As house prices and social isolation continue to rise, co-living is the latest buzzword among millennials as it provides them with a desirable house at affordable costs, while providing a much needed communal living experience during such unprecedented times.
With the world embracing a hybrid work and study style, a lot of millennials will look to relocate to their base city but will require better living spaces to ensure that WFH runs smoothly as well.
As the world adjusts to a new normal, and with a millennial population of over 440 million in the country, the co-living sector is set to rise rapidly and witness a whole new set of innovations.
Isthara Co-Living shares 5 trends that are set to redefine the co-living space in the coming year:
Enahnced safety and hygiene protocols:
Safety standards have become the biggest selling point for co-living spaces and they are expected to move beyond the standard safety protocols and enhance their hygiene quotient in a big way to build on the momentum.
Apart from the standard hygiene protocols, new possible safety measures include safe cleaning and hygiene standards, thermal sensors, which will notify people in case someone is running a temperature, regular fumigations, CCTV cameras in public spaces to ensure social distancing is followed, or facilities like self-cleaning buttons in elevators.
Technology led innovations:
As many universities are holding classes online, and work from home is becoming increasingly popular, technology is the way of the future.
The co-living players will look to amalgamate cutting-edge technology to cater to the growing work and study needs of millennials.
Touchless technology and applications are on the rise in the sector.
Flexible and convenient housing solutions:
Innovations such as flexible lock-in periods, weekly rentals, customised housing services, tailor-made amenities, transfer to the company's co-living space in another city, contemporary workspaces are some of the options that will be explored in an effort to entice today's fast-moving millennial population.
All in all, players in the segment will look to create a ready-to-move-in space that is hassle-free for residents.
If some housing segment caters specifically to one certain profile or profession, operators may also look to customise the place according to the needs of the profile.
Revamp of co-living spaces:
Revamping space to give houses a more contemporary look focused more on enabling efficient work/study spaces, incubating spaces, and a complete overhaul of amenities.
The blurring line between work and living will be a major trend in co-living, to match the evolving work-life integration needs.
Increased focus on community living:
People are looking to address the urban isolation situation, and are looking for avenues to unwind and engage with a varied set of people within a community.
Co-living operators are set to further strengthen their community ecosystem in the coming year, to ensure that people create meaningful connections and combat loneliness.
The pandemic may lead to a complete rethinking of how these spaces will continue to exist, and the sector will continue to provide a fresh new perspective to how young Indians view urban living.