Rental housing has been a much passed over subject in context of housing in India. Even after 72 years of independence, there is no policy framework to catalyse private sector participation in this vital subgroup of housing despite 21.72 million urban rented households.
Co-living, the new mantra within the ambit of alternative asset classes is a form of housing which combines private living spaces with shared communal facilities. The biggest driving force behind the rising popularity of co-living spaces are the young renters moving to new cities for job prospects who are looking to meet and connect with new people.
<aside> 💡 In every sector millennials are transitioning from owning to sharing.
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The rising population of millennials and their share in the workforce are key to these changing times in India. In 2018, millennials constituted around 42% of the workforce in India across top seven cities (Mumbai, Delhi NCR, Bengaluru, Hyderabad, Kolkata, Pune and Chennai), and are expected to grow at 6% CAGR by 2023. Moreover, 40% of the millennial workforce are migrants who have limited budgets, but rate flexibility and convenience at the top.
The roomie app will provide a transactional space for both kinds of users