Summary:

Co-living spaces are becoming more popular among Gen Z and millennials (ages 21 to 27) in Bengaluru than regular PGs. Demand for flexible, affordable housing with improved safety and amenities drives this shift. The closure of 200-300 PGs owing to BBMP restrictions, along with recent IT layoffs, has expedited this trend. Co-living provides ready-to-move-in, fully furnished apartments at reasonable prices. Nestaway and HelloWorld intend to quadruple their 1,000-bed capacity in response to growing demand.

Co-living places include services such as Wi-Fi, housekeeping, co-working areas, kitchens, laundry rooms, recreational areas, and 24-hour security. They are less expensive than traditional flats since shared utilities and furniture are included in the rent. Their attractiveness is enhanced by their flexible stay options and minimal upfront expenditures. Occupancy rates are 85-90%, with rentals ranging from Rs. 10,000 to Rs. 35,000. Thanisandra and Mahadevapura are becoming increasingly popular. Colliers predicts the co-living industry would reach one million beds and Rs. 20,000 crore by 2030.

Source: IBEF

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