Co-living spaces: what young professionals want

The housing landscape has witnessed a paradigm shift due to the advent of fully managed rental accommodations and co-living spaces. This revolutionary concept is growing popular among millennials and Gen Z by offering a seamless, reliable, hassle-free living experience that resonates with their dynamic and modern lifestyles. Co-living players these days are leveraging technology to provide a customised rental experience. Reputable businesses oversee these spaces, ensuring end-to-end stay management and rent control, eliminating typical leasing hassles.

Always on the move

Regarding typical leasing hassles, today’s uber-digital generation places immense value on mobility. Reports indicate that millennials in India tend to stay in one city for approximately six months to two years before moving to new opportunities or experiences​​​. This high mobility is supported by the rise of co-living spaces that offer flexible lease terms, allowing millennials the freedom to move without long-term commitments.

Migratory millennials, who form 42% of India’s working population, are increasingly drawn to dynamic urban hubs such as Gurugram, Bengaluru, Hyderabad and Chennai, where career opportunities, cultural diversity, and vibrant social scenes abound. Recognising the diversity of the demand due to this gig economy, co-living spaces in these cities cater to various budget segments, from economical shared rooms priced around ₹20,000-₹25,000 per month to premium private studios costing up to ₹45,000 or more, depending on the location and amenities provided​​.

Furnished accommodation

With rising income stability and higher purchasing power, youth in metropolitan cities like Bengaluru and Gurugram lean towards high-quality, premium accommodations. As per a report, 51% of millennials in India are willing to spend more than 25% of their income on fully furnished and managed living spaces for a hassle-free lifestyle. In addition to convenience, these spaces promote a holistic lifestyle experience with opportunities to network with like-minded individuals through bespoke breakout zones such as in-house gyms, gaming zones, theatre rooms, and regular community events. This sense of community helps alleviate urban loneliness for migrating millennials and provides a true sense of home away from home.

For a tech-savvy generation

Tech integration is another compelling feature of co-living spaces that attracts today’s tech-savvy generation. From online booking and virtual tours to digital rent payments and maintenance requests, technology simplifies the renting process. Moreover, top-notch co-living players offer luxury features in their properties, including daily housekeeping, doorstep laundry, app-enabled living, 3-tier security, gourmet meals, concierge services, and high-speed Wi-Fi. With all these hotel-like facilities combined with the comfort of home, co-living properties are a perfect option.

According to JLL India’s report, over the next five years, the co-living sector is anticipated to grow at a compound annual growth rate of 17% to about ₹1 trillion. One must note that this shift is not just a fleeting trend but a substantial reimagining of urban living.

The writer is Co-founder and CEO, Housr.