Impact of Covid 19 on Co-living Spaces

Kishan Thakkar K

“We’re social beings – we’re really not meant to live alone.”

Kirby Dunn, Executive Director of HomeShare Vermont

People who have a full-time job don’t have much free time to relax and enjoy. They seek the Affordable option for living, in which they are going to live hardly for one-third of the day and also the redemption from the maintenance.

They don’t want to pay for the spaces that they hardly inhabit. Single room or studio apartments without the facilities cost so much for the same facilities.

This brings the concept of the co-living space into the picture which is fast catching up in the metro cities of India. It offers all the facilities that a single person aspires for, without the headache of maintenance. There is more than a comfortable lifestyle that it offers, and that is the ambiance it provides as the proposal to bring together individuals from different backgrounds.

Definition of Co-living Spaces

Co-living is a residential community that accommodates people from various backgrounds. Generally, co-living is a type of community that provides shared for people with typically similar values. It is a modern form of shared community housing to live, work and play together. One of the biggest benefits of joining a co-living space is the experience of community living.

Co-living is a new way of communal living in which residents get a private space in a home with shared common areas. Co-living is popular in megacities as a means of affordable living option for students and workers.

Young people have embraced the concept. The concept of co-living spaces includes the offers such as a shared kitchen, utility spaces, and a common work zone.

The Cost Factor of Co-living Spaces

A student or a job person wants to find a space where they can live comfortably and in affordable ways. The interesting aspect of the co-living spaces is the qualities that it offers which is similar to a classy hotel or a serviced apartment at an affordable cost. The facilities such as housekeeping and maintenance are also offered to make this mode of living more attractive for the single person seeking rental accommodation. 

The rental charge for co-living space is inclusive of almost all the facilities and yet proves to be much cheaper than renting a conventional home and living with the same facilities. It proves to be a value-for-money solution, promising to be the next sought-after lifestyle concept for the single person. 

Here the investors might want to invest in the co-living spaces. The following considerations should be kept in mind when investing in co-living spaces.

The Impact of Covid 19 on Co-living Housing

The change in working methods caused by lockdowns has impacted both short-term rentals and co-living spaces a lot. Additionally, the COVID-19 pandemic and lockdowns have affected the co-living segment. Since companies are allowing remote working, people started moving back to their hometown. 

When offices reopen and the pandemic is under control, people will begin searching for cleaner and safer co-living spaces, the only difference being the criteria for choosing a co-living space will have changed.

Important Things to Keep in Mind

  1. The co-living segment may witness consolidation over the next few months – Ernst and Young Report
  2. Facility management costs may increase marginally, due to increased sanitation and hygiene requirement
  3. Social distancing may result in 15% to 20% capacity reduction
  4. People may prefer to pay more to stay in a separate room

Trend Dominating the Co-living Market

  1. Provision of space to facilitate work-from-home
  2. Additional measures for the hygiene and safety

Why Do Workers Choose Co-living?

  1. Community
  2. Work environment
  3. Reasonable price
  4. Multiple options

In Summary

The increasing trend towards health and well-being and the demand for larger rooms are surely going to change the co-living housing segment. The real estate market has shown some signs of recovery even under uncertain economic conditions. 

As lifestyles change, opportunities will arise not just in urban areas, but also in rural areas and unique destinations. 

Staying informed and consulting experts when making a decision is an ideal way to get the best deal. All you have to do is contact RoodLand, which provides the best real estate services. For any queries and suggestions regarding capitalizing on student housing, contact us at info@roodland.com and discuss all of your options with us!

Consider sharing with your friends, family, and relatives, if you have found it useful.

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