The word “vibe” is a four letter word that defines compatibility in the new generation. The vibe is a four-letter word that defines compatibility for Millennials and Gen Z. However, it can be difficult for them to find a partner in this fast-paced world. Today’s youth are focused on technology and an entrepreneurial approach to their lives. The idea of living in hostels or as guests (PG) is a stereotype of how it feels. It is a small and cramped space, with no amenities, no community, people who are busy with their jobs, no homely atmosphere, and worst of all, it lacks hygiene. This is also true for rental houses.
India has one the youngest populations in the globe. The share of Indians between 15 and 34 years old is likely to stay above 30% for the next decade. Nearly 35% of India’s population lives in these areas, which has a 2.3% urbanization rate. This group is likely to be in their first years of career growth, considering their age bracket. They will choose to rent rather than buy real estate. The cities of Bangalore, Pune, Delhi and Mumbai are growing rapidly and attracting students from remote areas of India to be part of this new trend.
However, everything comes at a cost. To be part of this new world, you must sacrifice the comforts and familiarity of home. Living alone in large cities can make you feel homesick. As India has evolved into a creative country, the desire to solve all these problems has increased. Co-living seems to solve all problems that people face when moving from rural areas to urban areas. It also addresses the problems of urban dwellers who are trying to find a stress-free environment. It is the new buzzword among Millennials and Gen Z because it offers all the comforts of home at a reasonable price. It is crucial to incorporate industry trends into these co-living spaces, as the world is constantly changing.
Many coliving companies are developing new industry trends within their respective fields. These are crucial for the coliving industry to progress and provide safe and comfortable housing solutions. This allows co-living players to be more self-sufficient and can keep up with the rapidly changing world. Participants in coliving try to be better by trying to provide the best possible coliving environment. This includes enhanced safety, hygiene protocols and technology-driven innovations.
Co-living has experienced a rapid rise in popularity due to rising demand for managed accommodation. Co-living, which is growing fast due to increased competition, is a dynamic business sector that is willing and able to adapt to the needs of its target market. Everyone in the business wants to create strategies and offer unique services that are clearly marketed as USPs. This encourages innovation and improves the quality of services industry-wide.
Co-living is a unique way to combine all the services and amenities under one roof. The upcoming coliving providers are considering every aspect that makes coliving great. These spaces can be designed using a futuristic approach. The future trends in this industry include intelligent use of technology, the Internet of Things and innovative hospitality strategies that create extraordinary experiences. Both residents and hosts have found it easier to use mobile apps. It has made it easier for residents and hosts to raise tickets for specific issues and pay monthly rent. In the end, co-living spaces providers will be able to identify the needs and create an ecosystem that encourages like-minded individuals to come together as one.
Co-living providers tend to focus on a specific niche and provide specialized solutions for residents who are working professionals, students, and older citizens. They understand the needs and requirements of each class and design and create all components of the co-living environment to make life easier for their residents. A large proportion of the workforce will be more comfortable at their home as the hybrid working model becomes mainstream. They will need to have reliable internet access and workstations. This will help them be more productive. These amenities can be provided in co-living spaces that manage the services effectively. Living spaces with all amenities, such as a gym, common areas and a game zone, will be in fashion.
The Co-living segment will have 4,50,000 beds by 2024. This is mainly due to organized players. The future looks bright for this industry, judging by the demand-supply gap.
Disclaimer
The views expressed above are those of the author.
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