The Impact of Co-Living Amidst the COVID-19 Crisis

​​From the very start, the year 2020 has brought with it one of the most challenging issues the world has faced in recent years. For the past few months, the world has been facing numerous adverse effects of the coronavirus pandemic, which has had a devastating effect on the Indian economy as well. India has been under a nationwide lockdown since March 25th, 2020. Now, as India moves to its fifth stage of the lockdown, the number of people infected by the virus continues to rise at a rate higher than ever before. As of June 4th 2020, there are over 220,000 COVID-19 cases and over 6300 death in India (World O Meters). The regular lives of the majority of Indians have been completely disrupted.
 
The population demographic of the country that has the most significant influence on these changing trends are the millennials and youngsters. This population includes students and young working professionals. They not only comprise one of the most prominent sections of the population, but they are also the trendsetters of the nation. They influence the way we eat, shop, commute, and live. Most of these people leave their homes and go to cities for their work or education. This trend had given a rise to the “Co-living” industry, which largely comprise of dedicated apartment communities for single professionals, with are fully serviced with housekeeping, social infrastructure and is largely a hospitality solution. However the covid-19 pandemic has created havoc in this space, and many of these communities are now empty.
 
Here are a few key factors that are contributing to this:  
 

• Work from Home – Many Corporates have offered indefinite work from home options to their employees, as many are yet to figure out how to manage the safety precautions and logistical issues in the office premises when the employees return. As remote work becomes the norm, many of the young professional migrants, have returned to their hometowns.

 

• Corporate Downsizing – With the economy on the verge of collapse, many companies have shut down and corporates have been downsizing. The youngsters with nowhere else to go, and a bleak future ahead, have been returning to their homes, in anticipation of better times.

 

• Safety Hazards – Today, tenants value clean, well-maintained, and safe living spaces more than ever. These young professionals and their families are also worried about them staying in a large community in such close proximity with a larger crowd and so much shared infrastructure. Many of these co-living solutions are yet to upgrade their facilities to adhere to the required sanitation and social distancing norms.

 

• Financial woes – With so many of the inhabitants vacating the premises, many of these co-living solutions are no longer able to afford rent to their landlords. Several have shut shop and several others are battling financial nightmares.

 
Industry experts believe that once these young professionals start returning to their work cities, they will not return to these PG buildings and co-living communities, and instead will move to more organized apartment complexes, with independent units which they can share with their own friends and family, such as those offered by PropertyAngel, Nestaway and other such property management providers.
 
In the times of such crisis, flexibility is the key. PropertyAngel offers the perfect solution for people who want to live in clean, safe and well-maintained homes with their friends and colleagues. We believe that post the coronavirus crisis, a new trend will emerge in the real estate market, and we are here to make it easier for you to transition into this trend smoothly. 

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