Techies move from hostels to lavish co-living spaces | Chennai News

After a two-year Covid-induced lull, the hunt for hostels is back on, with apartments and businesses running co-living spaces seeing strong demand.
Professional rental spaces are now springing up across the city at a blistering pace. “I can’t think of living in a cramped 10 square foot hostel with a bunker bed with an overcrowded mess. Since my company offers an option to work from home three days a week. I need a decent place to work,” said
R Vaibhav, chartered accountant looking for a local in town. For students too, comfort remains a priority because they do not hesitate to pay more for a better living space.
“We used to live in a cramped hostel. But now we stay in a spacious and clean PG. . . we have to pay ₹22,000 per month, but it’s worth it,” said S Shafaq, a student freshman PG from New Delhi.
Manoj C, group leader of Stanza Living, a company that provides 3,300 beds in 20 co-living spaces in the city, said they only had one hotel with 448 beds when they started in 2020.” This industry is bound to grow,” he said. said.
In just one year, Stanza has added around 7 of these spaces and rented over 50 apartments. Zolo, another company in the same space, started with 10,000 beds in 2019 but cut it to 2,500 in 2021 due to the pandemic. Business is picking up for them now, a Zolo executive said. On the other hand, these co-living spaces and the pandemic have robbed hostels of a good deal.
In 2018, there were approximately 2,000 hostels and 3,000 paid options across the city. Most of them closed shop after the pandemic. The high street of Triplicane, which once thrived with students and professionals thronging the streets for mansions, now bears a deserted look. R Santhanam, manager of Vinayaga Guest House, said they have about 67 rooms but only 37 are occupied.
“Since April of this year, the occupancy rate has increased. Although our rents are only ₹4,500, people don’t prefer it as we don’t have washing machine, housekeeping and geaser facilities,” he said.
Stanza offers tiffins and food at their hostels and also suggests cooks for their apartments, like Zolo. My Roomie, another big player in Bengaluru, is also planning to enter the market soon.
CREDAI’s Sreedharan said this is a sector that has never been tapped before but is expected to flourish.