According to the operators, a large number of employees have returned to work in the cities with the easing of the Covid-19 pandemic.
While individuals don’t want to share their space now and book single occupancy rooms, couples are looking for long term double occupancy rooms.
“Before Covid-19, single young professionals used to book shared accommodation, but today a majority of the demand comes from couples who want all the accommodation managed by an agency. Given the increase in demand, we had to come up with a new vertical, Housr Homes, where we offer one, two and three fully furnished and fully managed BHK apartments for couples, small families and individuals,” said Deepak Anand, CEO of Housr. .
Housr has over 55 properties with 5,000 beds in its portfolio in Gurgaon, Bengaluru, Hyderabad and Pune.
The solo/shared ratio for the company went from 65:35 to 85:15 before the pandemic.
Of the total number of occupants in a facility, 10-15% are couples, a number that was negligible before the pandemic, according to the company.
“There’s a whole ecosystem at play when a couple rents out. People have seen the kind of hassle they have to deal with in the event of a Covid-19 type situation. From food to laundry, everything is taken care of and the working couple can just focus on work,” said Krishna Kumar, CEO of Isthara Parks, which operates over 17,000 beds in Hyderabad, Bengaluru, La National Capital Region and Chennai.
Most operators are reporting over 90% occupancy and plan to double the number of beds to meet growing demand.
Customers are even willing to pay higher rents for privacy and social distancing as the pandemic lingers to some degree, cohousing operators said.
Shared housing providers offer technology-enabled smart living with fully furnished and managed residences in prime properties near work hubs and commercial spaces.
These are specifically designed to meet the needs of couples and individuals seeking fully furnished, hassle-free upscale residences in prime locations with uninterrupted high-speed WiFi, door-to-door laundry and housekeeping. professional household.
“The operators are ready to provide value-added services because the young population, whether single or married, does not want to spend time on household chores. Hygiene has become a key preference, and co-living operators are focusing on it portfolio-wide,” said Abhishek Tripathi, co-founder of Settl, a co-living operator that operates in Bengaluru, Hyderabad and Gurgaon. “For couples, maintaining the same standard comes at a cost and that’s why they prefer to stay in a co-living property close to the office.”
Each year, more than 20 million students and professionals move across the country in search of accommodation. Nearly 90% of student accommodation in the country is unorganized and startups are hoping to fill the void with better facilities.
Tier 2 cities have also started to see similar trends.
“The co-living segment is seeing good traction in smaller towns and trends such as couples seeking managed space and increased demand for single occupancy rooms can also be seen here,” said Devendra Sharma, founder of OLE Rooms, based in Jaipur.
According to real estate consultants, Covid-19 has given the residential segment the opportunity to develop co-housing, retirement residences, student accommodation and mixed-use developments while integrating work from home and other trends in lifestyle.
Real estate consultants said that non-traditional forms of real estate assets such as data centers, healthcare, life sciences educational institutions, retirement homes, co-living and student housing are have become increasingly popular.