The demand for PGs, Co-Living Spaces and Student Accommodations has been witnessing a continuous upward trend in recent times. The fact that only "PGs near me" keyword in Google has a search volume of nearly a million in a year is a testament to this fact. Several factors have been contributing to the booming demand in this sector. Few of them include,
- A growing category of millennials who prefer Co-Living Spaces to meet and network with like-minded individuals.
- Professionals relocating out of their hometowns due to work demands.
- Students who prefer cheaper Hostels than Flats while pursuing their academics.
It is worthwhile to note that each category of the individuals has their priorities at the place while looking for a stay abode. The social butterflies for whom price is not a matter of major concern prefer the organized Co-Living spaces namely Zolo Stays, Oyo Life, Coho Living etc. The work professionals mostly prefer PG accommodations near to their workplace for easy commutation. Whereas the students tend to pick hostels located near their study places. Student accommodations have recently become a hotbed for many emerging startups namely Stanza Living, Oxford Caps etc.
Several key decision-making parameters that the seekers do take into account are
- Location - ('PGs near me')
- Food & Hygiene
Google remains the tried and tested place while searching for cheaper unorganized PG players. Unorganized players who generally do not have a website of their PGs, promote it via Google Business Listings. Reviews and Ratings in Google Business Listings do remain critical for these set of owners for adding the differential element from other local players.
Online platforms like Housing.com, Magicbricks, and 99 Acres have a hidden goldmine that they can tap into for assisting these Owners. Recently Housing.com has come up with Co-Living/PG segment in their site by listing over half a million beds, majorly contributed by the unorganized players. Justdial too remains a hot platform where the unorganized players showcase their businesses. Even many of the organized players have entered into tie-ups with Online platforms to showcase their accommodations.
Apart from the Online Platforms, Quora is a highly convenient platform where seekers can find a lot of their queries answered. There are innumerable threads relating to PG/Co-Living spaces across multiple cities and locations, which cater to queries across all possible segments.
In summary, this is the space which is surely going to witness an upward trend in the coming times. It remains interesting to witness which particular Online or Offline player manages to tap into the hidden goldmine and grow it as a sustainable business.