TRENDS 2023 Co-living industry likely to grow to one trillion this year

Kahraman Yigit

In this post-pandemic world, professionals are now returning to their normal work lives. The Future of Office Survey by global commercial real estate services, CBRE suggests that 58 per cent of employers expect their employees to work from the office but will allow them to work from home if they wish. Approximately 25 per cent of the total workforce in India would work in a hybrid format in the long run. This suggests a requirement to relocate for work exists, with the additional need for better living spaces. Working professionals thereby look for residences with all the modern amenities, uncompromised safety, tech-enabled operations, holistic services, and experiential ways of living under one roof. The co-living industry is expected to grow to Rs. 1 trillion by 2023 over the next few years.
Some of the top co-living trends that will dominate 2023 and make it the leading investment choice among students and young professionals include:

Affordable living with enriching experiences
Individuals in a co-living arrangement can simply move in, and everything else is taken care of. The popularity of the co-living concept in India and worldwide is due to the value of experience without ownership.

Organised sector with better facilities
Often, in PGs and rental homes, once you move in, the quality of safety and services provided by the owners degrades over time. However, when it comes to co-living, tenants get what they’ve paid for and can leave if they are dissatisfied with the services.

Tailor-made amenities for smooth living
Co-living spaces provide end-to-end services and offerings, including— a cross-ventilated, spacious room and an efficient housekeeping crew. The other two parameters that are highly valued are privacy and security.

Technologically empowered spaces
AI has the potential to facilitate more holistic lifestyle experiences and establish a stronger, shared community. Further, the Internet of Things, innovative hospitality strategies that create extraordinary experiences, and intelligent use of technology are the upcoming trends in this industry. Finally, technically advanced infrastructure with smart locks, smart toilets, smart showers, and interchangeable designs is enabling sustainable living.

Overall, the future of co-living looks promising. As one of the biggest upcoming hospitality and real estate segments, we will see increasing demand for modern and tech-enabled spaces that create stronger and more diverse community bonds.

Kahraman Yigit is Co-Founder and CEO, Olive by Embassy