In a recent survey, more than 70 percent millennials between 18 to 23 years prefer co-living spaces in major cities as an option for comfortable accommodation. The Co-living is an ideal concept of accommodation where multiple people shares the same residence.
This survey was conducted by Knight Frank India in major cities including Mumbai, Bengaluru, Pune, Hyderabad and NCR [National Capital Region]. During the survey, it was observed that more than 55 percent respondents raging between the ages of 18-23 years prefer spending somewhere between Rs. 10,000-15,000 per month on such accommodation.
Shishir Baijal, Chairman and Managing Director, Knight Frank India said that the young renters are the major reason for increased demand and popularity of Co-living spaces in major cities. Also, the smooth connectivity and other facilities make Co-living a smart option today.
Apart from this, the close proximity to workplaces and other social infrastructure are the reasons on which the renters emphasize on inspite of thinking much about the rentals. The survey also shows that a steady co-living facility helps a person earn approximately 12% whereas one can only earn merely 1.5 – 3% in the case of renting out 1BHK.
Balaji, the CMD also said that this sector is gaining popularity and due this many players are venturing here. All this is surely going to attract institutional funding, as better and assured returns are in the offing.
Earlier this month, StayAbode, a co-living operator company venture into a co-living project with CP Developers. This project is planned to be built in Whitefield, Bengaluru.