Know, Why millennials prefer co-living in big cities ?
New Delhi: (PTI) Over 70% millennial (18-23 years) are willing to rent co-living spaces in big cities. Knight Frank did the survey. They pay up to Rs. 15k a month in top Indian cities including Delhi NCR, Mumbai and Bengaluru.
Millennial first choice
The property consultant Monday released its survey report titled “Co-Living – rent a lifestyle”. It revealed 50% of age group of 18-35 years preferred co-living spaces.
The survey was undertaken across top cities of India, including Mumbai, Bengaluru, Pune, Hyderabad and NCR among a cross-section of people of 18–40 years age and on millennial (18-23 years).
Nearly 40% of all respondents are most comfortable in paying between Rs 120,000–180,000 per annum towards rental housing in key cities of India.
The sweet spot for rentals thus remains at a monthly outflow of Rs 10k – 15k.
Co-living is hot today
Expert says that though the concept is novel, it’s here to stay, as Indian millennial currently account for 34% of the total population which is expected to increase to 42% by 2025.
They feel that with the recent acceleration of growth in migrant population to key cities, organised players rental housing will be able to bridge the housing gap for millennial.