CAN CO-LIVING REPLACE A HOME FOR INDIAN MILLENNIALS?

Anjana Mohan

| 17-01-2024



CAN CO-LIVING REPLACE A HOME FOR INDIAN MILLENNIALS?


WHAT IS CO-LIVING OR COMMUNITY LIVING?

Co-living, originally known as co-housing, as a concept emerged in the 1970s in Denmark, with the intention of accommodating several families in private, compact homes while sharing community-dedicated spaces for socialising and communal gatherings. Today, Co-living is a type of modernised housing whereby young adults share a room with like-minded individuals, sharing rent costs and other benefits. These co-living spaces are located in plush and well-connected localities that provide their renters with an urban lifestyle. It is built with up-market amenities dedicated to a superior community experience for its residents, who are mainly young professionals. The popularity of co-living is factored into its provision of intentional community living, i.e., an extensive community culture at its core, including activities, meal time in common areas, shared workspaces or collective endeavours that instil a sense of belonging amongst its residents.

Co-living as a concept is a housing alternative for older students, digital or remote workers or young professionals. The accommodation style in co-living is small studio apartments with compact or essential personal utilities, a shared kitchen and community space. The idea is to encourage its residents to spend less time inside their rooms and more in communal spaces, engaging with other residents and actively partaking in the community culture. For a young professional or student, what primarily appeals to a co-live are:

Comfort

The mindset at this life stage is the need for a comfortable and functional space and open to sharing the area and utilities to be economical, making it feasible yet comfortable.  

Convenience

 Just out of college, still in college or at a new job, plus with new-found liberty and an engaging community life, the younger folks may get disorganised, hence find it a boon to be able to avail laundry and meal services in-house. Co-living spaces have services and amenities that is inclusive of furniture, or other pay-as-you-use services, food, and more, making it convenient and hassle-free for the renter.

Community, a sense of belonging

Independent/traditional renting can become lonesome and desolate at times. Still, with co-living, the company always provides a sense of belonging and community activities to indulge in often. A communal circle gives one a sense of inclusion, sociability and homeliness.

THE MINDSET SHIFT FROM A YOUNG PROFESSIONAL TO A CAREER-ORIENTED MILLENNIAL

With time, maturity, and the influence of increased professional commitments, the young professional's priorities and approach to life shift to that of a more focused and driven professional. Personal interests and lifestyle choices also evolve in this transition, with enormous importance given to healthy well-being and a good work-life balance.

With this progressive shift in mindset, the preferences of the career-focused individual or millennial are now revolved around the need for more personal space, an organised schedule and quality time with loved ones.

  • From being highly social, and surrounded by friends most of the time, to wanting to return to a peaceful home after a draining day at work, the young adult has evolved into a millennial who now values personal time, space and independence.
  • From previously being more explorative and chasing a fast and indulgent lifestyle focused on unpacking the nuances of life, the millennial is now more definitive and more precise about what works and doesn't for them. With added experience, commitments professionally and increased income, the millennial is riveted to affording a lifestyle that brings stability to help discover themselves and focus on improving professional and personal lives.
  • In the arc of personal maturing, the young professional who once opted to share accommodation for the benefit of cost now prioritises the need for privacy and attention to health and food habits. As a millennial with disposable income, one has the financial freedom to choose an environment that will allow a holistic life. For example, instead of waiting earlier to use the washroom or get ready for the day after the roommate, he now values the importance of a personal morning routine before going to work.
  • Previously, a living space in any uptown area would suffice, but now for millennials, parameters such as location, proximity to work, hygiene, and access to supplies and amenities matter greatly. Earlier, a young adult would under settle to save costs, but as an experienced professional, the millennial seeks quality in every aspect and is willing to pay for it.

THE SIGNIFICANCE OF A HOME AND ITS IMPACT

Home is a space one relates to as their own, a place that one connects to comfort and disconnects from the outside to tune into one's well-being and interests. A personal space or home is crucial to one's sense of individual freedom, security and recreation. It is crucial to developing an improved sense of self, way of life and occupation. It gives one room to cultivate a healthy and progressive lifestyle. Essentially, a home drastically and positively influences these areas of life-

Peaceful space after a long day

Homes are a space to detach and unwind. It provides room for self-care, nourishment and rest which are imperative to regain mental and physical stamina. It allows the resident to prioritise their personal and professional demands. The hard-working millennial appreciates the need for considerable time off work to optimise their non-working hours for personal well-being.

A place to discover oneself

In a personal space, there is an abundance of calm and creative solitude that facilitates better focus and attentiveness to the task. They can focus on their personal projects, work towards their long-term ambitions while hustling through their day jobs. Millennials consider a come to be their safe space allowing them to authentically themselves without any judgement. They can focus on their professional life in this home and find time to build themselves as individuals. They can practice their hobbies and read their favourite novel in their sacred space.

Nurture Relationships

A home provides privacy and freedom, allowing its occupant to give valuable time to their relationships and loved ones. In the absence of roommates and the crowding nice, one has the mental space to nurture and attend to the needs of his life much more quickly. A home has room and liberty to host family and friends.

When you look at the transformation in the outlook of a young professional to that of a mature working millennial, there is a contrasting variance in the former's housing preferences to the latter's, indicating that the evolved housing preferences are better addressed with an independent space or private home than with what a co-living has to offer.

EXPECTATIONS OF A NEW AGE MILLENNIAL TENANT FROM THEIR HOME-TO-BE

Millennials, as new-age tenants, who have outgrown their previous life stage, and with an increased focus on finances and personal life, seek a restored and all-inclusive way of living or housing. They know what they do or don't and are willing to pay a premium for a more fulfilling rental experience. They are willing to stay committed to the offerings of a product or service if they are well satisfied. The mindset shift in millennials demands an increased value for their money spent. At a ground level, what a millennial expects -

  • An organised and seamless rental experience with enough realistic options to select from and swift to move into. It is a well-optimised personal space that is lifestyle-equipped, adding quality, convenience and value to their living. A space that is adaptive to working from home.
  • They look for open spaces with more greenery around them to relax and unwind. A space that helps them rejuvenate and keeps them happy.
  • A well-rounded housing solution that allows them to pursue personal interests and quality time with loved ones. A home that fosters personal freedom and respectful privacy overall to maintain a healthy well-being.

HOW CAN KOTS HELP SOLVE RAPID URBANISATION WHILE ADDRESSING MILLENNIAL HOUSING PREFERENCES?

Kots is a leasing company that is enabling the new-age tenants with relevant homes. It is bridging the gap between the tenant and the landlord by optimising the product for better tenant fit. It is among the first to bolster the Build-to-Rent housing niche in Whitefield, Bangalore. Kots is serving hundreds of millennials with its Build-to-Rent (BTR) model, with fully furnished and managed 1BHK homes. The modern homes are ready-to-move-in, present at accessible and vantage localities in East Bangalore. Kots is known to have the best renting houses, due to their unique features:

Better Quality: 

Unlike other apartments, our 1BHK homes are better quality flats, giving the tenant a premium living experience. We provide all-inclusive homes with communal spaces like a rooftop garden with a stunning sit-out spot to adore the cityscape or WFH (work from home). Beautiful walking/running spaces around the property, laundry services and more also add to the quality of our modern homes.

Better Locality: 

Kots understand what makes a seamless home experience. The locality is a major player in defining this experience. We at Kots have our properties in better localities than other rental apartments in East Bangalore.

Better Value for Money: 

The rent is reasonable compared to other houses in Whitefield, Bangalore. The services and standard of living at a Kots property with amenities like high-speed Wi-Fi, electricity, water, laundry, etc. Access to all community spaces comes at no cost.

Better Maintained and Managed: 

With professionally managed properties and digitally equipped homes, Kots provides housekeeping services that the tenants can request at an additional charge. Before a tenant moves in, the homes are renovated and freshly painted to maintain a standard. All the Kots properties are professionally maintained and fully managed.



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