With the millennial generation moving away from their hometowns to settle in metro cities for education and work, co-living is becoming a norm.
From carpooling to co-working, millennials are digital nomads who thrive in the world of sharing economy. Paying guest homes and hostels are not the only option for accommodation any more - co-living is the new kid on the block, a trend that is fast catching up with youngsters.
Co-living spaces are homes shared by several like-minded tenants, who enjoy the comfort of living in quality homes with amenities including furniture, furnishings and appliances. The tenants need not deal with landlords, or shell out a fortune for the space.
According to a PricewaterhouseCoopers (PwC) report the residential rental market in India is pegged at $20 billion, of which urban spaces account for $13.5 billion. Delhi-based co-living startup CoHo pegs the co-living market at $10 billion.
The market leader, Bengaluru-based Nestaway, launched in 2015, has raised $94 million so far, from investors including Tiger Global and Goldman Sachs. Their rival, Delhi-based Ziffy Homes, has raised $20 million since its launch three years ago.
More startups are emerging in the space, making living easier for youngsters. The following are a few.
This Bengaluru-based startup facilitates affordable co-living in the city. Started in 2016 by Viral Chhajer, Varun Bhalla and Devashish Dalmiya, StayAdobe differentiates itself by adding a layer of service to what is already available. As of last year, StayAbobe claimed to have over 300 beds across five properties in South Bengaluru, with monthly rents ranging from Rs 12,500 to 35,000, depending on the type of property. Tenants need to pay a three-month deposit upfront, lower than the standard 10-month-deposit that is the norm for the city.
SimplyGuest is a Bengaluru-based platform that not only aggregates housing options for working professionals, but also has a hostel of its own. Founded by Mayank Pokharna, Subbu Athikunte, and Ambareesha AV, SimplyGuest offers fully-furnished homes to single, working professionals in close proximity to their workplace. The accommodation provided by the platform is completely managed, and hassle-free, and rent includes electricity, water, 30-100 mbps WiFi, DTH, domestic help, repairs and maintenance, and unlimited LPG. As of January, SimplyGuest’s annual revenue was at Rs 1.6 crore.
Noida-based Placio offers fully furnished private and shared accommodation for students. The platform is built on the concept of community-based living and entails co-living in an environment where the user’s experience is more important than simple living. It has raised $2 million pre-Series A funding from Prestellar Ventures, and plans to expand to Southeast Asia. The platform offers comfortable and affordable living solutions for college students - from basic budget to high-end luxury accommodation with pool/table tennis, PlayStation, book exchange counters, and other facilities.
YourOwnROOM is a Bengaluru-based startup, which caters to singles, by providing end-to-end management for both tenants and homeowners. YourOwnROOM manages the listing on the portal, site visits, agreements, invoicing, payments, and maintenance for both owners and tenants. The tenants are typically single working professionals, singles on short-term deputations, students, and people facing personal transitions like separations.
Founded by Sachin Joshi, Prabhat Kumar Tiwary, and Rewat Laxman, YourOwnROOM has raised an undisclosed funding from angel investors.
Flathood is a real-estate platform that not only lists the houses you can rent but also ensures you close the deal within a few days. Founded by Atur Agarwal, Piyush Gupta, Dipankar Arhat, and Sitanshu Gupta in 2015, Flathood promises to find a home within a day, and a 10-day move-in guarantee. It provides both bachelor and couple-friendly houses, personal assistance in terms of helping to schedule visits, and understanding a customer’s needs and requirements. Flathood is currently operational in Delhi and Gurugram.
Rajasthan-based Rentroomi is a platform that helps students, job-seekers, and first-time job holders find a roommate to share a flat with. The user can post his ad, and give details regarding the room, amenities, and price. Rentroomi provides homeowners and single renters a customised platform to not only select the right room for them on the basis of price and locality, but also gives one an insight about their future roommates. Rentroomi was selected as one of the Top 50 Best Startups for PitchCity 2015.
RentMyStay is an online platform that provides options ranging from fully furnished apartments, villas, rooms to independent homes. Following the flexi-rental model, RentMyStay allows one to rent a house from a few days to a few months. The team works with the owners on an exclusive arrangement to enable them to rent their homes for short-term guests rather than the traditional long-term tenants. Owner’s earnings are better than the rental income, and guests who stay for short term save 40 percent or more.
CoHo provides manages rental accommodations for young professionals and students in Delhi, Gurugram and Noida. CoHo provides ready-to-move-in shared accommodations with all services for hassle-free living like housekeeping, WiFi, DTH cable, repairs and maintenance. There are also provisions for smart locks, washing machines, ironing facilities, microwave and induction oven, fridge, tea/coffee machine etc.
Founded in 2015 by Uday Lakkar and Amber Sajid, the startup has raised an undisclosed seed round of funding. CoHo now has more than 1,200 residents and is expanding in prominent areas in Delhi-NCR.
Launched in 2016, the company offers rentable branded and serviced homes near educational institutions and major business hubs. Following an asset-light business model, CoLive currently operates 75 properties in Bengaluru with 3,000 beds as part of its inventory. The startup, founded by Suresh Rangarajan, has raised Rs 18 crore so far. CoLive claims to be on track to reach 10,000 beds target this year. It has also ventured into Vellore and Coimbatore in Tamil Nadu, and plans to expand to Tiruchirappalli, Thanjavur, Madurai and Amaravathi (in Andhra Pradesh) this year.
Stanza Living co-founders Anindya Dutta and Sandeep Dalmia10. Stanza Living
Delhi-based Stanza Living, launched in 2017 by Anindya Dutta and Sandeep Dalmia enables a close-knit community for students, along with a high-quality product and service offering. Its charges start at Rs 5,000, and students have the option to choose from different service packages, which suit their needs. It partners with property owners and developers for fixed lease and management contracts for a time period of between five and 12 years. It remodels and redesigns the properties according to students’ needs, along with services like food, WiFi, laundry, security, etc. A Stanza Living residence can accommodate 40-500 people.