7 Reasons Why Co-Living Operators Are Increasing One-BHK Units to Meet Rising Demand

Co-living has evolved significantly in recent years, driven by changing lifestyle preferences and the aftermath of the COVID-19 pandemic. Here's why co-living operators are prioritizing the inclusion of one-bedroom hall kitchen (BHK) units to meet the growing demand.

1. Increased Demand for Privacy

Co-living property operators have noticed a substantial shift in demand towards one-BHK units as residents prioritize privacy more than ever. Single occupancy units offer the necessary solitude, which has become a key requirement post-pandemic.

2. Enhanced Comfort and Space

One-BHK units provide a comfortable living space that includes a bedroom, hall, kitchen, and sometimes even a balcony. This setup offers residents the convenience of a fully-fledged home within the co-living framework, enhancing their overall living experience.

3. Rising Preferences Among Corporate Employees

Corporate employees are increasingly opting for larger, private spaces that allow for a better work-life balance. The demand for one-BHK units has surged among this demographic, leading to a higher share of these units in co-living facilities.

4. Growth in Single Occupancy

Bookings Data indicates a 30% surge in demand for private living arrangements within the co-living sector over the past year. Companies like Truliv have reported a 25% increase in bookings for single occupancy and one-BHK units, driving the supply of such accommodations to nearly double compared to 2020.

5. Balancing Privacy with Community Engagement

Despite the growing demand for privacy, residents still value the social interactions that co-living spaces offer. One-BHK units strike a balance by providing private living quarters while maintaining communal areas for social engagement.

6. Changing Lifestyle Preferences

There is a broader change in lifestyle preferences, with individuals seeking the convenience and comfort of private spaces combined with the social benefits of co-living. This trend is evident in the focus of co-living operators on properties that offer single occupancy rooms or one-BHK units.

7. Quality Over Price in Metro Cities

In metro cities like Bengaluru, Gurugram, Hyderabad, and Chennai, the demand for fully furnished and managed one-BHK units with attached kitchens is significantly high. These options tend to get occupied much faster than others, indicating a shift towards valuing quality and convenience over price.

Facts and Figures

• Demand Surge: 30% increase in demand for private living arrangements in the co-living sector over the past year.
• Booking Increase: Truliv reports a 25% rise in bookings for single occupancy and one-BHK units.
• Current Share: One-BHK units constitute 30% of Housr's offerings, projected to reach 50% in 8-10 months.
• Market Growth: The co-living market in India is expected to grow at a compound annual growth rate (CAGR) of 17% over the next five years, reaching nearly $40 billion.
• Metro Demand: High demand for fully furnished one-BHK units in metro cities like Bengaluru, Gurugram, Hyderabad, and Chennai.

Conclusion

The co-living landscape in India is rapidly evolving to meet the changing needs of its residents. The increased emphasis on one-BHK units highlights a significant shift towards prioritizing privacy, comfort, and quality in urban living. As the market continues to grow, co-living operators are poised to offer even more tailored solutions to cater to the diverse preferences of their clientele.