Co-living has been the hot talk amongst millennials as they gain the opportunity to work and live under the same roof. The concept of co-living escalates productivity and creativity in mind. Residents communicate and form synergies that pave the way for the betterment of the business. Innovative entrepreneurs opt for the co-living idea as it assists entrepreneurship by offering an appropriate space for sharing knowledge, opinion, and experiences. Millennials widely accept Co-living in top cities like Hyderabad, Mumbai, Kolkata, Chennai and Delhi.
Why is co-living popular?
The US Census states that there is a decrease of 10.3% of young people living alone. The above shows a steady rise in co-living practice by millennials. Few factors such as the housing crisis, loan debts, economic criteria, and struggle in owning apartments in the city’s heart led to the rise in co-living practice.
Benefits of opting for co-living with young entrepreneurs
1. Network exploration
By choosing co-living with entrepreneurs, individuals get the chance to connect with people with knowledge and expertise. Co-living with entrepreneurs is like a nest where connecting with technical experts throughout the year is effortless.
Co-living offers team members the opportunity to be social. The co-living environment permits a built-in social life for millennials. In such a living space, you get to sleep when you’re tired, know your neighbour’s door for conversation, and party if others are ready. The best part is that co-living helps you gain good company in minutes.
3. Learn business
The youngest individual in co-living is around the ’20s and the oldest around the mid-’30s. The experience of living in such age difference teaches business and ideas to initiate your own company. Moreover, individuals learn perspectives of life from different people and their expertise.
According to me, co-living is a crash course that shows you varied ways of life. All these insights help in better decision-making. The unique fact is that young entrepreneurs in co-living come up with new ideas for business.
Millennials choose co-living for affordability. Sharing a home is affordable than renting or purchasing an apartment in the city. The co-living spaces come with utilities, and hence you need not worry. Co-living spaces come with varied plans such as TV usage, internet usage, gas consumption, etc. Therefore choosing from various options according to the requirement is available in co-living ideas.
5. Easy living
The idea of co-living is convenient and affordable, and sharing a home with others helps save a few bugs on utilities and furniture. Negotiating to furnish, cleaning, Wi-Fi, conveniences are time-consuming. Hence, millennials shifting from place to place for work purposes opt for co-living as the renters take responsibility for home set-up.
Residential safety is a vital aspect for millennials residing in new places. In that manner, co-living is a safe option as the residences possess CCTV surveillance, the screening process for all employees, background verification, access card entry, etc. Safety is the primary feature in co-living as the procedures are transparent and well organized.
7. Lifestyle choices
The concept of co-living amongst millennials opens the door for freedom for individuals to live according to their lifestyle choices. They have no restrictions about any deliberations or religious associations. It is the young generation of people looking for social homes that are flexible and fun to live in.
8. Fitness and a healthy lifestyle
The co-living spaces in all significant cities come with a gym, self-defence training, Zumba classes, a swimming pool, and more. Individuals hence get conscious about their health as a workout to run a healthy lifestyle.
9. Explore different places with co-living
Entrepreneurs often travel from one place to the other till the projects are complete. In such scenarios, it is not a wise choice to rent or purchase an apartment. Exploring the place on budget and moving to another place is possible with the co-living concept.
10. Co-living growth
By considering developing countries like India, the urban population growth is expected to reach 525 million by 2025. Research by Wakefield and Cushman portrays that singles surviving on rental spaces escalates from 1.97 million in 2019 to about 2.61 million in 2025.
Knight Frank’s report also shows that 50% of millennials opt for co-living as the best option for a stay in all major cities such as Bangalore, Delhi, Mumbai, etc. With such massive benefits, co-living stands to be an excellent option for entrepreneurs to accomplish more in their business and career.
Co-living is a new trend that has hit all the key countries in the world. The concept is also obtaining better acceptance from people, especially millennials. The best feature about co-living with entrepreneurs is knowledge sharing and collaborating with like-minded people.
Such living spaces pave the way for formulating better business strategies and heighten business to the next level. Co-living with colleagues not only saves bugs but helps you step into a new path of career and achieve more.