6 Reasons Why 'Co-Living' is The New Trend Amongst Millennials
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Let me begin this article by giving an insight into the much talked about ‘Millennials’, who will make up 50 per cent of the global workforce according to research from PwC, by 2020. This is a generation that was born between 1980 and 2000, is experimental, extremely opinionated and believes in following the heart. Millennials are glued on to the internet, are well informed, and grew up with technology as well as the social media. They are on-the-move and travel frequently for work/ pleasure. More than anything else, they believe in investing in creating memories and value experiences over creating possessions, as well as being part of a community. They do not give any importance to the pride of property ownership.
There is definitely a flip side to this. While these Millennials have a huge social network, they have very limited physical access to their friends. One can blame it to today’s hectic schedules and busy lives. With more individuals moving cities and doing this more than often, their world is limited to the internet and there are a lot of times when they feel that they have no one to speak to. The over-reliance on technology and social media has actually led to an increase in the trend of loneliness and isolation among Millennials, so much so that it is now seen as reaching epidemic levels in some countries.
The advent of co-living and co-working spaces is a new trend that is quite a rage amongst the Millennials across top towns and cities across the globe, including in India. Co-living spaces are the perfect medicine for loneliness. There are numerous reasons for co-living emerging as the latest trend amongst Millennials. Sharing the top 5:
Co-living spaces have evolved from the typical non-exciting, unfinished houses to extremely swanky apartments, designed to suit the tastes of the Millennials. They boast of modern designs, consisting of simple-yet-clean colours and textures, industrial elements, and natural wood.
The co-living spaces operate on a plug-and-play model and do away with the hassles of daily chores and challenges around house maintenance. This is much to the liking of the Millennials who do not want to be responsible for daily house maintenance and similar issues. They would rather outsource the same to an expert and pay for it.
The third reason is that the Millennials can jump right in and not only have their own housing, utilities, furniture but also have access to a community. One can look forward to bonding over the breakfast table, evening coffee or having meaningful conversations, even after a dull and long day. A lot of community-focused events are organized from time to time, so as to forge connections and improve the social aspect among residents
Co-living places also act as the perfect marriage of socialization and privacy. There is privacy but only when needed
Young entrepreneurs and millennials want the flexibility to move as their work demands, and co-living with its short-term lease options is the perfect answer that offers a win-win proposition to Millennials
All this is made available at an extremely lucrative price point
According to a Harvard report loneliness rated have increased by 2 times in past 2 decades, hence we understood there is a need to build to a strong sense of community where new friendships and relationships can foster. We are realized that this is far more important than giving just a furnished house. To sum it up, co-living is leading a transformation in the way people live. It’s creating a fresh mode of accommodation for this brave new world. Additionally, it is solving the problem of loneliness, that has become rampant in the youth today. Co-living is here to stay! It offers the best of both worlds for the Millennials and will be a preferred option for an increasing number of them, in the times to come.
Co-living is the future and the story has just begun.