The future of Co-Living: Live, Work and have Fun
Behind the success story of the co-living spaces are the young working population here, who prefer enjoying amenities at affordable rates rather than giving utmost value to the concept of ownership. Mentioned are reasons why co-living is ideal for working professionals.
In the past half a decade, working professionals have bid adieu to traditional rental homes and paying guest (PG) accommodations and switched to co-living spaces. And because of this shift, it was projected that the co-living segment could become a $1-trillion market by 2023.
Behind the success story of the co-living spaces in North America are the young working population here, who prefer enjoying amenities at affordable rates rather than giving utmost value to the concept of ownership. Mentioned are reasons why co-living is ideal for working professionals.
Close to your Workplace
Co-living players strategically set up establishments closer to business districts in cities. As daily commute to and from the workplace kills a great deal of one’s productive time, moving to an accommodation closer to workplace makes sense. This saves time, energy and money apart from increasing productivity.
Co-living spaces are relatively cheaper as compared to renting an apartment in the same locality. In fact, the difference between them could be as high as 60-70% in some areas.
Since these are shared accommodations, an individual doesn’t have to pay exorbitantly to avail the facilities required from his living place. On the contrary, if you were to set up an entire rented house based on your work requirements, significant money is required apart from the effort to execute the task. In a co-living accommodation, one has to just move in and everything is sorted. Value experiencing without ownership is the key factor behind the success of the co-living model in North America and elsewhere.
Partnering Organised Players
Unlike the co-living segment, rented homes and PG spaces are dominated by unorganised players. This is precisely why the quality of safety, security and services promised by landlords are often compromised, once you move in. In case of co-living, you get what you are promised and you have the option to move out if you are unhappy with the services.
Self Tailor-Made Amenities
A working professional these days would require a robust Wi-Fi network, some furniture s suitable for working from home and an efficient housekeeping staff who would ensure hassle-free living. Security and privacy are the other two aspects that are greatly value. All these facilities can only be afforded in co-living spaces and not in rented homes or PGs.
Better Network Growth
The chances of you meeting and mingling with like-minded professionals are much higher in a co-living option. Mindful of the professionals' need to mingle and expand their network, co-living players such as Zolo Stays and Coho etc. organise regular online and offline events to engage customers.
Who wants to engage in long chats with their landlords over cleanliness or the premises or entry or exit during "ungodly" hours? Such conversations waste time and is a regular hassle for a working professional. In a co-living accommodation, you could say goodbye to all those silly interruptions and move in and out freely as and when required.
Better Flexibility Lifestyle
In a co-living space, you don’t need to pay a fixed deposit, maintenance charges, enter into a lease agreement and renew it a fixed tenure. With their short leases (these act on monthly basis), co-living players offer occupiers much greater flexibility than a rented accommodation or a PG, aside from saving them time and energy.