Today, the demand for Coliving is increasing rapidly in our country. The reason is many people and students have moved from their native place to search for rental spaces. Coliving is one best idea that has recently emerged. It makes it simple and achievable for the students to come out of their houses and get budget-friendly and comfortable accommodation at the new place.
If you are planning to move for the first time or want to lease the new apartment, you must have come across many options. And if you have landed on our post, that means you want to know the difference between coliving & traditional rentals? Continue read to know more.
What is included: Traditional and Coliving
In the traditional apartments, your rent will cover the roof over your head or a little else. But, with coliving, your rent is all-inclusive — that includes utilities and high-speed WiFi, household necessities, and furniture. It is important to know what is included in your rent as the coliving member before you go ahead with the deal.
How it is designed: Traditional and Coliving
Most of the multi-bedroom apartments are not made with simple roommate living. Actually, most of the multi-bedroom apartments today are one or two-bedroom units that are converted into many rooms, and cutting down on the size of the private spaces, whereas offering inefficiently sized shared areas.
On the other hand, coliving houses are made to make it simple and comfortable to stay with others. However, what does it mean?
- Bathrooms are shared only by two or three people
- The bedrooms include one full-sized bed, adequate closet space, and a nightstand
- Kitchens are well laid out so everyone can cook simultaneously
- There is room in a fridge for groceries
- Living rooms have a lot of seating options
Coliving saves you a good amount when compared to the traditional 1 RK apartments. And the savings include the cost of utilities, free weekly cleanings, WiFi, as well as shared supplies. However, members save time and money over other areas — with the furnished apartments (that includes couch and utensils) you will not need to invest in the costly furniture.
Convenience and Safety
Equipped with all types of amenities and concierges, coliving spaces offer a better quality of living experience. Most of the coliving comes with various modern facilities such as professional housekeeping service, Wi-Fi support, on-site maintenance and laundry service, terrace lounge, community living, fitness and games room, and security system that include 24 by 7 CCTV surveillance.
Some providers organize community meetups, cultural events, dinners, and outings. It is something that people cannot experience in the conventionally-rented 1 RK apartments and PGs.
Connecting People from Various Background
As much as you cherish independence, we desire a sense of community. So, coliving spaces give them an opportunity of connecting & interacting with the people coming from all walks of life.
When the whole world is pushy towards an inclusive society, the coliving facilities have become the cultural hotspot for compatible individuals who like accepting others’ preferences and choices. For people who are moving from small towns to big cities, these facilities will cure their isolation feeling to a higher extent.
From offering top-class amenities to nurturing the sense of community, looking at the long list of benefits that coliving facilities offer to the young individuals, such arrangements are predicted to grow in the coming years. In the same way, shared-economy has become a norm, and coliving, as a lifestyle trend, will likely thrive in the near future.
Demand Dynamics of Coliving in India
Generally, the tenants who want to invest in the shared or coliving accommodations are the young working professionals, who do not have much free time. Today’s new-generation doesn’t prefer paying for the spaces that they inhabit. Nonetheless, they still prefer to have all facilities, without even worrying about the higher costs and maintenance,
Coliving Spaces Vs Traditional Rentals: Main differences
According to the experts, property owners can highly benefit, just by converting their normal apartment in the coliving space, since these spaces are witnessing huge demand. The coliving spaces offer an opportunity to make steady rental income, though there’s bound to be a little churn in the tenants.
Coliving areas must be designed, by keeping in mind certain factors:
- Demands of current customers.
- Provision for facilities like safety and security, entertainment, repairs, and laundry, without spending a lot of money.
- Tenant’s hectic schedules.
Bangalore was one of the cities to witness the emergence of coliving rental spaces. It is also taking a root in smaller cities like Jaipur and Lucknow and many other cities with huge student & millennial workforce inhabitants.
Maintenance cost in Coliving facilities
When opposed to the traditional rentals, like paying guest and outright rental, the coliving spaces ask for higher investment, in terms of setup costs, and servicing, and regular maintenance. Thus, it is not at all suited for each property owner, since it needs some degree of knowledge on the coliving requirements. It isn’t always simple to get the required permissions from the housing society to set up the coliving space. So, the primary target clientele for the coliving areas are the young working experts & students but demand for these spaces is not just restricted to these tenants. In the near future, we can see even single seniors going for such type of accommodations.
How Does the Coliving System Work?
There’re differences in how every coliving option works out, but, you pay every fee every month to the management company, just like the traditional rental. The terms are generally annual, and longer in certain cases, but some spaces provide 1-month, 3-month & 6-month contracts.
That depends on a property, living area and bathrooms will be shared or private, and some will come with basic utilities and furniture.
The monthly fee generally includes utilities & amenities like Wi-Fi and cable. Some coliving areas take this one step ahead by offering services like laundry and routine cleaning, and some companies go a bit far in covering certain necessities like laundry detergent, toilet paper, shampoo, and other items.
Where Will You Find Such Coliving Area?
In recent years, many companies have come up that manage coliving apartments and homes. Each of them operates uniquely as well as boasts various services and environments, however, they maintain the basic concept of community living.
Benefits of the Coliving Spaces
Living in a communal space has positive & negative facets.
Some benefits include:
- Ability to get closer to a city and into a nicer place than you can on your own
- Savings on services, rent, furniture, supplies, etc.
- The convenience of having your housing costs consolidated
- Included community
- Access to amenities and services
Is Settl. Coliving Space for You?
If you find getting your own apartment expensive, then coliving will provide a unique alternative and can be the best solution to gain your independence with no price tag.
Check out for Best Settl. Coliving Space in HSR Layout Bangalore.
Understand all the benefits into consideration, and make sure you carefully compare the coliving costs against getting your place to know if it is the right choice for you.