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
Indian millennials currently account for 34% of the total population
72% – millennials (18-23 years) look for co-living spaces in big cities
55% – respondents in the age group of 18-35 years are willing to rent co-living spaces
40% – respondents are comfortable paying housing rental of Rs 1.20-1.80 lakh a year
12% – stable co-living facility generates a net yield
37% – of private working professionals were willing to spend between Rs 10,000-15,000 on monthly rentals
56% – of total millennials willing to consider co-living spaces for their accommodation requirements
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," Shishir Baijal, CMD, Knight Frank India