Co-living spaces have just started to get a formal structure in the country but have already become quite popular among students and millennials in the cities where this type of accommodation type exists. Startups have initiated the process of disrupting the student accommodation options that have been there in the country and creating a business model for themselves, in the process, offering a whole lot of advantages to students.
Some of the major advantages are that co-living spaces offer are:
1. Lower deposits: One of the biggest advantages that co-living space providers are offering to the occupants is the freedom from paying huge deposits to the landlord. In many parts of India, landlords insist on 11 months of the security deposit which works out to quite a bit for and students and even for professionals who are in their early stages of career. The money that they deposit as security goes without any interest for 11 months. On the other hand, co-living space providers charge no or very little deposit which is a big boon to such occupants. The long periods of security deposit also works as a deterrent for those professionals who move to a new city just for completing a project and want accommodation for a few months. Co-living options solve this problem for them.
2. More facilities: Co-living comes with a huge number of facilities in the shared home as compared to hostels or paying guest accommodation. The latter is usually associated with bare shell accommodation whereas, millennials are aspirational and want a number of facilities which the co-living space operators willing to provide. In certain paying guest accommodations, even food is not included whereas co-living options come with food. There are common areas in co-living which may have a TV, games, etc. The atmosphere in co-living is usually more alive than in a paying guest accommodation. There are laundry, lockers and internet facilities also.
3. More freedom: Co-living comes with more freedom to the occupants than many other options. The occupants can come in and leave any time of the day and can choose to have meals even at irregular hours if need be. There are several restrictions imposed on the tenants by a landlord but in co-living, one can be free from an obstructive landlord. Co-living also helps circumvent the problem of landlords not willing to let out their house to tenants practising certain religions.
4. More social: The co-living spaces provide a lot of opportunities to the occupants to socialise and have regular interactions with each other. There can be a lot of exchange of ideas and opinion among the occupants. Co-living helps overcome the problem of loneliness for the occupants if they were to rent similar accommodation individually.
5. Several add-ons: There are several add-ons that the co-living space operators provide to the occupants which are usually beneficial to the millennial population. Some of the operators connect the occupants with leaders in their chosen fields or profession. There are several events organised by some of the providers where occupants can show their skills, talents and hone leadership qualities. Some also offer yoga and meditation classes.