Evaluating the Social and Economic Acceptance of Co-Living Spaces Among Early-Career Professionals in Pune City

Abstract

This paper investigates social and economic acceptance of co-living space in the early career workers in Pune City, which is the fast-developing urban centre with the active working population and the increasing demand of houses. With conventional rental accommodation getting very costly and rigid, co-living has become an alternative way of residential accommodation that is both affordable, convenient, and community-driven. The study will seek to measure the determinants of such adoption practices, and specifically, cost-effectiveness, lifestyle choices, socialization, and perceived standard of living. The research design adopted in the study is descriptive and analytical; primary data are to be used in this study, which is gathered through structured questionnaires distributed among the young professionals throughout major areas of employment. Industry reports and academic literature are also included as secondary data to put the findings into perspective. The major variables considered are the affordability of renting, availability of amenities, place benefits, security, the ability to change the lease conditions, and the possibility of social networking. The results show that co-living spaces are acquiring significant popularity among young professionals at the beginning of the career because of their economies of scale, fully-furnished houses, and service-free solutions. The feeling of community and networking business that such spaces offer are also appreciated by the respondents and are beneficial to personal and professional growth. Nonetheless, privacy and culture-fit issues, as well as sustainability, are still major obstacles to the broader adoption of co-living. This research finds that although co-living spaces offer a sustainable and innovative way to address the problem of housing in urban areas, the success of the co-living concept in the long term depends on a balance between affordability and privacy and customization. The study provides research findings that can guide real estate developers, policy makers as well as urban planners towards improving the attractiveness and sustainability of co-living models in the urban cities such as Pune.