Why young Indian professionals are making the shift to co-living

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Real estate is booming and rentals more so. With companies now driving back the workforce to office post the covid pandemic, renting houses in metros has become a nightmarish experience. This is particularly true in Bengaluru, where landlords even check your Linkedin profile before signing a rental agreement. Tenants also have to deposit a big advance and pay brokerage fees before moving in.

A 2BHK apartment in Sarjapur Road, Whitefield and the outskirts of Bengaluru commands a minimum rent of ₹27,000 per month (see graphic). Maintenance costs are separate. Tenants have to deposit up to 10 months of rent in advance. The rents are almost similar in many parts of Delhi-NCR, including Noida, but you need to pay just two months rent in advance. Mumbai is pricier; in areas like Mulund and Chembur, tenants need to shell out at least ₹50,000 per month and five times the amount in deposit.

With steep rents cutting deep into their pay packets, younger professionals are left with no choice but to hunt for cheaper accommodation and co-living is emerging as a favourite. Co-living platforms allow tenants to book rooms instantly and without any hassles. There is no brokerage fee and the deposit is usually just one month worth of rent. Rents are in the range of ₹15,000-20,000 per person (see graphic).

Start-ups like Zolo, Stanza, HelloWorld, Nestaway, etc., offer shared accommodation across multiple properties— 2BHK, 3BHK and even 1BHK studio apartments.

“Millennials and younger professionals require well-managed facilities. They don’t want cheap hostels or the costliest 1BHKs in metro cities. So, they prefer co-living," says Swapnil Anil, executive director and head-advisory services, Colliers India.

The co-living facilities have