What is Coliving? The 2024 Ultimate Guide to Coliving Concept

Welcome to the future of living! As the real estate landscape evolves, a revolutionary concept has taken center stage – Coliving. You’ve come to the right place if you’re wondering, “What is Coliving?“. 

The benefits of a Co-Living space are truly exceptional. In this informative blog, we’ll uncover the details of the Coliving concept. We will explore its growth, market dynamics, and why it’s becoming the preferred choice for a diverse range of individuals.

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A Brief History of Coliving

While what is co living concept may be recent, shared living and workspaces have existed for centuries. From organized homes in the 19th century to boarding houses, coliving has catered to different populations seeking housing and work opportunities. Modern coliving spaces reflect a blend of cultural influences, making them unique and diverse.

What’s Happening Right Now? 

• Startups Everywhere: In 2023, more than 50 startups are in coliving, each with its unique style. People seem to like what they’re doing.
• Big Growth Ahead: Experts say we will have around 4,50,000 coliving beds by 2024. That’s a big jump from the 2,10,000 beds we had in 2021.
• Crazy Potential: Reports say the coliving market in India could be worth a whopping $93 billion every year.

What is Co living concept?

Co-living is a form of modern housing where residents share living space and interests, values, and intentions. It is a new take on an old idea imagined by a millennial generation that values a modern mindset, collaboration, social networking, and the sharing economy.

Co-living is not limited to a specific demographic but often attracts hardworking professionals, entrepreneurs, creatives, and artists seeking an environment where they can be empowered and inspired.

What is Co Living Spaces Audience?

Coliving spaces cater to upwardly mobile, single young professionals who seek convenience and flexibility. Millennials, often delaying serious relationships and marriage, find appeal in the hassle-free living provided by coliving spaces. The concept of community living aligns with the changing dynamics of relationships and housing preferences.

Structural Forms

Coliving can take various structural forms, ranging from rental to ownership, urban to rural. Its present embodiment tends to be urban and integrated into single buildings, houses, or apartments. The focus is primarily on 20 to 30-something professionals catering to diverse individuals, including entrepreneurs, creatives, and artists.

Why Coliving Matters?

Understanding what is co living space, and the importance of these spaces, you’ll have to think from a mindset of budget and shared living. A space that is not just facilitated with modern equipment but also an atmosphere of harmony.

Community, Convenience, Cohabitation

The essence of coliving lies in its ability to create a sense of community, convenience, and cohabitation. As urban millennials continue to flock to high-priced metropolitan areas, the demand for affordable, convenient living options is rising. Coliving emerges as the answer to this demand, offering an alternative to traditional renting methods.

Demographic Suitability

Coliving is suitable for various individuals, including students pursuing higher education in non-native cities, digital nomads, freelancers, single women, and young working professionals. The flexibility of the concept accommodates the diverse lifestyle choices of its residents.

Also Read: Difference between PG and Studio Apartment

Types of Co-living

If you are under the impression that Coliving is just one form, you’re wrong. Coliving is segmented into various categories.

1. Traditional Shared Housing: Roommates sharing responsibilities under a lease.
2. Co-operative Housing (Co-op): More formal, with shared chores and democratic decision-making.
3. Co-housing: Separate homes around a community center, popular in suburban or rural areas.
4. Dorm-style Living: Short-term themed living arrangements, bringing like-minded people together.
5. Coliving Retreats: Short-term themed living arrangements in desirable destinations.

Popularity of Coliving

• Out of Necessity: Rising demand for homes in cities meets slow construction progress, leading to a need for alternatives.
• Affordability Concerns: Nearly half of the world finds affordable housing a major problem, pushing them to spend an important percentage of their income on rent.
• Social Connection: Coliving addresses the loneliness epidemic, offering convenient access to socialization through shared spaces and activities.
• Freedom and Enjoyment: With reduced rent costs, individuals can redirect time and money towards personal interests, travel, or saving for future goals.

Advantages of Coliving Space

Let’s look at what is co living space beneficial for. The below advantages might give you much-needed insights for informed decision-making.

1. Chill Living: Moving to a new place becomes a breeze. Imagine everything from furniture to the internet sorted out for you.
2. Money Matters No more headaches about electricity or internet bills. It’s all covered in your co-living plan.
3. Buddy System: Beat the loneliness blues. With 40% of millennials feeling lonely, co-living brings a bunch of interesting roommates to your doorstep.
4. Safety First: Think of 24-hour security, CCTV eyes everywhere, and background checks. Co-living spaces have your back.
5. Life, Unscripted: Choose a place based on your lifestyle. Co-living is all about flexibility and a good social vibe.
6. No More Landlord Drama: Co-living apps handle everything, so no more dealing with old-school landlords.
7. Fit and Fab: Some co-living spots come with gyms, pools, and fitness classes. It’s not just a home; it’s a lifestyle.

The Coliving Market in India

Let’s look at the co living concept in India and how it is shaping the real estate market.

Current Landscape:

As of 2023, there are over 50 co-living startups and companies in India responding to the younger generation’s interests. Reports suggest that the co-living segment, primarily driven by organized players, will reach 4,50,000 beds by 2024.

Market Potential

Proptiger and Knight Frank report estimates India’s co-living market potential to be worth $93 billion annually. This growth is due to the fast-growing demand from students and professionals, making Coliving a significant player in the real estate market.

Investment and Big Players

Institutional investors and venture capital firms, including Goldman Sachs and Warburg Pincus, have recognized what is co living space. Key players in the market include Colive.

The Future of Coliving

Let’s briefly glimpse what is co living concept in the upcoming years.

Projected Demand

With a projected demand-supply mismatch of about 46.3 million beds, the co-living sector is a real estate goldmine that remains largely untapped. Organized players currently offer over one lakh beds, and the sector has the potential to grow into a $93-billion market.

Geographical Insights

Uttar Pradesh and Maharashtra show significant demand, with southern states like Tamil Nadu, Karnataka, and Telangana contributing to a combined demand of 16%. The changing trends in urbanization and an increase in young professionals moving to new cities further bolster the potential growth of the coliving market.

Community Living as a Solution

With a substantial increase in the number of young professionals relocating to new cities for work, community living is gaining traction. Coliving emerges as an innovative and fulfilling solution for those who can’t afford to buy or rent real estate independently.

Conclusion

What is Coliving? Coliving, as adapted by Colive, transforms the traditional shared living experience into a professional and comfortable environment. The rise of coliving aligns with the disruptions seen in various industries, including housing. 

Colive’s unique approach focuses on exceptional properties, comfortable accommodations, and bringing together like-minded professionals. The Indian metropolitan cities are witnessing a shift in how people perceive housing. Coliving provides a supportive community, hassle-free living, and a vibrant environment for collaboration.