ANI PR Wire
13 Jan 2023, 19:30 GMT+10
New Delhi [India], January 13 (ANI/SRV): TheHouseMonk, a Bangalore-based SaaS company building technology platforms for property managers of residential and commercial real estate, unveiled its 3rd edition of the Global Coliving Report. A change in business models and shift to a community-centred approach will be among the major themes of Coliving in 2023, according to the Global Coliving Report.
The report was published by TheHouseMonk, a SaaS company that helps Coliving and rental housing companies manage and grow their portfolio. The data was compiled through conversations the company had with its customers in the industry, its proprietary data platform and third-party sources.
Coliving is a growing sector within real estate across most parts of the world. It is fast emerging as an alternative to traditional residential leasing, PGs, and other forms of accommodation.
Speaking at the launch of the third edition of the report, Ajay Kumar, Co-Founder & CEO of TheHouseMonk, said, "Many predicted the demise of Coliving but rental yields of over 10 per cent and average tenancy period of 9 months show that it is alive and kicking."
Balaji Varadharajan, Co-Founder & MD of TheHouseMonk, said, "Occupancy rates above 95 per cent show that Coliving has bounced back. The industry is also experimenting with different models, be it franchises, build-to-rent, or leisure stays."
Some other highlights and excerpts from the same are listed below:
Coliving after Covid
While the pandemic threatened the entire shared economy, its impact on Coliving was much more as many companies shut down or merged with bigger firms. Some operators made the most of the crisis as they acquired premium properties at discounted prices.
As a result, Coliving has taken a new direction. Operators are focusing on resilience through reduced capital expenditure and lower break-even. Equally importantly, tenants --most of whom are millennials--are focusing on privacy and hygiene in the post-Covid world.
Affordability
Be it Jakarta, Netherlands, or Los Angeles, the key factor driving Coliving continues to be affordability. With high inflation rates across the world, operators find themselves in the tough spot of cutting costs and meeting tenant expectations. Some Coliving operators in Europe are already passing on higher energy costs to tenants.
Hybrid business models
It may not be apparent to those outside the industry, but a tenant staying a weekend is different from one staying for a few months. Or as one operator said, "they are different businesses." Many operators are diversifying by catering to tenants for different periods, from as short as a weekend to over six months.
The definition of the Coliving business has also changed over the last couple of years. For one, many real estate developers are entering the space and building Coliving units. By constructing buildings designed for Coliving, they are able to provide a better experience to tenants.
But since Coliving is also a localised business, companies are expanding by acquiring others or by allowing franchisees to run Coliving units under their brands.
Community
A recurring theme of the report is how a community is not just a feature, but a reason to choose Coliving. As the COO of a Hyderabad-based Coliving company said, "residents are also looking for a social circle as they are new to the city."
The current edition and earlier editions of Global Coliving Report can be accessed on the company's website.
This story has been provided by SRV. ANI will not be responsible in any way for the content in this article. (ANI/SRV)
Get a daily dose of Herald Globe news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Herald Globe.
More InformationNEW YORK CITY, New York: After being convicted of stealing more than $900,000 from the company, Rosita Joseph, former executive ...
WASHINGTON D.C.: The US State Department has said that in the latest fiscal year, US military equipment exported to foreign ...
MACAU CITY, Macau: Over the Lunar New Year holiday, Macau, the world's largest gambling hub, witnessed a resurgence of tourists ...
WASHINGTON D.C.: Republican US Senator Josh Hawley has said that he plans to introduce a bill to ban the use ...
WASHINGTON D.C.: This week, the US Food and Drug Administration (FDA) proposed significant limits on levels of lead in processed ...
WASHINGTON, D.C.: Finland and Sweden are prepared to join the NATO alliance, the U.S. State Department announced this week.The move ...
Two-year MLS veteran Patryk Klimala has been transferred from the Red Bulls to the Israel Premier League, the team announced ...
The Philadelphia Eagles are the early favorites to beat the Kansas City Chiefs in Super Bowl LVII on Feb. 12, ...
Giannis Antetokounmpo had 50 points and 13 rebounds and the host Milwaukee Bucks rolled to a 135-110 victory over the ...
Potchefstroom [South Africa], January 30 (ANI): Following the ICC Women's U19 T20 World Cup triumph, India skipper Shafali Verma has ...
Mumbai (Maharashtra) [India], January 30 (ANI): Megastar Amitabh Bachchan never misses an opportunity to hail the victory of the women's ...
Lucknow (Uttar Pradesh) [India], January 30 (ANI): Following India's triumph in the ICC Women U19 T20 World Cup, the national ...