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Coliving and the Rise of the Shared Economy

Jan. 30, 2023
5 Min

If history is a lesson to all of us, the landscape of residential structures and other business structures has been shifting. While the previous generation was adamant about an ownership-based system the newer generation thinks a bit differently.


The past generations have focused their lives on owning property for agriculture, and non-agricultural purposes, owning residencies such as apartments, owning houses, laws and also owning vehicles such as motorcycles, cars and other vehicles as well. In many ways, history has shown us that people who owned property also resonated with it a sense of power, pride and wealth.


However, the dynamic has changed. After the emergence of the technological wave and the past generational leap, coliving and a sharing economy has prevailed. Businesses such as Ola and Uber had entered the market, paving way for a shared economy base wherein customers could share expenses and opt for riding with other customers. Zoomcar and Drivezy paved the way for renting or subscribing to vehicles. Here the parallels of ownership of vehicle had changed and shifted to a shared basis. Even coliving establishments like Cozy Stay, Stanza Living and several more have paved the way for a coliving and sharing of spaces. These entities also provide shared living spaces which can be rented for months or a matter of days. Hence, the economy has changed but the question "how it benefits the customers and alters their mindset?".


Through this blog, we venture into the future of the sharing economy. So without further adieu, let's begin!!


Shifting from ownership to shared economy:


The sharing economy has been racking up residential and shared services statistics like never before seen. The main reason for this is the shift in mindset to own properties or amenities to renting them. Gen Z is more focused on creating memories and availing convenience than grinding through jobs for creating ownership-based properties. 


The term shared economy or collaborative consumption was coined first in 1978. Tracking back the history, the evolution of e Bay in 1995 led to a foundation that catered to the growth of the sharing economy that eventually shared the global shared markets. 


Many players have entered this game, especially the residential market is looking amazing in this sector. So here's how the mentality of owning to renting has benefited the audience. 


Hybrid Work & Side Hassles:


As the dynamic of work environments is changing and thanks to the lockdown, the way we work has changed. People wish to work in a hybrid mode and enjoy personal time along with it. Collaborative Consumption has led people to opt for rental facilities or coliving facilities such as Cozy Stay instead of owning an apartment or house. People wish to spend money on travel and luxuries instead of investing in owning properties. 


People are also opting to stay in rented properties, and have started using Ola, Uber or other public transport while they have enlisted their cars on vehicle rental platforms to create a side revenue. 


In these ways, they save more, earn more and in turn enjoy more. 


Higher savings and a comfortable lifestyle:


A new lifestyle promises some changes. In the shared economy, this new lifestyle guarantees a welcome change. If it was the good old days, people would've opted for the buy a house and move-in policy. However, the newer generation wants to shift into coliving spaces, thereby increasing the luxuries of livelihood and means to save and earn higher revenues. 


So if you're looking for coliving spaces, then Cozy Stay is one option you can seek. You can rent furniture, and buy clothes and accessories at reasonable prices because of the shared economy, and things couldn't get better.


The sharing economy has seen a change in lifestyle and is going to revolutionalize the way we perceive the new residential structure. 


No maintenance costs or repair bills:


Each property has its own set of expenses. When you own a property the main issue is that you'll have to pay for maintenance costs and repairs as well. That could amount to a hefty portion of your salary or even more depending on the locality and amount.


This means that when you rent a property, the landlord will assume full responsibility for all maintenance, improvement and repairs. In co-living facilities, with a click of a button, you can get things repaired in time and also not bear any cost for the same. Opting for places like Cozy Stay could be a game changer wherein you can avail yourself of comfort and also save a lot of money as well. 


Usage of amenities:


Another one of the many financial benefits would be the usage of amenities. When you are a homeowner and wanted to experience a day in the pool or even get engaged in a fitness centre. These are all quite expensive, and most of the time, we get a membership which could cost a lot of money. 


However, if you are in a coliving facility like Cozy Stay, you'll have access to a well-equipped gym, a clubhouse and all other amenities. When you live in a home, the taxes will be deducted according to the amenities and maintenance too. So in a way, it is much more expensive when you take into consideration all these expenses. 


Property Taxes:


Property taxes are something that can't be skipped out on and has to be paid on time. When you own a property, that is one of the aspects that reduce your income.


These taxes have been a hefty burden on homeowners, and it varies from country to country. 


So one of the major benefits of shifting to renting from ownership is that you can save up on the costs, significantly.


No more deposits:


Before, the residential infrastructure changed, ownership was a sign of pride and honour. However things have changed, and the new generation values convenience, and comfort more than other things. 


When you rent out a place, you're bound to provide a hefty amount as a security deposit. When you're just starting out in your career, it might be quite difficult to pay the deposit for one of these apartments. 


So our question is why settle for less when you can have all the comfort of home without the deposit? 


Sounds impossible? 


Well, it's not anymore. Cozy Stay is one of the top players in the coliving residential industry and offers you the option to go deposit free. Without submitting a deposit, you can join in any of our coliving facilities and start experiencing comfort, in a new way. 


The Cozy Story:


Owning a home can be beneficial for homeowners over the long run, due to the amount of equity they acquire in their home. Renters have nothing tangible to show for years of rental payments. However, for those who want to avoid the hassles associated with homeownership, the costs of upkeep, and property taxes, renting might be a better option.


Cozy Stay is one of the up and coming coliving residential infrastructures offering the comfort of coliving through futuristic IOT-enabled functionalities. So if you want a simple life at affordable prices, Cozy Stay is the place for you. The shared economy is here, and it's time you embraced the change from ownership to the shared economy.


We hope you found this blog useful. Until next time, see ya!!


Cozy Stay


Live Easy At Cozy


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T Arjun Vijayaraghavan

Content Creator

Last updated on :

Jan. 30, 2023 | 7:46 p.m.

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