Coliving might sound like a hasty idea, especially amid the pandemic. Just a while ago, people were endeavouring to isolate and sustain themselves, and behavioural psychology was also highly impacted. Migrating back to families in hometowns, inter-city migrants cozied up to their near and dear ones.
However, times are changing for the better, thanks to efforts from the people as well as governments. This brings us to a phase where the paranoia around COVID-19 is eventually dying down and people are envisioning a healthy time in the near future. This has also led to businesses getting back into shape, especially the real estate sector.
Shared economy: a wise call?
The Indian economy observed a depression in short-term rentals and real estate during the pandemic, but is now getting back on its feet. Owing to the shared economy model encouraged in India, industry leaders in the residential sector are paying heed to community living with shared homes, condos, and apartments.
The coliving segment is seen gaining spirit from short-term rentals and co-living spaces being reoccupied by workers and students alike and giants realising how it can change the monetary perks and profitability of their business.
From a rentee perspective, coliving spaces are flourishing by the day because more often than not, single professionals, students, and many individuals from the middle income group cannot afford a full-fledged accommodation on their own. Cutting down on rent gives them budget flexibility, which helps with other significant expenses such as groceries and sustenance.
Along with supporting the country and its people financially, the shared economy and coliving model is bringing a diversity of people under one umbrella, bolstering unison, empathy, and compassion.
The contemporary way
The accommodation approach has changed over the years, for both millennials and elders alike.
However, the perspective of Gen Z, unlike the older generations, believes in creating avenues for new experiences and thinking out of the box. The youth look at life very differently and the usual goals of owning a vehicle, home, or having a typical 10-6 routine do not resonate with them.
The younger generation focuses on living every moment as if it is their last and creating unforgettable memories, one day at a time. So, rather than buying properties, residences, and assets, a majority of this generation believes in investing in coliving accommodations to free up the margin in their budget.
Millennials are also adopting an integrated approach, showing an affinity for the coliving culture. The youth is consistently contributing to the increased demand for the coliving culture.
The post-COVID market
With the idea of shared assets becoming normalised and catching people’s attention, coliving spaces offer a hassle-free space with amenities and furnished accommodation.
This plug-and-play concept is aiding the coliving sector to secure its present and solidify its future in India. The industry has been expanding and establishing its space across the nation – coliving is becoming a trend just as any other shared cab brand or shared OTT services. It might not be a new concept but its upward spiral of success seems be intensifying.
The psychological effect
There is no doubt that COVID has impacted our mental well-being and emotional stability.
Coliving, along with smart technology and AI-integrated facilities, also offers a basic need – it lets people connect with each other and have a social circle. With proptech unicorns tapping into the market and emotional support offered by co-rentees, it makes for the perfect accommodation for renters and tenants.
With Westernisation playing a prominent role in society and the real estate market reviving by the day, coliving is becoming a viable option for everyone.
The occupancy rate is expected to surge, further helping the sector to recover and strengthen the roots of the accommodation business in India.
Local players are entering the market with a newfound spirit and services that match the requirements of the people and are suitable for a post-COVID world.
From a wide-eyed lens, one can observe how shared spaces are becoming the next big thing and making living more cost and time-efficient whilst nurturing the vision of modern youth.
(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YS.)
