Co-living players convert their properties into integrated WFH campuses

August 18, 2020: Co-living companies, which have been struggling due to the pandemic are targeting new segments to sustain business.

As the current occupancy rate has fallen between 40-75% for co-living companies and to almost zero for student accommodation players, many players are also conducting deals with distressed property owners to add capacity expecting future demand, although on a revenue-sharing basis.

Many co-living players are setting up integrated office-cum-home campuses for corporates, turning their buildings into quarantine centres and launching premium offerings as per customer demand.

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July has been the worst month due to a week-long lockdown imposed in Bengaluru, especially as rumours did the rounds that it would last for two months. However, occupancy is now picking up.

Co-living companies are introducing perks like referral bonuses, free stays for existing or past customers who have lost their jobs and a healthcare package that includes medical insurance.

Colive, CoHo and Guesture are all offering work-from-home (WFH) setups for corporates. Facilities include ergonomic chairs and secured networks. The company is also in talks with automobile and electric manufacturing companies to develop affordable housing for workers.

A few players are striking partnerships with food, laundry and grocery startups to attract customers.

Student accommodation company Oxfordcaps has converted 30% of its inventory to quarantine centres as sanitation is a big concern now.

Premium student accommodation players are looking to launch an ultra-premium co-living product. Companies are adding capacity as they believe that when people do come back, they will shift from unorganised PGs to "cleaner and safer" branded accommodation.

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