According to a recent survey by Colive, covering 20,000 respondents around 91% of the occupiers of the co-living space prefer to live alone as compared to the shared living. There is also a demand for a one bedroom or a studio apartment, with 82% of the occupiers demanding the same.
“We are seeing around 70% occupancy across our properties mainly driven by young couples and married couples. Early stage professionals prefer co-living spaces because they can stay closer to their workplaces and beat traffic woes,” said Suresh Rangarajan, Founder and CEO of Colive, a Salarpuria Sattva backed firm.
At the onset of the COVID-19 pandemic, it was unclear how co-living would navigate the rental market’s rapidly evolving conditions. Many working professionals returned to their hometowns from cities, including the students.
The report further mentions that around 61% of the people surveyed prefer private rooms and enjoy the freedom that a flexible rental agreement brings, eliminating the need to search and buy furniture. However 39% of the Gen-Z still prefer shared rooms, as they are an excellent catalyst for bonding roomie relationships.
“We are seeing a very interesting trend of people moving from the unorganised PGs to Coliving post the announcement of partial lockdown across major states,” said Rangarajan.
India’s coliving segment is driven by salaried professionals and students currently. The report further highlights that around 65% of the consumers are willing to pay above Rs 10,000 per month to a safer accommodation.
“The news on the COVID vaccines has relaxed the wait-and-watch mode for many operators like us. The early indicators suggest that co-living space is touted as the key to solve urban India’s affordable housing crisis,” said Rangarajan.
Founded in 2016, Colive provides rentable branded and serviced homes in prime locations, near educational institutes and business parks. One of the fastest-growing co-living start-ups in India, Colive currently operates across three cities, Bangalore, Chennai and Hyderabad. Colive is looking to add 75,000 new beds to its inventory over the next two years