A new phenomenon has come into play in real estate, and it is gaining a lot of momentum. Co-living is the real-estate model that has become popular thanks to the large number of people seeking temporary housing today.
If you’re looking to maximize your ROI, you should include co-living spaces in your real estate investment strategies in Kochi.
Co-living is when a group of unrelated adults live together in the same house, share the rent, and use common facilities in common areas. This helps them afford quality housing in the best residential areas of Kochi. Apartments are furnished and usually given on short-term, flexible leases. Cleaning services and other amenities are also often provided.
How Does Co-Living Benefit Individuals?
- Shared rent makes it affordable to find quality living spaces in the best localities
- Flexible leases are attractive to those who require temporary housing
- Co-living enable social interaction and fosters a sense of community
Why Has Co-Living Become Popular?
- The younger generation is increasingly seeking education and employment opportunities in other cities, increasing the floating population there.
- More people are telecommuting, and lifestyles and expectations from life have changed.
- There is a greater demand for flexible housing options which facilitate community living
- The rising cost of quality living spaces in good residential areas have made conventional options unfeasible, making co-living spaces an attractive option.
How Lucrative is Co-Living as an Investment?
The ROI from co-living spaces is pretty high, making them an attractive option for serious investors. Plus, the demand for these living spaces is going up all the time.
There are different ways you can do this:
- Buy or lease houses or apartments (long leases), furnish them, and offer them as co-living spaces
- Make a startup, buy or lease a couple of floors in an apartment building, and offer them to co-living seekers on flexible and short leases
- Build your own co-living spaces keeping in mind the requirements
You need to keep these in mind before you dive in:
Location
Anyone who is studying or working needs accessibility to main roads and public transportation. Regardless of age, markets and essential healthcare services are also required for residents of an area. Make sure the apartments you choose, have these facilities in proximity. Areas close to IT parks, business parks, Universities, reputed colleges, and town centres are best suited for co-living residences. One of the biggest benefits of living in Kochi is that you have several areas that fit the bill.
Property Acquisition
You can scout around and see how feasible the available apartments are; this means the layout, common spaces, and so on. If there isn’t anything suitable, you may consider building your own. But we recommend purchasing apartments or taking them on long leases, as they are the most apt for co-living.
Operational Considerations
Co-living spaces must be managed meticulously. Regular cleaning, timely repairs and maintenance activities, and so on must be carried out to keep tenants happy and ensure maximum occupancy always. This will mean steady and increasing incomes.
Mix and Match
Today there are coworking spaces, mixed-use developments, and student housing, which can be used in combination with co-living spaces, offering even more convenience to your tenants. It also helps you diversify your real estate portfolio and earn more income.
Conclusion
Kochi is a city brimming with opportunity for individuals with diverse skill sets, making it a favoured city for migrating and settling down. We can offer several tips for selecting budget apartments in Kochi, but co-living spaces may be a better option for investors and individuals seeking housing as well.
Just make sure that you do your research properly and select a property in the right location, with the required layout and facilities.
Varma Homes has premium 2 and 3 BHK apartments in the best residential areas of Kochi which are highly suitable and adaptable for co-living spaces.
FAQs
Q: What is co-living, and why is it gaining popularity in Kochi?
A: Co-living involves unrelated adults sharing a house, splitting the rent, and using communal areas together. It’s popular in Kochi due to the affordability it offers for quality housing in prime locations, catering to those in need of temporary or flexible living arrangements.
Q: How does co-living appeal to individuals looking for housing in Kochi?
A: Co-living offers affordable access to premium locations, flexible lease terms ideal for temporary stays, and opportunities for social interaction, making it an attractive choice for many seeking accommodation in Kochi.
Q: Can investing in co-living spaces in Kochi be profitable?
A: Yes, the demand for co-living spaces in Kochi is rising, offering high returns on investment (ROI) for properties positioned in strategic locations and equipped with essential amenities.
Leave a Reply