Millenials prefer renting co-living spaces in top cities

Over 50 per cent people in the age group of 18-35 years are willing to rent co-living spaces and pay up to Rs 15,000 a month in top Indian cities including Delhi NCR, Mumbai and Bengaluru, according to a survey by Knight Frank.

The property consultant Monday released its survey report titled "Co-Living - rent a lifestyle" that revealed 72 per cent of millennials (1823 years) preferred co-living spaces. Over 55 per cent respondents in the age group of 1835 years were willing to rent co-living spaces.

The survey was undertaken across top cities of India, including Mumbai, Bengaluru, Pune, Hyderabad and NCR among a cross-section of people of 1840 years age.

Nearly 40 per cent of all respondents are most comfortable in paying between Rs 120,000180,000 per annum towards rental housing in key cities of India. The sweet spot for rentals thus remains at a monthly outflow of Rs 10,00015,000.

Proximity to work and social infrastructure remained top priority for millennials while selecting a location, while only 5 per cent gave importance to rental costs.

Knight Frank India CMD Shishir Baijal said, "Co-living aims to create a community-centered living environment that not only provides privacy in living arrangements but also promotes social contact through community spaces and programs."