Hyderabad set to see growth in co-living
Hyderabad: The millennial population is constantly growing and has joined the workforce with high-paying jobs and quality accommodation has become a priority. However, these millennials have the option of either choosing whole space at higher cost or opting for shared spaces at affordable rentals. Co-living companies have sensed this demand in Hyderabad for shared rental […]
Hyderabad: The millennial population is constantly growing and has joined the workforce with high-paying jobs and quality accommodation has become a priority. However, these millennials have the option of either choosing whole space at higher cost or opting for shared spaces at affordable rentals. Co-living companies have sensed this demand in Hyderabad for shared rental accommodation and are catering to the same by creating superior options.
Co-living companies such as Zolo, Colive, Oyo Life, Stanza Living and Housr are operating in Hyderabad. The influx of students to major cities such as Hyderabad is attributable to the concentration of private and public universities.
Hyderabad is seeing room rentals of Rs 16,000 per month for single occupancy, Rs 8,500 for double occupancy and Rs 7,750 for triple occupancy. Like other cities, Hyderabad too witnessed a fall in rentals up to 10-25 per cent post Covid.
Though the pandemic marred the growth story of the co-living sector in 2020, it has already witnessed sharp recovery in 2021. The co-living segment in India is expected to have 4,50,000 beds mainly driven by organised players by 2024 as opposed to 2,10,000 beds by the end of 2021.
“With the situation improving rapidly, the sector has recovered substantially and is looking more optimistic. The primary contributor to the recovery is the growing rate of vaccination. Also, amidst the pandemic, hiring by IT companies has gathered pace followed by robust performance of the sector, which will only add on to the demand for the co-living in coming quarters,” said Ramesh Nair, CEO, India and Managing Director, Market Development, Asia, Colliers.
The co-living segment is further expected to witness recovery in occupancy in 2022 with factors such as increasing workforce, migration to urban centres for jobs, the unorganised shared living sector and the growing student population increasingly looking for the organized modern co-living model.
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