Coming Back To Co-Life

Student housing and co living are back in vogue as young professionals and students return to metros
Shubham Dhage/Unsplash

With the worst of the pandemic seemingly out of sight and with social activities finding footing, students and young professionals are migrating back to metro cities again. 

While that might mean lesser vacancy at park benches, it also means that the days of co-living and student housing are making a comeback.

The Backstory

Student Housing and Co-Living shot to limelight over the last few years as generations Y and Z embraced the shared economy and commerce concepts. 

This warm hug gave rise to several co-living operators like Zolo Stays, OYO Life, NestAway, Hoolive, Stanza Living, Olive Living, and others. 

However, once the lockdowns began, co-living operators were left with beer bottle openers in each hand, with no beer around. As offices and educational institutions shuttered down, the entire user base of the co living and student housing system reached a sum total of 0. 

Current Day

Per Colliers, the shared economy scene was improving between December 2020 and March 2021, when occupancy was up to about 50% in major co-living facilities again but then wave #2 happened. 

However, with the start of Q3, 2021, the sector is looking far more optimistic than before. Primary reasons include vaccination and a reduction in the unemployment rate to 6.8% from the previous high. 

Presently, big hiring by healthcare and IT companies and most organizations recalling their employees back to the office, are the other tailwinds for co living. 

Future?

Student housing and co-living provide value for money solutions to young migrants and this will ensure that the models thrive across Indian metros, where renting individually is an unaffordable option. 

Experts believe that the segment will also witness an increasing adoption of technology, better pricing, and an improved staying experience in times to come. 

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