The housing landscape has witnessed a paradigm shift due to the advent of fully managed rental accommodations and co-living spaces. This revolutionary concept is growing popular among millennials and Gen Z by offering a seamless, reliable, hassle-free living experience that resonates with their dynamic and modern lifestyles. Co-living players these days are leveraging technology to provide a customised rental experience. Reputable businesses oversee these spaces, ensuring end-to-end stay management and rent control, eliminating typical leasing hassles.

Always on the move

Regarding typical leasing hassles, today’s uber-digital generation places immense value on mobility. Reports indicate that millennials in India tend to stay in one city for approximately six months to two years before moving to new opportunities or experiences​​​. This high mobility is supported by the rise of co-living spaces that offer flexible lease terms, allowing millennials the freedom to move without long-term commitments.

Migratory millennials, who form 42% of India’s working population, are increasingly drawn to dynamic urban hubs such as Gurugram, Bengaluru, Hyderabad and Chennai, where career opportunities, cultural diversity, and vibrant social scenes abound. Recognising the diversity of the demand due to this gig economy, co-living spaces in these cities cater to various budget segments, from economical shared rooms priced around ₹20,000-₹25,000 per month to premium private studios costing up to ₹45,000 or more, depending on the location and amenities provided​​.

Furnished accommodation

With rising income stability and higher purchasing power, youth in metropolitan cities like Bengaluru and Gurugram lean towards high-quality, premium accommodations. As per a report, 51% of millennials in India are willing to spend more than 25% of their income on fully furnished and managed living spaces for a hassle-free lifestyle. In addition to convenience, these spaces promote a holistic lifestyle experience with opportunities to network with like-minded individuals through bespoke breakout zones such as in-house gyms, gaming zones, theatre rooms, and regular community events. This sense of community helps alleviate urban loneliness for migrating millennials and provides a true sense of home away from home.

For a tech-savvy generation

Tech integration is another compelling feature of co-living spaces that attracts today’s tech-savvy generation. From online booking and virtual tours to digital rent payments and maintenance requests, technology simplifies the renting process. Moreover, top-notch co-living players offer luxury features in their properties, including daily housekeeping, doorstep laundry, app-enabled living, 3-tier security, gourmet meals, concierge services, and high-speed Wi-Fi. With all these hotel-like facilities combined with the comfort of home, co-living properties are a perfect option.

According to JLL India’s report, over the next five years, the co-living sector is anticipated to grow at a compound annual growth rate of 17% to about ₹1 trillion. One must note that this shift is not just a fleeting trend but a substantial reimagining of urban living.

The writer is Co-founder and CEO, Housr.

Many parts across the country witnessed high temperatures during summer. A survey conducted in 10 Indian cities around that time revealed a spike in AC usage in Indian homes. About 70% claimed that the number of ACs installed in their homes had gone up in the last two years.

The appliance industry cheered the historic 50%+ growth. With AC penetration hovering around a meagre 10% in India, the growth story is expected to continue. The work done on electrification across the breadth and width of the country is ensuring that consumers can opt for solutions that enhance their quality of life.

The flip side of all this, however, is that ACs are energy guzzlers. In the same survey, 90% agreed that their energy bills had shot up over the last two years, and half of them confirmed that the summer bills are double their average energy bills. Estimates suggest that over 10% of India’s electricity demand is for cooling appliances, which is likely to increase manifold. In fact, reports suggest that India’s demand for electricity for running household air conditioners is estimated to expand nine-fold by 2050 — exceeding the total power consumption in the whole of Africa.

The only solution therefore is to adopt more energy-efficient cooling solutions. Home appliances with inverter technology and higher energy rating help reduce the overall power consumption thereby benefiting consumers as well as the environment at large. For example, using a 5-Star rated air conditioner instead of a 3-Star rated one can reduce annual power consumption substantially, saving over 25% in running costs for a 1.5 TR AC. The case for energy efficiency applies beyond ACs across other appliances as well. A 5-Star rated refrigerator can save over 45% in energy costs compared to its 2-Star counterpart.

Apart from adoption of higher star rated products, consumers would also do well by paying heed to the maintenance of their appliances. Regular servicing is seen to have a direct bearing on energy consumption. The survey revealed that 65% households use at least one AC which has not been serviced for more than a year. More than a fourth claim to service their ACs only if they face a problem with it.

To maximise the benefits of these energy-efficient appliances, consumers are well advised to follow the product usage instructions provided by brands and ensure its regular maintenance and servicing by authorised service providers. Periodic maintenance not only helps maintain the efficiency of the appliances, but also maximises its performance and prevents unforeseen breakdown incidents. Beyond this, simple practices, such as keeping doors closed and curtains drawn while using an AC, setting it at a comfortable 24 degrees instead of lower temperatures, using relevant features like the economy modes, sleep modes, timers etc. can make a significant difference.

The writer is Business head and Executive vice-president, Godrej Appliances.