Migration from province to the city is normal, not only in the Philippines, but also in the other parts of the world. Mainly because cities provide more opportunities, something that provinces here should figure out. Because there are many jobs available in the city, many probinsyanos take their luck and seek better chances.
Because of this, and the hellish traffic that prevent people from easily travelling city to province and vice versa, many employees from the provinces look for cheap and accessible means of living in the city. Not everyone, after all, can afford to buy or rent a spacious condominium or house and lot. Some opt for the affordable option, which is going after dormitories or bed spaces.
The bedspace phenomenon
According to a recent study, 30% of Filipinos prefer to rent than to buy property. A huge part of that 30% are the employees who are living in bed space condition. Bed space and ordinary rent differ from each other in a way that the renter will only occupy the bed or their personal space. The latter on the other hand refers to the occupancy of the whole house. Renting a house or an apartment means that the renter has some authority over the property while the bed spacer will only mind the space that he or she is allotted to.
Call center agents who works against rotating shifts are the most professionals who are leaving under the bed space condition. The simple space that they share are enough for them, if it means that they are cutting costs. Because of the huge demand, more and more people are getting involved in the business. Some homeowners in the buy-to-let. The bed space phenomenon has opened many doors to many people. And the big shots of the real estate world are listening.
Elevating the yuppie way of life
Enter high-quality dorms – bed spaces that are simply different from the ones that we often see. Many developments, such as the Philippine Urban Solutions, Inc (PULS), are opening properties that cater to the needs of these yuppies. They are upgrading the notion of bed spacing from simple style of renting to a luxurious way of life – in a cheaper price.
They are opening up properties in BGC, Manila Central Business District, and Ortigas. These developments are said to have spacious rooms that have air conditioner, kitchenettes and bathrooms. These developments also have fun amenities like a movie theater where you can chill after a long day’s work, free access to the internet, infinity pool, and game room. These amenities are of course there to target the millennials, who are the driving force for this phenomenon. No more 5 hours worth of commuting, no more uncomfortable bed spaces. Yuppies can simply enjoy their fast-paced lifestyle in these upscale properties for only P5, 000 below.
Seeking opportunities
Strike while the iron is hot, is what people say. The real estate sector should milk all the opportunities that we currently enjoy from the recent economic boom thanks to the BPO and start-up industry. The key is to become more adaptable, look for opportunities, and be ready to get creative. The bed space phenomenon may come and go but as long as real estate enthusiasts are ready and prepared, nothing can stop from this business to bloom.
