Rental property prices have skyrocketed due to a massive increase in the number of individuals relocating to cities for jobs or education. The concept of co-living has taken off in the towns like Mumbai, Bengaluru, and Delhi, where affordability is a concern for the young. Co-living is a modern take on an old idea, developed to suit millennials' housing preferences.
What exactly is it?
Co-living is a convenient form of housing in which people with similar tastes and lifestyles choose to live in the same apartment or building and share amenities. They may be brought together by the building owner who offers co-living options or a specialized co-living company.
Co-living possibilities in India are cropping up in metro cities adjacent to office centers. Individuals who relocate to metro cities searching for work or education seek to live near their workplace or educational institution. Co-living possibilities have exploded in important Bengaluru neighborhoods, including Bellandur, HSR Layout, Electronic City, and Mahadevapura. High real estate prices, an increase in the number of digital nomads, and solitary lifestyles all contribute to people seeking the company of like-minded people in India.
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Why is it important?
The notion of co-living is based on the fact that the average working person spends close to 9 hours a day at work and less than 30 minutes in the kitchen and living area. Facilities such as the kitchen, utility space, and lounge area are shared as common areas among residents in co-living, with each member having their bedroom and bathroom. This allows residents to share utility expenditures, lowering the rental cost per person. Co-living reduces costs while simultaneously ensuring privacy and security. Grant Bengaluru, one of the most sought-after places for jobs and education. A residential rental unit in the Whitefield region, an employment hub, costs $24,000 and $31,000 per month, minus power, water, and cleaning. A resident must also pay a security deposit of 6-10 months' rent in advance. For young characters between the ages of 20 and 35, such a payout would be prohibitively expensive.
For such folks, co-living is a boon. The monthly rent for co-living covers shared area upkeep and electricity, water, housekeeping, and internet access. Typically, a security deposit of three months or less is required.
Why should I be concerned?
For both the occupant and the property owner, co-living is a win-win arrangement. If you're a newcomer to a city and need to rent a room, co-living can be a cost-effective, asset-light option. Companies like CoHo, StayAbode, and Stanza Living provide Bengaluru, Mumbai, and Chennai co-living services. Over 90% of these businesses are fully occupied. Due to high demand, you may not be able to book a room in the neighborhood of your choice. Co-living places are mainly only ideal for young, single people, not for families.
If you own a property in a desirable location, co-living could be the answer to generating consistent cash flow from your investment. Keep in mind, however, that the responsibility for property maintenance falls on your shoulders. Obtaining the necessary licenses from your housing society to establish a co-living facility is also not always straightforward.
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