From Solo to Social: Here's Why GenZ and Millennials Are Swiping Right On Shared Living

The logic is quite simple: as circumstances evolve, our needs and preferences change, and consequently, so does our lifestyle.

Amid all this, however, one aspect has remained unchanged: our need to connect with peers, find a sense of belonging, and build a community of like-minded individuals.

For individuals who are just getting their foot in the door in a new city or living as digital nomads, sharing a conventional family-style home with strangers might only add to their discomfort while a one-room apartment might exacerbate feelings of loneliness.

Striking a balance that addresses their needs and choices without stretching their budgets too thin is the ideal solution.

Enter co-living spaces or managed rentals – a dynamic living arrangement that prioritises collaboration, social interaction and convenience.

Beyond merely offering a shared roof to individuals, managed rentals are an art form — a place where people from different corners of the planet can come together for shared experiences and lasting friendships.

Remember your college dorm? Well, managed rental spaces are akin to college dormitories but with premium amenities curated to cater to individual needs.

Shared Living Spaces, Shared Experiences

While the concept of managed rentals are not entirely novel, modern-day shared spaces are a world of difference from old-fashioned?community?residences. They come with fully furnished?units, communal lounges, fitness centres, co-working spaces, common kitchens, and much more. However, it's not just an upgrade in amenities and living spaces that’s providing momentum to this trend.

A well-integrated and well-managed accommodation that successfully strikes a balance between privacy and?community?spirit will undoubtedly attract a generation that values these ideals in equal measure.

Add to that, the demand for housing in cities has surged over the years, making it challenging for many individuals to find suitable homes.

Under such circumstances, managed rental options that allow individuals to enjoy premium amenities at affordable prices can be the game-changer.

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Embracing the Community Spirit through Shared Living

The over-reliance on phones and the Internet have somewhat sullied the reputation of Millennials and Gen Z and painted them as disconnected and?isolated. Ironically, these are the people who crave meaningful connections and stronger?community feelings?the most. Undoubtedly, swanky apartments and co-working spaces with beanbags have played their part in appealing to them, but the aspirations of?young and emerging affluent?Indians are more than that.

It's a generation that advocates sustainable living, shared responsibility, tech-driven daily commerce, and an overall richer?experiential living.

To that end, managed rental spaces offer them exactly what they are seeking. A?shared space?to maximise their chances of meeting like-minded individuals, a clean and well-maintained accommodation to replicate the comforts of home, and opportunities to host events and programs with their fellow co-livers to experience a deeper sense of?community?spirit, are all contributing to a reimagined concept of?shared living.

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Convenience of Shared Living Accommodations: Affordability & Flexibility

With so much going for?managed rental communities, one would imagine it costs a small fortune to afford accommodation in such a?society. However, nothing could be further from the truth.

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Most?shared living?spaces are much kinder to your wallet than old-fashioned 2/3 BHK apartments, especially in Tier-I or Tier-II cities. That’s because costs like furniture and utilities are taken care of, and one gets the option of sharing the accommodation and not having to bear the financial burden alone. Add to that, a ready-to-move living space with all-inclusive amenities is the ideal setting for budding entrepreneurs, young professionals, and students to focus on work or study and not sweat over daily chores.

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Tech-Driven Experiential Living for the Emerging Affluent

While changing preference and the aspiration to improve lifestyle is nudging the Millennials and Gen Z towards?managed rentals, technology has revolutionised the way?they can discover managed rental spaces, ensuring a more personalized and satisfying experience.

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With options tailored to individual preferences, AI-driven platforms are transforming the search for accommodation. By leveraging advanced algorithms, these platforms analyse personal needs and preferences before making recommendations, making lives decidedly easier.

Also, such platforms help build a digital ecosystem, where individuals can easily connect with peers and build a network of their own.

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Not to mention, these apps provide information and updates on

community events, programs, polls, and other activities, enhancing bonds between?co-livers.

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Essentially, these platforms act as?digital concierges?to their real-world requirements of?experiential living.

Challenges and Opportunities: Future Prospects of Shared Living

Equipped with so many amenities, it appears that?managed rentals?are quickly becoming a buzz word among?young and emerging affluent?Indians. Unfortunately, its spread is still limited to mostly Tier-I cities. Developers and proptech entities have not yet committed their resources into creating?shared living?spaces in most Tier-II and Tier-III cities in India. Perhaps it hinges on the fact that those cities have limited appeal for migrant workforce or students, and thus, developers are reluctant to invest time and energy in building?co-living societies?at those locations. However, that’s probably going to change with time.

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According to a report in the?Times of India, the size of?co-living market will touch USD 14 billion by 2025, and?managed rental communities?will have presence across 30 cities in India.

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With the rise in income levels in Tier-II and Tier-III cities, a new breed of?affluent?population may propel the demand for spaces that offer something more than basic accommodation, i.e.?experiential living.

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As these new-age?co-living?societies?proliferate beyond Tier I cities, they possess the power to transform the housing landscape of India substantially.

Tell us what you feel is the reason for?shared living?becoming popular among Millennials and Gen Z in the comment section!