Is co-living becoming more attractive than renting a flat?

Co-living is gaining popularity as a cost-effective housing solution for young, single professionals, particularly millennials and Gen Z, who are facing challenges in finding suitable housing options. Traditional landlords often prefer to rent to families, and hostels and PGs (paying guest accommodations) come with a long list of terms and conditions that make them unattractive options. This is where co-living comes in as a reasonable and convenient alternative.

Co-living spaces are fully furnished buildings or houses where some functionalities are shared, such as the kitchen, living room, TV lounge, laundry facilities, game room, and workspace, while offering private bedrooms and bathrooms. Single occupancy bedrooms or studio rooms with a kitchenette can also be rented, and rooms can be shared on a double or triple occupancy basis.

The biggest advantage of co-living is that it includes full-time housekeeping and security staff, along with other amenities like Wi-Fi and maintenance of all appliances, all of which is managed by the operating company. While single occupancy can be expensive, sharing a room is more cost-effective, as the lifecycle cost can be cheaper when you factor in the built-in amenities, such as cleaning services and maintenance, that come with the rent.

Residents can manage all their living arrangements through an app for the co-living house, such as paying the rent, raising a complaint, or shifting to a new location managed by the same operator. Additionally, co-living spaces can be rented for short term stays of a minimum of three months, compared to rental agreements for apartments that are signed for at least 11 months. The security deposit in co-living is usually equal to one- or two-months’ rent, much cheaper than the 6-11 months required for apartments in cities like Bengaluru and Mumbai.

Companies like Zolo, Stanza Living, NestAway, and others offer co-living options in cities like Bengaluru, Gurgaon, Pune, Chennai, and Hyderabad, and the concept is spreading to other urban centres like Ahmedabad and Indore. However, co-living may not be ideal for those who prefer privacy or have difficulty sharing resources with others, as residents must coordinate their schedules when using common amenities.

Co-living offers a cost-effective, convenient, and flexible housing solution for young, single professionals who are facing challenges in finding suitable housing options. With a range of benefits, including full-time housekeeping and security staff, maintenance of appliances, and the ability to manage living arrangements through an app, co-living is an attractive option for those looking for a hassle-free and cost-effective housing solution.

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Is co-living becoming more attractive than renting a flat?

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