How co-living and hybrid hospitality promotes sustainability?

In its most primal form, co-living is the idea of having a large number of people share resources and living spaces in the most efficient way possible. As a concept, it is based on the need for sustainable living - financially (as a model) and environmentally. The idea of “sharing resources” is its bedrock. In India, the most densely populated country in the world, the need for co-living is more than anywhere on earth. Why? Let’s dive in. 

Co-living and hybrid hospitality as a sustainable financial model 

Co-living has evolved. It started off as a basic capex and rent model. Gradually, it branched out into various models like operator models, asset heavy models, asset light models etc but the core idea was always the same. Flexible living in shared spaces in a vibrant community. Some did it for a year, some did it monthly and others went with a more liquid approach. Here’s the question: Why not all? One day to one year. Yes, operations change slightly but the core offering is the same. This is hybrid hospitality. 

One day to one year. Powered by technology and forecasting for maximum occupancy. Now, as an operator, we don’t depend just on colleges, or companies or changing patterns of employment. Now we can target the professional, the company or the traveler - all the same target market looking for a community experience - in the same property. Of course, students may require a different setup. 

This model maximises returns, especially in a revenue share model with a landlord. We’re already witnessing 20-30 per cent higher revenues than rent. And the risk? Minimised for the operator. The reward? Maximised for the landlord. And this is long term. Sustainable. 

Occupancy is guaranteed longer term by the longer stays or corporate tie-ups. The cream of the crop is generated by day stays through OTA and other channels. Highest occupancy numbers of all such models - higher than 85 per cent year on year. It works like a charm as a model. Of course, it needs to be executed, designed and marketed well. It makes so much sense. Solving a real problem with the highest flexibility. 

Co-living: The most sustainable living concept for the environment

If designed correctly, co-living encourages residents to share common living spaces and resources. Community kitchens are used by 8-10 people on average including all its appliances and power. Work zones, gyms and chill zones are designed for 40-50 people on average sharing spaces holistically. This reduces energy consumption and space exponentially. A recent study in the UK by a prominent co-living community showed that it also reduced emissions by a whopping 60 per cent compared to a typical household. 

In a country like India, the availability of spaces is dwindling by the minute. People need affordable housing but they want large communal spaces to live a holistic lifestyle. Co-living is the answer. You can clamp down your carbon footprint and live a top notch lifestyle within a community. Flexibility offers options that were never possible before. Where could you stay for four months in a city like Mumbai with such an environment? A guest house or hotel? Imagine the carbon footprint and its cost. 

Less waste. Shared transport. Shared spaces. Energy conservation. Recycling. There are so many sustainable advantages. This is how I imagine living will fight the status quo eventually. For all age groups. Hostels will improve and adapt to provide better quality of life for the student. Co-living will bring in community living at its best for a varied range of residents. Senior living will maximise comfort, convenience and community to tackle golden years. Most of all, hybrid hospitality brings with it freedom. Freedom to move and dream with no timeline in mind. And it's here to stay and change how we will live forever.