A demand for evolved living spaces that complement the current lifestyles of the urban populace is creating new business opportunities.
FREMONT, CA: Living spaces in cities are in a zone of transformation. Traditionally, people would either rent a house or buy one. This is not true anymore for work cultures have changed, and so have lifestyles. Unlike previous days, people now change cities, as well as countries pretty frequently. This has made the idea of investing in buying or renting a less favored one. Instead, today's population prefers the convenience of shared living spaces that provide basic amenities along with a high degree of flexibility. The proptech industry today has the opportunity to develop the business opportunities available in this space. Some factors that reinforce the fact that co-living spaces and related services can be highly profitable are enlisted here.
• Advantageous for Property Owners
Co-living spaces are easy to manage and give better returns to property owners. When compared to selling a house, an owner would always prefer leasing it temporarily. The co-living spaces are ideal from that perspective. Houses that are rented out are also blocked off for longer periods, and sometimes there is minimal utilization. These concerns do not arise in the case of co-living spaces. Thus, proptech companies will find favor from a majority of property owners.
• Better Living Spaces for Individuals
A co-living space comes with a guarantee of convenience. The technology available today makes everything easily accessible through smart devices. Combining the applications of technology and the concept of co-living spaces allows for unmatched service delivery. Besides, individuals looking for a standard quality of life with minimum liabilities of buying and renting can get the best of facilities through co-living offerings.
• Demographic Changes
Demographic changes are central to any significant changes in demand. In recent years, societies have evolved, and the median marriage age has increased. This means there are more single people in the market, and they are more likely to opt for co-living spaces rather than renting a place or buying one. Many other such demographic factors come into play when it comes to the face-off between renting and co-living.
Besides, the fact that there is a supply-demand mismatch in the rental market also fuels the profitability of co-living spaces.