Co-living is becoming more popular among millennials and expats in Singapore. It allows tenants to rent a room within a larger apartment or building rather than a whole apartment or house, making it a more affordable and flexible way of living. Co-living spaces are often modern and trendy, with common areas where residents can socialize and work. They are popular among young professionals and digital nomads because they frequently include unique amenities such as communal kitchens, game rooms, and gyms.
Furthermore, co-living spaces in Singapore are growing in popularity among investors as a promising investment opportunity. With rising demand for co-living spaces, investors can benefit from consistent rental income and long-term property value appreciation. As the demand for co-living spaces grows, it will be interesting to see how the market evolves and adapts to tenants’ and investors’ changing needs.
Pros of co-living from tenant perspective
- Cost Effective – One of the most significant advantages of co-living is that it can be a more cost-effective option than renting an entire apartment or house. Tenants can save money on living expenses by splitting rent and utility bills with their roommates.
- Community living – Co-living spaces are intended to encourage interaction and socialization among tenants. This can be an excellent way for tenants to meet new people and develop a sense of community, particularly if they are new to the area.
- Flexibility – Unlike traditional rentals, co-living spaces allow tenants to rent a room for a shorter period of time, such as a few months, rather than being locked into a long-term lease.
On the flipside..
- Lack of privacy – One disadvantage of co-living is that finding privacy in a shared living space can be difficult. Tenants may have to share common areas with their roommates, such as the kitchen and living room, which can be difficult if they have very private personalities.
- Limited personal space – While co-living can save money, tenants may have to give up personal space. Tenants may only have a small bedroom to call their own in a shared living space, making it difficult to store their belongings or have their own personal space. Storage space might pose an issue for some.
- Potential conflicts with roommates – like renting in the traditional way, you would also have “neighbours” in co-living. If tenants do not get along with their roommates, co-living can be difficult. While co-living spaces are intended to foster community, conflicts can arise if roommates have opposing lifestyles or schedules. This is especially difficult if tenants share a small living space, as conflicts can quickly escalate.
Are you for or against co-living? Feel free to share it to someone who is facing this question right now 🙂