If checking the number of COVID-19 cases in India makes you worry, you’re not alone. That’s only natural.
But numbers also show that, along with our medical health, India’s economic health is also in a worrying state. One particular sector that will be most affected is the real-estate sector. Quite like how people are skeptical of going out, they’re also skeptical of spending big.
And the first thing they’ll scratch off their wishlist is an owned house/apartment, replacing it with a rented property.
At the same time, with a shrinking job market, young people will either look to move to major educational hubs for higher studies or to bigger cities to find opportunities. In both cases, they’ll look for accommodation.
This will increase the pressure on the market for rented spaces. And we feel the managed accommodation industry is best positioned to absorb a huge chunk of that pressure.
Flats and Houses Aren’t for Everyone
The supply of flats and houses is unlimited. And with demand increasing, most of them will go to older, married people. That will leave the young singles – who have a tougher time finding accommodation as it is – short of options. But they’ll always be welcomed at a managed accommodation.
Every Rupee Counts
When the future of the economy is not bright, one must keep a close eye on monthly expenditure. And while apartments have seemingly low rents, additional expenses can stretch the budget to its limit. But with the all-inclusive packages of managed accommodations, monthly expenditure is fixed and under control.
Living in an independent home means depending on independent helps, cooks, plumbers and more. Working in different houses, they come in contact with multiple people and increase the risk of transmission. A managed accommodation, on the other hand, has a dedicated team. And compared to unprofessional PGs and hostels, they follow strict safety and sanitisation protocols. So when the youth of India will look for a safe space to live in, the choice will be obvious.
The Right Home for Work-From-Home
The new normal will bring with it a new way for corporate offices to function. And that will have less time spent in office spaces and more working from home. Naturally, millennials will look for a space that lets them thrive by providing power back-up, stable internet, privacy and more. And also by bearing the burden of household chores. In other words, they’ll look for professionally managed accommodations.
Now, those were some of the detailed reasons. But here’s how we can sum it up.
The reason relatively young managed accommodation brands have managed to shake up the real-estate industry is their ability to identify the needs of its residents. And to continually evolve with those evolving needs.
The challenge the COVID-19 pandemic presents is no different. The priorities of Indian millennials are changing. We must – and we will – change with them.
It’s what we have done up till now. It’s what we’ll continue doing.