Millennials (18-23 years) latching on to co-living spaces in top cities

ZeeBiz WebTeam | Dec 04, 2018, 01:12 PM IST

What is co-living space: In short, it is a trend where like-minded people share a home and its facilities. As an asset class, the biggest driving force behind the rising popularity of co-living spaces are young renters moving to new cities, said a Knight Frank India survey. "As more and more organised players enter co-living spaces, these are likely to attract institutional funding, assuring better yields to development and operating companies."

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72% Millennials (18-23 years) look for co-living spaces in big cities. (Image: Reuters)

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55% respondents in the age group of 18-35 years are willing to rent co-living spaces. (Image: Reuters)

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40% respondents are comfortable paying housing rental of Rs 1.20-1.80 lakh a year. (Image: Reuters)

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12% stable co-living facility generates a net yield. (Image: Reuters)

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37% of private working professionals were willing to spend between Rs 10,000-15,000 on monthly rentals. (Image: Reuters)

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56% of total millennials willing to consider co-living spaces for their accommodation requirements. (Image: Reuters)

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Indian millennials currently account for 34% of the total population. (Image: Reuters)