Factors That Contribute To India’s Popularity Among Co-Living Startups
Given India’s shared economy, analysts predict that shared co-residencies will be the next big thing, making India a hub for co-living enterprises. Particularly, co-living spaces include basic facilities and are outfitted with common areas such as a fitness center, meeting space, and eatery, which have gained popularity, particularly among students and working professionals.
The lodging industry has seen an increase in demand for furnished co-shared accommodations, particularly post-pandemic. Around 50 million people live away from home in the market, with roughly 35-38 million working professionals and 12-15 million students. Students and professionals who are relocating to cities from their hometowns are finding it prohibitively expensive to sublet a flat for themselves. As a result, demand for co-shared, cheap apartments is increasing by the day. This further encourages co-living firms to launch their operations on the ground at the correct moment, i.e., now, in order to maximise their return on investment (ROI) in the near future.
Western perception
As more individuals adopt western concepts and motifs in their daily lives, they are lured to western residential aesthetics as well as accommodations such as co-living spaces with smart AI-integrated appliances and facilities. This encourages young entrepreneurs and industry newcomers to launch their own co-living ventures and adapt to the evolving circumstances and demands of the Indian market.
Raising the standard of living
Coupled with lower housing costs, co-living gives better facilities and amenities, as well as good cleanliness and sanitization, which is especially important in a post-COVID-19 environment. Co-living spaces with furnished accommodations provide a house instead of a flat, which demands investment, labour, additional money, and energy from the customer. This results in a successful business enterprise. It is attracting more customers by the day, demonstrating how the Indian market is preparing for more co-living startups to become a centre of co-shared residences and companies.
Increasing general well-being
As co-living inspires like-minded individuals to unite under one cover and endure the ups and downs of life with emotional encouragement and moral support, it creates a potential social circle. And COVID-19, with its escalating incidence of mental breakdowns, sentimental imbalance, fear, dread, and paranoia, has made us appreciate how important general well-being and health are. As a result of the increasing demand for co-living spaces, the young will be more involved in this industry, which will eventually lead to great profitability.
More than simply a millennial strategy
There is no question that this lodging concept resonates better with millennials, but it also benefits seniors and generation Z. The spaces have needed help and co-rentees on the lookout in case of any crises or just a comfortable companionship for the older citizens. As a result of targeting two very diverse age groups, the concept encompasses individuals from all walks of life and will serve as a wonderful business strategy for entrepreneurs looking to make India a hotspot for co-living businesses.
Finally, it is time to accept and thrive with changing times as we recognise the need of the hour and invest in a successful company concept. Co-living housing will be the next big thing, boosting the Indian economy and responding to the demands of the country’s people, and therefore a perfect area for entrepreneurs to invest in and grow in.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.
