Rise of Co-Living and its Business Potential

In view of the growing popularity and acceptance of co-living and the corresponding rise in enterprises seeking co-living business solutions, business consulting firm ( https://www.yourretailcoach.in/ ) YRC shares the reasons behind this in this communiqué. The insights shared here are intended for aspiring entrepreneurs and business owners with plans to start a co-living business.

Meaning of Co-Living

Co-living spaces are like hostels for rent with built-in home-like infrastructure with the superiority and convenience of hotels. Co-living offers a wide-ranging service package where occupants get a fully-furnished space for living. A co-living space (a dwelling unit similar to a flat or apartment) is shared by multiple occupants with private rooms for each. But they share a common kitchen, hall, television, and other amenities, etc. The occupants are charged on a per-person basis. Different co-living brands may offer different services and amenities but the essence remains the same.

Reasons for the Rise of Co-Living

-> Affordability: Co-living is often more budget-friendly than traditional rental options. In the latter, one has to rent an entire apartment and build or customise the set-up. Only the raw space is provided with some infrastructure. On the other hand, co-living offers an extensively furnished space with common kitchens, halls, and other amenities. The cost is shared with all the occupants. From a business perspective also, it is easier to split big investments and expenses that go into building and maintaining a co-living space into smaller tickets.

-> Flexibility: Co-living arrangements tend to offer greater flexibility than traditional tenancy arrangements. It gives people the option to go for short-term stays instead of having to commit to hefty security deposits or advance rentals as in the case with typical rental systems. As a business model ( https://www.yourretailcoach.in/business-model-development/ ) and revenue stream, co-living already exists in many big cities but in an unorganised form where it is more profitable for landlords to rent out a space to many tenants and charge on a per-person basis than charging from one tenant.

-> Facilities: Co-living spaces often offer an extensive array of facilities and services. These include fully-furnished kitchens, internet services, gyms, pools, dedicated space for yoga and meditation, doorman services, security and CCTV surveillance, etc. In one go, people can have almost everything under one roof which traditional renting solutions cannot provide. This serves as a strong UVP when perceived as a business model. If the market demand is present and business planning is done right, it is a default UVP for businesses to take advantage of.

-> Community: An inherent feature of co-living is that it seeks to provide a sense of community and an environment of shared interests. Many people find it appealing or it may be important for them to live in a community of people of the same or related profession. Community-based events and activities are another point of attraction in co-living. This again is a feature that might be a novel concept in many markets and segments and serve as a strong UVP component.

-> Convenience: Co-living spaces are meant to provide ease and convenience on multiple parameters. These include ease and convenience in booking, access to in-house amenities and services, access to public travel and transportation, having access to external services like online deliveries, etc. Getting this level of ease and convenience on so many parameters is something that is not easily achievable when someone seeks to look for a rented place. Co-living spaces (must) come with these benefits. From a commercial point of view, it is easier to sell the idea of co-living with these advantages than any traditional solution like rent or PG.

-> Workforce Mobility: People move to educational and employment hubs to enhance their careers and professions. This mobility of workforces has always been a strong driving force for rent-based living arrangements. Now the same force applies to co-living as well. As a business potential, what has worked for traditional rent-based systems now also works for co-living services.

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This release was published on openPR.