp of becoming a rage among millennials in the metros of India.
More than 70% of the millennials – between 18 and 23 years of age – are willing to consider co-living as an option, as they move to new cities and look for easy access and reasonably-priced rental accommodations, according to a Knight Frank India survey.
Broadly, there are five reasons why co-living is an emerging trend:
1. Co-living spaces are beyond bed and breakfast set-up. They are designed to be fully furnished spaces, where the independence and privacy of tenants are respected. These are personal bedrooms with a shared space such as living area, dining rooms, and kitchens.
2. This new accommodation concept is being increasingly seen as a viable option for unmarried professionals – bachelors, spinsters – who do not stay with their families in cities of their jobs and long for a safe, secured and socialisation zone. Co-living is also being seen as a lifestyle and a sophisticated form of living.
3. They function as a plug-and-play operation as the spaces are devoid of challenges and chores of everyday house hassle and maintenance. This is utterly liked by millennials who do not want to be bogged down with these issues or responsibilities. The next-gen tenants rather like to task such household work to experts and pay the bills for the job.
4. Millennial employees and entrepreneurs seek flexibility owing to the nature of their work profile. With its short-term lease options, co-living offers them the fluidity to pursue their careers and passions.
5. All the facilities and amenities in co-living spaces are available at attractive and affordable rates.