Pune: Affordable Co-Living Rentals Outshine Other Metros, Except Chennai
Pune: Co-living rentals in Pune are easier on the wallets of renters compared to other metro cities in the country but are marginally costlier than those in Chennai. This is due to the correspondingly lower average rent of entry-level apartments in the city, data from real estate services firm Colliers India showed.
The average co-living rent in Pune ranges from Rs 9,500 to Rs 15,700 per month, while the average rent of a premium co-living facility in a city like Bengaluru or Mumbai is Rs 23,700 and Rs 27,500 per month, respectively. The differential in rent between co-living and regular apartments for all cities is around 25-35%.
Despite being the cheaper option, availability of co-living facilities is very limited as it is a relatively untapped market. Colliers India estimated that the overall capacity of the co-living segment is very low at 3 lakh beds compared to 5 crore migrant population moving within the country. However, it is expected to grow to 10 lakh beds by 2030 as more developers enter the segment.
In Pune, developers are increasingly incorporating co-living units into standalone or mixed-use developments to cater to the growing demand, Manish Jain, president, Credai's Pune chapter, said. Co-living involves tenants sharing common facilities and spaces while having their own private rooms. It is particularly suitable for single occupants who are not immediately looking to buy a home, want to save on rent, and desire flexibility in the duration of their stay. Typically, the duration of stay ranges from eight to 12 months.
This sector has seen a rebound in Pune post-pandemic, especially during the last couple of years, with most companies from the IT sector adopting a flexible model for work from home and office, Saurabh Garg, co-founder, NoBroker, said. Co-living is mostly favoured among the service industry-intensive areas, such as Hinjewadi and Kharadi, on the western and eastern sides of the city, and in some pockets, including Vimannagar and Kalyaninagar. Besides single professionals, industry experts expect demand from postgraduate students, as not all educational institutes can accommodate the increasing number of students in their hostels.
Rising migration to the top metro cities and the growing preference of white-collar workers for professionally managed spaces are also driving growth in the co-living sector. With over 1,400 colleges and thriving job opportunities in areas like Hinjewadi, Kharadi, and Chakan, the city continues to attract young professionals and students aged 25–35. For this segment, co-living offers an ideal solution that is affordable, well-maintained, and in preferred locations, said Jain.
