The Covid-19 pandemic has had a huge impact across all industries including real estate resulting in slowing down the rental housing sector. As people have started adapting themselves to this new normal, a sudden rise in the demand for co-living spaces is witnessed, which is gradually picking up on the basis of today’s market requirements that are different from the past.
In recent times, health and hygiene concerns have become a top priority for people. With people trying to return to their normal life, post lockdown working professionals and students are looking forward to accommodation according to their preferences and needs. They seek for all basic amenities like comfortable space, friendly working environment, safety, security, hygienic and most importantly all this being cost efficient. People now prefer convenient co-living as compared to rental spaces or apartments as these co-living spaces are well-furnished, cleaned and maintained, which are difficult to do in private rental spaces.
Apart from the present popularity of the co-living community, people who enjoy living with like-minded people might choose such places because they are the best place to meet a tribe that shares their values. Co-living as a real estate segment has been welcomed and accepted by Indians. Co-living businesses in India are merging cutting-edge technology with human understanding and they are attracting and satisfying clients through community aspects to give their tenants the greatest community housing experience possible.
Pandemic inspired new lifestyle
The Coronavirus has fueled remote working as a way of life. The change in the way of work has given rise to huge business opportunities as remote working is growing as an option where people can explore the nomadic lifestyle and travel slowly. We have seen that both remote workers and urban millennials prefer to stay in co-living spaces rather than apartments and hotels which is revolutionising the future of housing.
Technology in co-living
The universal distress has resulted in robust technological developments across the globe. To experience the core of the co-living, inducing technology with the application of various different tools like artificial intelligence (AI) can connect and build a very concentrated eco-system that spans from data management, chats and contact of staff and other residents, cleaning, access management, travel,food and beverages and workspaces. All of these become increasingly important as the business scaled up with limited operational costs.
Designing efficient co-living
Deeply influenced by the pandemic, people all over the world are experiencing hybrid working models. The ‘work from home’ model has disrupted the line between personal and professional life. With social distancing a priority, designing co-living spaces according to the targeted segment preference is the biggest challenge today. Such modifications are likely to improve the entire experience in the future and provide solutions that will appeal to a wider range of customers.
It is believed that the increased popularity of co-living is just the beginning. Hence, the demand for co-living will certainly see a steep rise along with the introduction of many new strategies and services in the real estate industry. Such increased demand and popularity will lead to more new players in the market space along with competitiveness which will further result in enhanced services and facilities and delightful consumer experience. Therefore to survive in the market, co-living players have to come up with innovative and suitable business models and understand the need for efforts and time to be invested to fulfill the requirements of people, according to their lifestyle.
In conclusion, co-living has become a viable option not just in urban regions but also in rural and remote locations in recent years. Similarly, in the near future, we might see hostels and other housing rentals also converting themselves into co-living spaces. In terms of the industry’s breadth, the number of companies in the co-living market in India is rapidly expanding, including in Tier 2 and Tier 3 cities. The co-living sector in India is introducing a fresh perspective to how young India views real estate and houses, thanks to new entrants and a more competitive market area.
The author is co-founder, Covie.