Co-living market in India is expected to double from current levels by 2024

Codee a platform backed by psychological and behavioral sciences, is providing businesses with a way to have stronger tenant stay period retention

Compatibility is the game-changer

The real estate market in India has coined the term “generation rent” to refer to millennials because of their exorbitant expenditure on rent across the country.

 With about 68% of the millennials, to put it in precise numbers, that is about 299 million out of a population of 440 million people living in rented accommodations, and these numbers are only growing.

 

Codee a platform backed by psychological and behavioral sciences, is providing businesses with a way to have stronger tenant stay period retention.

 

Given the current scenario, a positive rise in co-living spaces such as CoFynd, Stanza Living, The HUB Bengaluru, etc., is expected to be seen sooner than later.

The pre-mentioned spaces have a significant consumer outreach and provide amenities such as lounge areas, pools, gym, and much more that offer comfort and make rooms feel like a home away from home.

 

Recent studies have shown that on average, about 35-40% of the people that move out choose to live in a shared house, and the remaining 60%, on the other hand, are couples or people who have had bad experiences with shared spaces and now choose to ride solo.

 

However, living alone is an expensive affair as the soaring real estate prices lead to rents higher than the skyscrapers in the cities.

The average salary of millennials ranges between ₹15,000-20,000, and the rental price for a decent 1 or 2 BHK house in tier 1 cities can start from ₹5000 and go up to ₹30000.

 

The reality remains unchanged; the 60% that opt-out of co-living due to compromises to be made due to an unsupportive roommate could contribute towards a sluggish growth in the shared living market.

 

This fact got us thinking: What could help resolve or eliminate the roommate trauma? And after binging on content available across the internet, we came across our solution, and it’s called codee.

 

codeeis a platform that helps connect like-minded individuals based on their preferences and choices.

In simpler terms, this platform helps you find people who can connect well with each other. This brainchild of Amanat Bansal and Rakshit Shroff resulted from experiences that made them think of resolving the “roommate trauma” issue. A platform backed by human sciences and the purpose of curating a safe space for individuals to connect and build meaningful, considerate, and empathetic roommate long-lasting relationships.

 

If you happen to be one of the people contributing to this growth, then we’ve got some pros and cons of co-living lined up that you must consider before making any decisions.

 

Let’s start with the obvious ones, living with someone means that the finances will all be 50-50.

 

• This means 50% less heavy on your pockets and 50% more savings.
• Living with someone can also contribute to better mental health because as much as we love our lonely boi hours, humans are social creatures and require a significant other to talk/listen to. It’s what makes us feel alive!
• It also means you can share all duties, with all the stress and hustle; managing a house sometimes can become draining, but with a roommate, all the chores get divided, and managing the house becomes more accessible.
• Having a roommate is like having a family away from family.

       

            However, the cons are also what has been a significant contribution to the problems        with co-living or shared living.

• If you end up with a roommate you can’t connect with; it could make your whole co-living experience a bad one.
• In a survey conducted, we heard of roommate experiences that made us gasp, sigh and scream out of disgust. There is everything you could think of and more! Messy roommates, loud roommates, nosy roommates, or roommates who invite the whole world to your house without telling you.

 

However, finding a compatible roommate could help avoiding these cons.

Not only that, but if individuals that are like-minded and have similar interests and pet peeves share a roof, it’s comparatively more convenient for them to connect and establish a cordial and considerate relationship.

Disclaimer: This is a company release. No HT journalist is involved in creation of this content.