Five Reasons Why Millennials Should Opt For a Co-living Space
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They want to travel to new places, follow their passion, chase their dreams, and explore new opportunities: cultivating new experiences is priority; a routine is rarely a part of their lexicon. They are today's millennials. Their aim is to lead a hassle-free life, prioritising what is important to them. Rarely do they want to spend their time doing mundane activities, yet they can often find themselves weighed down by the obligations of day-to-day household tasks. This is where a nice co-living option comes to the rescue. A hassle-free form of living that is marriage of sorts between convenience and comfort – The management/ provider takes care of all the day-to-day chores, so the residents can spend their time on the things they want to do and not the ones they have to do.
Here are a few reasons why millennials should opt for co-living spaces.
Affordability / Easy on pocket: Most of the millennials begin their careers in metros, which makes it difficult for them to buy or own a house at the start. Hence lodging / renting is the only option available. However, cost overheads such as high deposits, furnishing and maintenance expenses make it an expensive option. Co-living provides an affordable and fully-managed stay. The rooms are completely furnished, and all basic amenities are provided. The rental charge for these spaces includes all the facilities and is cheaper than renting a flat. The deposits are usually charged equivalent to 1-2 months of rental and are comparatively lesser than renting which can be upto 6-10 months. Therefore, co-living is pocket friendly. In a typical facility, one can manage their entire expenses within in Rs 8000-12000/month while in conventional renting option, it can go up to Rs 15,000-20,000.
Flexibility: Co-living spaces understand the fact that millennials can become globetrotters at any point in time. Consequently, they provide services like zero lock-in periods, flexible contracts and payments, easy move-in & move-out options, and no brokerages. Large co-living companies can have a great network effect and provide free inter-property movement to create that winning edge.
Belongingness: Moving to a new city and leaving your familiar surroundings can often leave you feeling lonely. Community living gives you a sense of belonging. Connecting over engaging activities with like-minded people having similar tastes, encourages bonding and a spirit of belonging. The concept of shared living itself is designed to encourage interaction and build a community spirit.
Work-life Balance: Millennials do not want to juggle work and home chores. Time is the most precious asset they have and they want to use it productively. Co-living spaces make living easier and hassle-free. They offer services and facilities like those of serviced apartments minus the hefty costs. All the necessities like household management, domestic work, food, internet, DTH, laundry, maintenance & repairs, etc. are taken care of which is an add-on advantage for millennials and an attractive factor for working individuals.
Security: Security is not only about a gated community with guards, it ties into the overall safety of the residents. Co-living spaces are 24x7 under CCTV surveillance and a close watch is kept on what is happening inside the property. Background check and authentication of residents, and biometric access to properties are some of the important factors in making the place secure. This gives millennials the trust and confidence to opt for co-living over conventional renting.
The concept of co-living is not alien. It started in East Asian and European countries and is on an upswing in India too. It holds a lot of potential and primarily appeals to the young generation given the convenience it offers. This is certainly here to stay for a long time.