The year 2017 has not the best year for the current traffic situation in Metro Manila. In fact, a bad situation only got worse. Aside from carmaggedon and the poor transportation system, traffic in the country worsened because of the undergoing infrastructure construction in some areas.
Because of the horrific traffic, more and more people who live in the surrounding provinces moved to the city. This allows the to be near their jobs and lessens the stress they experience every day. The rise of renters in the most urban parts of Metro Manila fueled a huge demand for dormitories or bed spaces.
Dormitories and bed spaces are not new. This type of accommodation is a big thing in locations that are considered university towns because of the huge amount of students who need bed and shelter per semester. Today, more and more members of the working class, especially those who are just starting out, are looking for dormitories all over Metro Manila.
Creating a new market
Condominiums are one of the hottest types of accommodation in the Metro but it’s not for everyone. Renting a condominium is a lot more expensive than dormitories. However, dormitories and bed spaces are more attractive to young professionals from a price perspective despite their smaller space.
This is the reason why there are tons of modern dormitories in the business districts of Makati and Taguig. For example, the Fort Bonifacio Development Corp led by Ayala Land is about to build a 16-storey modern dormitory called, “The Flats BGC at 5th Avenue.” The Flats will host more than a thousand bed spaces for rent and aims to help out thousands of Filipino workers who want to stay closer to the business district.
A better space
Gone are the boring bedroom only units that used to be found in your local dormitories. Nowadays these spaces are cool and modern, filled with amenities that any young professional will enjoy like gym, cafeteria, canteen, lounge, and free Wi-Fi spots. The aim is to provide the carefree work and play lifestyle that most renters crave without compromising their budgets.Most modern dormitories cost PHP 4,000 to PHP 7,000 per month – much cheaper than the rent and maintenance fee of a condominium unit.
Openness and collaboration
The rise of dormitories can be seen as another fruit of the sharing economy. Sharing spaces pave way to diverse co-living with openness and collaboration. It can be seen as a new growth area for many developers and real estate practitioners who are looking for the next big thing in the industry. It also serves as a stepping stone for Filipino young professionals to live independently and get their finances for future real estate investments.