You may have heard the term co-living with regard to real estate investment strategies in Thrissur, and you may have wondered what it actually means. Co-living is simply a living arrangement whereby a few adults share a living space, its facilities and rent. While this kind of arrangement by itself is not a new thing, leasing out furnished flats or houses, providing housekeeping and other services, appliances, and other amenities specifically for such a purpose is relatively new.
Leases on co-living spaces are usually shorter, and are more flexible as they cater mostly to individuals who seek short-term housing. Such living spaces also help to create an atmosphere of camaraderie and foster community living.
What are the Co-Living Benefits for Tenants and Investors?
- Rent is shared among more people, not burdening any one person.
- Lower rent makes it easier for them to live in the best residential areas.
- Investors and flat owners can get excellent monthly income
- The availability of short-term and flexible leases are boons for individuals in need of temporary housing
What Are The Reasons Why You Should Invest In Thrissur Co-Living Spaces?
- There is a huge demand for these type of living spaces with young people moving to new cities for education, employment, or entrepreneurship
- Lifestyles are changing and there is a desire to explore experiential living
- Flexible housing that facilitate community living, is in demand
- The competition in this field for investors is still relatively low
- Conventional housing in good localities has become expensive and out of reach for students and individuals starting out in their career
What Must You Consider If You Want to Invest in Co-Living Spaces?
Leasing co-living spaces is a lucrative business for real estate investors, as the demand for these living arrangements are increasing steadily. You can expect an excellent return on your investment. You can buy or lease apartments (for long term) or houses, furnish them, install essential fittings and appliances, and then lease them out.
Keep these factors in mind:
Location
The first thing you need to decide is the location. Your target market is going to be young professionals and students; this means, you need to ensure proximity to the main road and public transportation, good connectivity, adequate stores selling essential goods, and basic healthcare facilities. Another way to find the right location is where these individuals are likely to work: near IT or business parks, universities, colleges, etc., or the town centre.
Property Acquisition
The next step is to look for flats or houses that can be converted easily into co-living spaces without you having to spend too much. Apartments are the most suitable as they have what co-living spaces need: 2 or 3 bedrooms, and common areas like living room and kitchen, plus facilities offered by the building like gym, swimming pool, and so on.
Operational Considerations
Remember that to have a steady rental income,you need to have high occupancy and happy tenants. To ensure this, you must keep the property in excellent condition with regular cleaning, and timely repairs and maintenance.
Combine Properties
You can think of combining co-living spaces with mixed-use developments, coworking spaces etc. which will offer enhanced convenience and comfort to your tenants, and open up more avenues of earning for you. You can also spread your risk by diversifying your portfolio.
Also read: Things To Remember Before Purchasing Flats In Thrissur
Conclusion
The rapidly growing IT industry, the flourishing gold and financial business sectors in Thrissur, attract individuals from everwhere. This pushes the need for alternative housing options.
As a real estate investor, we have some great tips for buying a flat in Thrissur: Select the builder who has built trust with superior quality apartments all over Kerala, for the past several years.
FAQs
Q1: What exactly is co-living, and why is it becoming popular in Thrissur?
A: Co-living refers to a modern living arrangement where adults share living spaces and amenities, fostering a sense of community. It’s gaining traction in Thrissur due to the vibrant mix of young professionals, students, and entrepreneurs seeking affordable, flexible housing options that offer more than just a place to stay.
Q2: Why should I consider investing in Thrissur’s co-living spaces?
A: Thrissur’s growth, especially in the IT and educational sectors, has created a burgeoning demand for co-living spaces. This, coupled with the lifestyle shift towards experiential living and the low competition in the co-living investment sector, makes Thrissur an attractive market for real estate investors.
Q3: Can co-living investments in Thrissur offer long-term profitability?
A: Yes, with the city’s economic and demographic growth, co-living spaces are poised for long-term success. By staying attuned to tenant needs and market trends, investors can continue to adapt and thrive in this emerging sector.
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