HOW DOES A HOME IMPACT THE WORK-LIFE BALANCE OF THE MILLENNIAL TENANT?
The beauty of a home is that it is a space that can mean many things to the resident. It can be a humble abode where they rest after a long day of work or a space to nurture their relationships, be it their parents, a partner or best friends. Today, the millennial tenant is prioritizing their work-life balance more than ever. A home plays a significant role in aiding the balance and calm they wish to achieve. Hence, the new-age tenant wants to rent 1BHK fully furnished homes with amenities due to its many benefits and lifestyle conveniences.
As per a study, over 95% of the millennial population prioritizes their work-life balance, while 70% of the generation thinks having the split in their everyday life is crucial. Today, over 50% of the workforce has shifted to WFH. The pandemic taught people the importance of a well-rounded home. The space surrounding a person can impact their work productivity and mental peace. The following section of this blog will highlight precisely how a home and its surroundings affect and can contribute towards improving work efficiency without compromising on personal time.
A HOME IMPACTING THE WORK-LIFE BALANCE OF THE NEW-AGE TENANT- HERE'S HOW:
Home locality:
The millennial tenant prioritizes convenience over anything else. The locality's accessibility determines its impact on time management for the new-age tenant. An ideal home for them will have convenient stores and other amenities nearby. Having services like hospitals, clinics, restaurants, supermarkets, and bus stops is crucial. When the new-age tenant looks for 1BHK/ 2BHK fully furnished or semi-furnished homes, they consider the distance of these amenities and the time investment required from their 24 hours to perform these time-consuming tasks. These contribute towards a work-life balance as the individual can go to work/ work from home and order groceries or visit the store without wasting much time.
Open spaces and greenery:
When the new-age tenant scouts for 1BHK homes in premium localities, they look for homes surrounded by trees, lawns and greenery. The work-life balance is highly influenced by the foliage and open space in and around the locality. Today, millennial tenants want more open areas around their building to dedicate time to their health after a long workday. They wish to take walks or run whenever time permits to get some fresh air and exercise their body as their work involves many sitting in one spot for extended hours.
Modern homes and amenities:
Unlike tenants in the 90s and early 2000s, millennial tenant prefers to have modern home interiors and utilities that ease their everyday lives. Working from home can become problematic if basic amenities like good-speed Wi-Fi, electricity, and water do not work as promised by the landlord. They also want a dedicated workspace in their homes. It helps them differentiate their work from personal time. Modern homes with spacious rooms that are fully furnished and fully equipped modular kitchens help the new-age tenant enjoy their quality time making a meal and eating it either by themselves or with a loved one makes it ten times better. The space feels like a home away from home.
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FAQs
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What is the application process like?
The application process is typically like a KYC process to get to know our customers.
What are the common lease terms?
The rental contract is for a standard of 11 months. However, you can choose how long you want to stay.
Can I renew my lease at the end of the term?
Yes, you have the option to renew your rental agreement whenever you wish to.
Is there any Commitment/Lock in period?
Lock in period is a commitment given by the tenants to us in order to avail free common area maintenance charge. Lock-in period should be a minimum of 6 months to avail free common area maintenance charge.
Can you renew or update only the lock in period?
No, once the contract is made you cannot update or change the lock-in period or any other terms.
Are they any hidden charges?
Being fair &transparent is our core value and we inform all our tenants about our terms &conditions in detail prior to the booking. There are no hidden charges or terms.
What is the difference between contract period and lock-in period?
Both aspects operate independently. Contract period is the 11 month legal term under which tenants will rent the flat with KOTS. Renewal of contracts is possible. On the other hand, the lock-in period refers to the duration for which the tenant commits to remain without terminating the contract, enabling them to take advantage of the free common area maintenance charges offered.
What happens if you terminate the contract (or) vacate the home during the Lock-In period ?
The common area maintenance charges offered will be reversed and you will be charged monthly common area maintenance charges for the entire stay duration.
Is there any notice period to terminate the contract?
Yes, the tenants have to serve 45 days notice period before they terminate the contract.
Are there any painting charges or move out charges?
Move out charges include painting charges to be paid (one time) by the Sub-Lessee in advance or in pre-paid manner at the time of booking the flat. If the rented flat is of Studio / 1BHK flat, painting charges are Rs 14,500 (Fourteen thousand five hundred.) and if the rented flat is a 2BHK flat, painting charges are Rs 19,500 (Nineteen thousand five hundred.).
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