Co-Living and PGs: Navigating Challenges in a Post-Pandemic World
11 November , 2022
PGs Are Strengthening, But There Are Still Challenges !!
The resurgence of Co-living & PGs is being attributed to the recovering economy. But the game has changed as a result of the pandemic. And for this industry to survive, it needs to adopt more recent knowledge. Here More PG Locations Near You...,
Every firm has changed its strategy in response to the global pandemic. The Co-living & PGs Industry, one of the bright spots in Indian real estate, was severely impacted by the pandemic's economic effects. Employees returned to their hometowns due to job losses and remote working, which resulted in zero to low occupancy in co-living/PG apartments and threw the firm off course.
The industry must adapt to the changing consumer demand and the paradigm shift that occurred in the last eighteen months as a result of the economic consequences of COVID-19 as the economy shows indications of recovery. The following elements are crucial for the resurgence of this sector:
From single rooms to triple sharing, there is demand: The demand now ranges between single and triple sharing as personal well-being becomes a central role. The days when inhabitants could comfortably sleep in a room with four to five beds are long gone. The demand for rooms with fewer beds has increased as a result of the existing societal standards surrounding social distance. Demand for single rooms and double sharing was limited even six months ago, but it has since evenly spread to include triple sharing. More than ever, operators of co-living spaces and PGs are providing single rooms. Operators would be forced to reduce the amount of beds due to the demand being mostly for single and triple sharing. But there would also be a chance for newcomers to fill the gap in the supply of beds. Here Book Your PG Room Near You...,
Changing the economics of rental return: The shared rental model must deal with the age-old issue of declining rental returns in a competitive business climate. In order for a co-living venture to be successful, it must provide the supply side with significant economic value while continuing to entice millennials with affordable rooms and beds. Here More Info About PGs...,
