Knight Frank India, the leading international property consultancy, launched a report titled “Co-Living - rent a lifestyle.” The report which is based on a survey observes that 72% of millennials (18 – 23 years) have given co-living spaces a thumbs-up and over 55% respondents in the age group of 18 – 35 years are willing to rent co-living spaces.The survey was undertaken across top cities of India, including Mumbai, Bengaluru, Pune, Hyderabad and NCR and received responses from a cross section of people between the ages of 18 – 40 years of age.
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- 37% of private working professionals and 45% of student respondents surveyed were willing to spend between INR 10,000-15,000 on monthly rentals
- Of the total millennials surveyed, 56% were willing to consider co-living spaces for their accommodation requirementsPE investments grew at a CAGR of around 36% from USD 2.5 billion (Rs. 17,200 Cr) in 2014 to USD 8.6 billion (Rs. 59,100 Cr) in 2017
- In the 18-23 years age bracket, 72% were willing to consider co-living spaces as an option for accommodation while in the age bracket of 24-29 years, 56% respondents were inclined to consider this option USD 8.35 billion (Rs. 57,300 crores) has been invested into office assets since 2011
- Proximity to work and social infrastructure remained top priority for millennials while selecting a location while only 5% gave importance to rental costs