Millennials and GenZ foster luxury living with co-living.
Co-living upsurge among millennials and GenZ is renaissance of luxury living A recent survey by Housr revealed that over 60% of respondents prioritise a fully-managed space that includes all necessary amenities as their top luxury.
As demand for co-living spaces grows with time, there is a perceptible shift in millennial expectations of what these spaces entail.
From being traditionally restrictive bachelor pad hostels or even PG accommodations that served the purpose of board and lodging, the new co-living spaces provide an unprecedented level of sophistication and luxury to millennial living. They are fully-furnished, well-maintained spaces that can be called their own without ownership hassles. With serviced rooms and all thinkable amenities, the new-age co-living spaces offer the combined experience of high-end boutique hotels juxtaposed with a warm and homely setting. Many view this concept as an upscaled version of student living for people who have recently stepped into their professional lives. The mindset shift is what makes this a disruptive level change in real estate, as new-gen millennials seek a more refined way of living with opportunities to interact without overbearing scrutiny and nosy neighbours. A recent survey by Housr reveals that over 60% of respondents prioritise a fully-managed space that includes all necessary amenities as their top luxury. This suggests that for millennials, the experience and convenience of a well-managed space are more important than the cost, and accessibility is a key factor in their housing preferences.