Vibe is just a four-letter word that defines compatibility for the new generation. For Millennials and Gen Z, the vibe says it all and yet, sometimes it’s hard for them to find a match in this fast-paced world. Driven by technology and an entrepreneurial approach to life, young people today are very careful about their lifestyle and accommodation choices. The mere thought of staying in hostels and paying guests (PG) reveals the stereotypical ways of living there. Small and compact spaces, lack of amenities, no community, people busy with their work, no cozy atmosphere, no home cooked food and worst of all, the hygiene issue. The same goes for rental houses with isolation; which makes it much worse for rentals.
India is home to one of the youngest populations in the world, and the share of the 15-34 age bracket is expected to remain above 30% even in the next decade. With an urbanization rate of 2.3%, almost 35% of its population lives in these regions. Considering the age range, this category will be in the early years of career growth. This means that they will prefer rental accommodation to the purchase of real estate. Big cities like Bangalore, Pune, Delhi, Mumbai and Chennai are changing day by day attracting college students and freshmen from remote parts of India to come and be a part of this trendy world.
But everything has a price and the price to pay to be part of this innovative world is to leave aside the comforts of home. Living alone in big cities can be sad and full of disappointments, making you homesick. But as India has become a creative world, the zeal to solve all these problems has taken a notch with all the demands. The co-housing environment seems to solve all the problems people face when moving from rural to urban areas as well as the problems of city dwellers struggling to find a stress-free living environment. It’s the new buzz among all Millennials and Gen Z because it offers all the comforts of home at an affordable price. But as the world is in a dynamic phase, it becomes crucial to incorporate the latest industry trends to shape these cohabitation environments.
Many co-living companies are developing new industry trends in their respective fields, which are essential for the co-living industry to progress and provide enjoyable and safe living solutions. It also gives co-living players the ability to be self-sufficient and allows them to safely follow the exponential world. Cohousing participants are trying to outdo themselves by following the trend of providing the best possible cohousing environment, with improved security, hygiene protocols, technology-driven innovations and a greater focus on community living with all the amenities needed to live a healthier lifestyle.
The growing demand for managed housing has led to the accelerated growth of the cohousing industry. Complimented by increased competition, co-living is a growing business field that is ready to adapt and change according to the demands of its target group. Every stakeholder in the business is committed to delivering well-marketed strategies and offerings as a USP. This encourages innovation and improved service quality industry-wide.
The inclusion of all services and amenities under one roof is associated with a premium hospitality experience, and future co-housing providers consider all the requirements that make co-housing a great experience. There is a futuristic approach when designing these spaces. The smart use of technology, the Internet of Things, and innovative hospitality strategies that create extraordinary experiences are the upcoming trends in this industry. The use of mobile apps has made things easier for residents and hosts. On boarding, monthly lease payments and creating tickets for specific issues helped resolve issues faster. Eventually, co-living space providers will identify the needs of different types of people and, therefore, create an ecosystem that provides a lifestyle that encourages like-minded people to come together as a community.
Most co-living providers take the approach of defining a niche and providing specialized solutions for residents who are students, professionals, and seniors respectively. Understanding the needs and requirements of these classes, they design and create all elements of the coliving ecosystem to improve the lives of their residents, categorically. As the world resonates with the hybrid work model, a large portion of the workforce will be spending more time where they live. Their requirements will also include workstations, a reliable internet, and an environment that inspires productivity. Co-living spaces provide these amenities and efficiently manage services. Living spaces with all the amenities such as a gym, common areas, a games area and on-site restaurants will be trendy.
The Co-living segment should have 4,50,000 beds by 2024, mainly driven by organized players. Looking at the gap between supply and demand, the future looks bright for this industry.
The opinions expressed above are those of the author.
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