With the significant percentage of the population comprising of millennial, there is an increasing demand to accommodate students and working individuals. Gone are the days when hostels and paying guest houses were the only options for a single person leaving their homes for studies or work. So, what do millennial look for during their search for a place to stay? Individuals, working members or students’ lookout for a stay that offers all the facilities at a low cost without compromising on their privacy. This is precisely what co-living spaces offers and has seen a rising acceptance among the people. Are you still skeptical about investing in co-living spaces? Here is all that you need to know about a co-living space.
What are co-living spaces?
Co-living space is a form of community living where different people stay in a house, sharing the kitchen, lounge and balcony. However, each of them gets a room alone or share a room depending on the size of the house. Generally, a room is taken by an individual or shared by another person at the maximum. Sometimes, even bathrooms are shared, if all the rooms do not come with an attached washroom. Co-living is the idea of a private community living, although sounding like an oxymoron, this is the reason for the rising popularity of co-living spaces. This is the most sought after choice as students might not be able to afford to pay the total rent.
Advantages of co-living spaces
Firstly, the most significant advantage of co-living spaces is the shared rent, which reduces the rent per person without compromising the privilege to enjoy all the facilities. It is an economical option for students and working professionals. Next, co-living spaces is an ideal way of making new friends, especially when you are new to the place, you have someone to help you when needed. Since you have a room of our own, you can decide to stay back alone if you feel the need for privacy. Moreover, co-living gives the feel-at-home experience, but you don’t have to worry about everyday chores. This is like enjoying the best of both worlds!
Why should you invest in a co-living house?
Co-living offers a higher rental income and is also a reasonably steady revenue, as students stay as long as their course tenure. Additionally, damages to your house are minimised, as individuals might not hammer nails on the walls, keep a pet and scribble on the walls. Unlike families, students or professionals might require strict rules of community regulations to maintain the dignity of the house. Even if you do not have an exclusive co-living space to rent out, you can convert your apartment to a co-living area by renting out to different people. Additionally, budget-friendly renovation and furnishing your house with basic amenities should increase the value of your home. Since professionals like to stay near their workplace, co-living is the best option for constant rental revenue. Moreover, finding tenants is easier and quicker than looking out for families as tenants.
Challenges for investors
Positives and negatives are two sides of the same coin. Similarly, co-living incurs some challenges for the investors. Co-living space is a big decision in itself and is not as easy as it is spoken about. Firstly, the initial investment is high as the setup cost, and maintenance is generally higher for homeowners.
Moreover, the location of your house is a crucial player. If your home is near educational institutes or tech parks, then the idea of co-living rental is ideal, else spotting tenants will become difficult. If you are a first time home buyer and going to rent co-living space, ensure that you are aware of the rules of the association and also get the necessary permission from the housing society. Make sure to enforce the required rules and keep a check on your house for the safe functioning of your co-living space.
Co-living is gaining momentum because of the growing trend for independent and free living space. Although there is an increasing demand for co-living spaces, it is imperative that the investors make careful considerations while renting out for co-living. If you are looking for a dream home in the prime localities for creating a comfortable co-living space, rush to lancor!