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India's co-living sector to see 1 mn beds by 2030, says Colliers India
The co-living segment inventory is set to reach one million beds by 2030 in India, up from around 300,000 beds, on rising demand and rapid migration to cities, according to a report by Colliers India.
This comes after the segment faced a temporary lull in demand during the Covid pandemic.
'The resurgence of the sector is being fuelled by rapid urbanisation and migration to cities, especially amongst students and young professionals who continue to seek flexible, relatively affordable, and hassle-free housing options,' the report added.
According to the report, the current demand for co-living beds is estimated to be 6.6 million and is forecast to reach 9.1 million by 2030. It adds that the Rs 40 billion Indian co-living market can grow over five times and reach close to Rs 200 billion by 2030.
Commenting on the same, Badal Yagnik, chief executive officer at Colliers India, said that with rapid urbanisation and a high proportion of migrant population such as students and young working professionals, the demand for organised rental housing, especially co-living, is likely to witness strong growth.
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'Significant upside potential is anticipated to provide thrust to investor participation and operator expansion in the co-living sector,' he added.
With the inventory set to reach close to one million beds by 2030, co-living penetration rates are expected to improve from 5 per cent to over 10 per cent by the end of the decade.
While leading operators continue to consolidate their presence in the tier-1 cities, the report suggests that the segment is also witnessing a steady expansion into select tier-2 markets such as Indore, Coimbatore, Chandigarh, Jaipur, Visakhapatnam, and Dehradun.
A significant opportunity for the segment remains tapping the demand–supply gap in student housing.
'While co-living facilities are targeted at both students and migrant working professionals alike, student housing is more nuanced and is an important sub-segment within the sector,' the report stated.
A significant proportion of higher education students enrolled in India are outstation students who require accommodation facilities near their institutions, presenting opportunities for student housing-focused operators to foray into the market with housing solutions that can alleviate supply-side constraints and support the evolving needs of India's student population.
According to the All-India Survey on Higher Education (AISHE), during FY22, accommodation facilities provided by colleges and universities could cater to approximately four million students—around 33 per cent of the current estimated student living accommodation demand at 12 million.
'The acute demand–supply gap necessitates the need for quality, affordable accommodation, especially as more students migrate to cities for higher education,' the report added.
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