India's co-living sector is experiencing a shift towards one-bedroom units, driven by increased demand from corporate employees and students seeking more space and privacy post-pandemic. Companies like Housr and Truliv report significant rises in requests for 1 BHK units, with Housr predicting such units to rise from 30% to 50% of their inventory within 8-10 months. The sector, projected to grow to USD 40 billion in five years, sees cities like Bengaluru and Hyderabad leading the demand for fully furnished, managed living spaces. This trend highlights changing lifestyle preferences and the importance of privacy in modern co-living.
The co-living sector in India is undergoing a significant transformation as demand shifts toward one-bedroom units. This trend has emerged as corporate employees and students increasingly seek more space and privacy, especially following the COVID-19 pandemic. Before the pandemic, many occupants favoured shared living spaces, but the environment has changed, leading to a growing preference for single occupancy.
Deepak Anand, CEO of Housr, noted that more people are now looking for larger living spaces.He noted a significant rise in demand for one-bedroom-hall-kitchen (1 BHK) units. This shift in market preferences is influencing the company's strategy to acquire more one-BHK properties to meet the growing demand. Housr, which operates around 5,000 beds across the country, has observed that the share of one-bedroom units is currently at 30% and is predicted to rise to 50% in the next eight to ten months.
Rohit Reddy, CEO of Truliv, highlighted this trend further, mentioning that residents often desire larger spaces for comfort and privacy. He observed that residents are increasingly seeking single occupancy or one-BHK apartments to enhance their living conditions, further driving the company's focus on acquiring more of these units. This reflects a broader change in lifestyle preferences among individuals, who now prioritise privacy while also valuing the community aspects of co-living. Requests to convert shared rooms into private ones have increased, illustrating the desire for personal space.
Reports indicate that the demand for private living arrangements in the co-living sector surged by 30% over the past year. Truliv reported a 25% increase in bookings for one-BHK units, resulting in a significant expansion of available private accommodations. Sunny Garg, co-founder of Crib, noted that these one-BHK units offer more privacy and comfort compared to traditional shared spaces. This increase in demand is shifting the focus of many co-living operators towards properties that provide single occupancy options.
The co-living market in India is expected to see robust growth, reaching nearly USD 40 billion in the next five years, according to a report by JLL India. This projected growth is fueled by the rising number of traditional property owners, such as those managing hotels and lodges, who are upgrading their facilities to meet modern demands for private living spaces. As a result, many of these properties are being converted into stylish co-living spaces equipped with contemporary amenities that appeal to students and professionals alike.
Cities like Bengaluru, Gurugram, Hyderabad, and Chennai are experiencing a boom in demand for fully furnished, managed rooms with attached kitchens. Abhishek Tripathi, co-founder of Settl, noted that these accommodations are being rented out much faster than others. The emphasis on convenience and comfort in living arrangements appears to outweigh cost concerns for many residents, indicating a shift in market dynamics.
In summary, the co-living sector is adapting to changing preferences for privacy and comfort, driven by the rise of remote working and changing lifestyle habits. Future trends indicate that the demand for one-bedroom units will continue to grow, reshaping how co-living spaces are designed and marketed across India. As operators respond to these trends, the focus on providing quality accommodations will likely enhance the appeal of co-living in urban centres.
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