Young professionals and students are finding it difficult to cope with the increasing rent and cost of living in the city. Although there are numerous PGs and other accommodation options available, money is a bigger constraint. The smarter generation has found its solution in co-living. This has solved the problems of many.
With their limited income, sharing the rent is more feasible than paying rent for a single room. They find it more flexible and suitable for their lifestyle. Add some amenities, you have a great property to attract those who prefer co-living. Were they forced to a co-living option or is it a part of moving forward with the time?
- The increased rent is definitely a huge point that has forced them to think otherwise. It is easier to share the rent with other co-habitants than paying everything on your own. There would be a kitchen so you can choose to cook your own meals or have a cook prepare it for you. You can easily share the expenses among the others.
- Co-living allows the option to choose or pick the other roommates to be more compatible with each other.
- While there may be curfew after a particular time in hostels and some PG accommodation centers, co-living allows the flexibility to choose your time and not having to worry too much about a locked gate.
- The availability of amenities such as a pool, gym, and other options are an added advantage as those are definitely not available at the PGs.
- Another plus point here is that you can always find another friendly habitant if someone is moving out. Since more and more people would be looking for better accommodation, there might not be any problem with this.
Villas or apartments?
When there is this option of co-living, there is another question that arises. Is it villas or apartments that would be more suitable for this? At the moment it is apartments that are more in demand for this style of accommodation.
Although there are several villa projects in Whitefield, most of them are up for high rental value and most of them are occupied by families. Moreover, they may be out of reach for these youngsters seeking co-living.
But the upcoming villa projects in Bangalore may think to accommodate them. People who are buying villas an investment can easily give it for rent to these bunch who will be ready to pay.
The Bottom Line
Co-living has been popular in the US, UK, and other countries thus far. The introduction of this concept may sound westernized, but this is also a blessing for the new generation to upgrade their lifestyle within their budget. With the co-living option, it is easier for them to live a near-luxurious life all within their reach.
Co-living is wonderful for the landlords to get their property rented out and the property builders are getting to play with new concepts and designs to make their mark.