The idea of community living is not in fact a new one, but unlike the old-style concept, the notion of co living is becoming a sustainable category in the real estate sector or it is becoming the best choice of youngsters who seek the attic of community living. As a noun related to real estate sector the word co living expresses the idea of shared housing, designed to support a purpose-driven life, which opens the values of openness, sharing and collaboration.
This type of living facilities targeted young digital nomads, who move painlessly from one job to another, one metropolis to another, one abode to another. Yes it is the current trends in youth professionals, it’s very unlike the previous generations, and the digi nomads never try to derive their sense of security for repetitiveness that means the same job, the same city, the same residence.
This idea is like that of sharing a drive with ola or uber. Probably we can say that in the sense of economy it is similar to a paying guest accommodation. But paying guest accommodation never satisfied as a choice of life style. That is key the privilege enhanced by the idea of co living. It is a way of living focused on a genuine sense of community, using shared spaces and facilities to create a more convenient and fulfilled lifestyle.
It is assumed that through this process one can attain the following philosophical outcomes
- The presence of Community feeling along with individuality
- Openness and collaboration over the state of competition
- Idea of Sharing terminated consumption
- Inquiry and experimentation over the status quo
- Responsibility and action over cynicism and resignation
Besides these the following realizations are to be considered.
Most young professionals simply cannot afford to buy a house within the city. So, renting becomes the only option. With urban millennial making a little over a huge amount in a year as their rental budgets translates to mere 2-3% yields to property owners. One of the primary reasons for low rental yields is the structural design of a house which hasn’t evolved with time.
A study by the research team of Raksha Property Management, a leading consultancy service in Bangalore and other cities in India, reveals that a professional spends only 45 minutes a day in the living room and kitchen, and about nine hours in the bedroom. These two portions carry the 60 % of the real estate price, while the bedroom accounts only 40 percent of the cost. Hence the idea of Co-living spaces optimise the real estate utilisation by sharing the lower utilisation areas with a larger community, residents easily save about 10 per cent of the expense and property owners get a higher yield on the property on account of being able to accommodate more people on a floor plate. What’s more, residents living in co-living spaces in most cases pay an all-inclusive price that covers electricity, TV, housekeeping, repairs and maintenance, et al.
Residential safety is another merit of co-living, it is just more than having a security guard. It’s about a sense of wellbeing that the space shows. When you opt for a co-living space, you can be sure about 24-hour security, CCTV surveillance, access card entry, background verification and screening process of the staff as well as residents. This place realty segment is a lot more organised and transparent than paying guest accommodations and renting options, making it a safer choice for young professionals in a new city.
Modern youth want to behave as free birds; they explore new horizons, evidently in no hurry ‘to settle down’. However, the journey can often get lonely. Studies suggest that more than 40 percent suffer from chronic loneliness.
Co-living spaces offer the perfect antidote. Living in a community of like-minded individuals – bonding over breakfast and barbeque evenings – makes it easier to have meaningful face-to-face conversations and cherishing the comforts of community living.
Someone wants to remove the stress out of their life by paying one bill that covers everything like the idea of co living. Someone fed up of bad landlords and tired of waiting months to get anything fixed loves the idea of co living.
According to Mental Health Foundation, among the young the “loneliness epidemic” has gone viral.
Nearly 60 per cent of 18- to-34-year-olds are suffering from this state of illness; in such situation co living concept often provides an atmosphere for mental empowerment.
So whatever your reason, there may be something which will result positively in co-living for you.
Co living in a Women-friendly Environment
With growing safety concerns, especially for women, it’s important to build residential spaces that exude a sense of comfort and security. It takes more than 24-hour CCTV surveillance to make them feel safe. So, in the age of insured, the co living facility provides certain extra privileges to the feminine gender.
This movement in turn, is paving the way for an emerging, capital-efficient way of living. In Europe and the US, co-living is already evolving into a fast-growing asset class, ticking all the right boxes for real estate players as well as new-age custom.
In the sense of a globalized workforce, young professionals today are traveling and relocating frequently. The traditional leasing commitments don’t work for this always-on-the-move generation that demands more than cookie-cutter solutions.
Co-living offers a responsive living arrangement that not only keeps the costs under control, but also makes the logistics easier. Depending on requirements, one can take an accommodation on lease for 12 months or as short as three months in almost all metro cities.