Rising Property Prices and the Co-Living Solution
In recent years, Singapore’s rental market has seen some serious ups and downs. Private home rentals shot up by about 30% in 2022, the highest in 15 years, and continued to rise by another 9% in 2023. With rents getting so high, co-living has become a popular and smart alternative for many people looking for affordable housing.
Co-living is all about providing fully furnished living spaces with communal facilities and social programs. This concept has caught on with both locals and expatriates who want flexible and cost-effective living options. Experts believe that co-living isn’t just a fad but is here to stay.
Beyond Just Shelter: What Modern Tenants Want
Today’s co-living tenants expect more than just a place to sleep. They want a sense of community and belonging. Eugene Lim, founder and CEO of The Assembly Place, notes that tenant expectations have evolved. “Four years ago, co-living was often seen as just another form of room rental. But now, tenants are looking for quality living experiences and community engagement,” he says.
Operators like The Assembly Place and Cove have responded by organizing community events such as hikes, workshops, and yoga sessions. These activities help residents connect and create a lively living environment.
The Appeal of Co-Living for Singaporeans
Co-living isn’t just for expatriates anymore. There’s been a noticeable increase in local tenants opting for co-living spaces. Kelvin Lim, Executive Chairman and Group Managing Director of LHN Group, points out that Singaporeans now make up one-third of their tenant base, up from just 10%.
This change is driven by young professionals seeking privacy and space, especially during the pandemic. Many locals choose co-living for short-term stays while waiting for their BTO flats or during home renovations. The flexibility and convenience of co-living make it an attractive option for temporary accommodation.
Adapting to the New Normal
The pandemic has changed how we live and work, and co-living operators have adapted quickly. With more people working from home, many co-living spaces now have dedicated work-from-home areas. For instance, Casa Mia has added work desks in most rooms to support remote working.
Community events have also moved online, with virtual yoga sessions, financial consultation talks, and cooking workshops becoming the norm. These online activities help maintain the community spirit even when people can’t meet in person.
The Future of Co-Living in Singapore
So, what does the future hold for co-living in Singapore? Expect rapid growth, driven by tech innovation, making it easier for tenants to book co-living spaces quickly and conveniently. There will be a wider range of property choices to fit various budgets and lifestyle needs.
Expats will continue to be a big part of the co-living community, drawn by the desire for international experiences and the affordability of global cities like Singapore. But the local tenant base is also expected to grow, with more Singaporeans appreciating the benefits of flexible and community-oriented living.
Sustainability will be a key focus for future developments. Co-living operators are incorporating green technologies and energy-efficient features into their properties. For example, the upcoming lyf one-north property will feature lush greenery and smart building features to create a comfortable and eco-friendly environment.
Conclusion
Co-living is more than just a trendy term; it’s a lifestyle choice that offers flexibility, community, and affordability. Whether you’re an expat looking for a home away from home or a local needing a temporary place to stay, co-living has something for everyone. As Singapore’s rental market evolves, co-living is set to become an integral part of the housing scene, offering a dynamic and enriching living experience for all.
