As the housing demand in India continues to rise, people are looking for more affordable solutions. Co-living is emerging as a viable option for those who want to enjoy the convenience of city living without breaking the bank. Co-living is an affordable solution and an opportunity to create a unique lifestyle experience.
What Is a Co-Living Space?
Co-living is a housing arrangement where people share living spaces and amenities. This arrangement can include a shared kitchen, bathroom, common areas, and other facilities. It offers the opportunity to live with others while still having the privacy of your own space. It also gives people the opportunity to socialize and form new connections more affordably.
What Are the Benefits of Co-Living?
- Cost-Effective: Co-living is a much more affordable option than traditional housing. It is an excellent choice for those trying to save money but still wants to live in a comfortable and convenient environment.
- Social Interaction: Co-living provides a unique opportunity to meet and connect with others from different backgrounds and cultures. It also allows for building meaningful relationships and forming a strong sense of community.
- Flexible Living: Co-living spaces are designed to be flexible and adaptable to the changing needs of the people living there. This allows people to adjust their living arrangements as their lifestyle quickly or needs change.
- Amenities: Co-living spaces often offer amenities such as fitness centers, pools, and other recreational facilities. This allows people to enjoy a comfortable living experience without investing in expensive home amenities.
Real Estate Investors Should Catch This Early Trend (Because It’s Here to Stay) Real estate investors should take note of the rising trend of co-living spaces, as it is quickly becoming a popular and desirable housing option for many people.
This trend will likely continue to grow, providing tenants with an affordable and convenient living
arrangement and allowing investors to maximize their returns. With the rise of co-living, investors have the potential to make a substantial return on their real estate investments if they get in on the trend early.
Complete Ownership
In simple terms, co-living operators who own the property they run the co-living space from usually only have to put in a little capital to get started. They will usually make renovations and alterations to the property to make it suitable for co-living, but the owner is the one in charge and profits from the business.
In many cases in India, people have converted their ancestral properties into co-living spaces. Some owners will partner with professional managers to help maintain their co-living spaces.
Leasing and Running
In the co-living business model, the operator rents a property from the owner and makes it suitable for living by doing necessary renovations and repairs.
The operator is then responsible for the day-to-day management of the property and collects rental payments from the occupants. A profit-sharing agreement between the operator and the owner is established, which can vary in terms of the percentage of revenue each party receives.
Many startups have been entering the co-living space in India, with some taking up to 70 percent of the revenue while the rest is given to the property owner. These companies also strive to achieve a certain level of standardization across their properties regarding looks and
services.
Conclusion
Co-living has proven to be a smart and affordable housing solution for India. With the rapidly increasing population and urbanization, this type of living has a lot to offer.
It allows tenants to live in short-term housing with amenities such as Wi-Fi, housekeeping, laundry, and much more. Co-living spaces are much more economical and financially viable than traditional housing options. This is a great solution for housing in India and a great way to promote a sense of community and camaraderie among its tenants. With this, co-living is sure to become a popular option in India in the coming years.
RentOk can help you with Property management with our largest network of smart properties in India. Get started now, and download the app today.