Co-living is catering to aspirational needs of current generation: Kahraman-Olive
-BY-Kahraman Yigit, Co-Founder and CEO, Olive by Embassy
The Indian metros have witnessed a rapid growth in relocation, which has added considerable pressure on the existing rental housing set-up. As more millennials are entering the workforce and constituting the population, their lifestyle choices will promote and contribute towards a greater need for organized rental housing. The number of Indians living in urban areas is estimated to reach 525 million by 2025. Cushman & Wakefield’s research on co-living 2021 suggests that the demand by singles living on rent shall grow from 1.97 million in 2019 to 2.61 million by 2025 in the top 8 cities of India.
The typical residential floor plans which have been around for ages were designed specifically for families and not for single individuals.While all the operators are currently running their businesses on stock converted from existing buildings, most of these facilities are small, sub-standard and lack the amenities required. According to Deloitte Global Millennial Survey 2018, the average tenure of millennial in their professional life is three years and most of them opt to travel across cities for better work avenues. With the median age of 29 (World Population Prospects 2020), the workforce of India is on a continuous move and does not prefer compromising on their living standards.
Largely focused on working professionals and millennials without a defined age limit, Co-living spaces are building an instant community for those looking for equitable friendships. The pandemic induced a strong need to find new ways for building and sustaining human connections than ever before. Strong social networks are important for the cognitive growth of young professionals, and it is important to be in the right space as creativity is the new productivity in the modern era of work.
Though the core idea of shared spaces is nothing new, it has always been a function of depravity. The reason an end user chooses co-living can traditionally be attributed to them not being able to afford suchspaces. It is significant to note that the driving force for the co-living industry is not just the lack of available spaces, but also growing aspirations of the present generation and technological innovation. Co-living, although at its nascent stage and needs to evolve as a concept, has a promising future. The first step towards the evolution of the co-living sector is by creating an awareness in the general masses regarding what it can entail as an idea.
Ways in which Co-living is catering to the aspirational needs
The idea that co-living can be a community function along with the vision that it can help fulfil aspirational goals for the millennial & Gen-Z is what the future holds.
• Convenience and comfort: The co-living ecosystem offer low entry cost with flexible deposits, no brokerage, and affordable rentals in highly desirable housing markets. It is free of gender-based discriminations providing the comfort of diversity and inclusion to residents. In other words, co-living is shaping to be the new age residential offering that is designed not just for the needs of the migrant-single individual but rather the changing needs catering to different life cycle stages of an individual.
• Creative and Inspiring living space: Remote work is going to sustain going forward and hybrid remote work is likely to become an integral part of workplace strategies in the new normal. Co-living is an option that gives access to communal spaces and social events in a way that is unmatched by any other housing model. The properties are designed to revolutionize creative spaces to create an environment which is fun and playful, yet inspiring and fulfilling.
• Community building and smart living solutions: A specifically curated holistic community fosters a culture of inclusivity among the occupants. This enables meeting a variety of other individuals and expanding their network, in addition to providing contemporary lifestyle solutions that are fully equipped for people to enjoy hassle-free living. Co-living spaces are providing smart living solutions, creating a balance for both leisure and work. However, co-living spaces need to elevate and step up their facilities to sustain and endure the new reality.
• Prime location: Co-livingoffers convenience by reducing the commute time. It facilitates an opportunity to live in the heart of the city and nearby main commercial areas that would usually be expensive in the otherwise traditional private rental set up. It provides easy access to social and physical infrastructure.
Though co-living as an idea has a long way to go to cater to the aspirational needs of the current and future generations, one thing that can be said for sure is that it seems to be the only answer to the modern housing crisis.