Why do millennials prefer co-living spaces | Woke Life

Why do millennials prefer co-living spaces?

Why do millennials prefer co-living spaces?

Sameer Singh
CEO, Woke Life
If the 21st century has taught us anything, it is the fact that volatility and uncertainty are the new norms. According to some studies, the cycle of transformation is now merely three years apart. The millennials are witnessing their second once-in-a-lifetime financial crisis, and Generation Z is walking into the most uncertain way of life that humanity might ever have seen. Amid the changing scenario, the demand for co-living is all set to rise.

With the outbreak of COVID-19, the dystopian future that we have all encountered in fictions is now a reality that is loudly knocking on our doors. One of the emerging realities of the new world is that the crisis needs to be handled at an institutional level. RWAs and residential societies have neither the wherewithal nor the experience to cope with the emerging demand in the long-term. Professionally managed hygiene services aside, the old structures are not even equipped to efficiently run quarantine facilities, provide co-working spaces solutions, and adequate medical services.

The world needs the intervention of professionally managed co-living facilities. They provide global safety standards and tech-enabled contactless solutions in addition to a background in hospitality services. Hence, these are pivotal to the new way of life. Co-living protects citizens from infections yet keep their life running smooth. In addition, the new generation needs to work hard, in fact, harder than their predecessors. This will leave them short of time to maintain, manage, and run their house even at the most basic level. They require a facility that runs like a clockwork so that they can, too, pay heed to their work.

Co-living is expected to become a USD2 billion industry by the end of 2020. A report by Cushman and Wakefield also reflects the success quotient of the co-living sector, as it shows how co-living is expected to grow more than two-fold by 2025- from USD6.67 billion to USD13.92 billion across the top thirty cities in India. But, beyond that, it is the salvo that the real estate industry has been waiting for nearly a decade. The developers and asset-owners will have the opportunity to repurpose their unsold and dead inventory by turning them into co-living spaces and activate their assets to post higher than average returns.

Even beyond the global crisis, Generation Z looks at life from a different lens. Unlike its predecessors, millennials do not believe in material possessions, owning assets or encumbering themselves with responsibilities. They believe in the power of community and feel connected on a human level when living with those they can resonate with.

The advent of the shared economy was already in full bloom before the crisis hit and will see a sharp rise as it declines. Co-living is set to become a cornerstone of that economy. Collaborative living serves as a fresh idea that integrates social and residential living. The idea is to encourage cultural and social distinction that further harnesses an array of diverse interests, values and intentions of like-minded individuals.

The new normal is here. And co-living is its cornerstone.

Source: https://www.99acres.com/articles/why-do-millennials-prefer-co-living-spaces.html

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