It seems like coliving is becoming more and more popular among locals.
What is coliving?
Coliving options generally include shared apartments and private rooms and feature communal spaces where residents can mingle. But compared to traditional rentals, coliving spaces are fully furnished and come with utilities, allowing tenants to move in without much hassle.
Providers such as Casa Mia manage shared apartments located in various condos across Singapore. The communal spaces include those within the apartments, such as the living room, and condo facilities like the gym.
Coliving spaces here are generally also centrally located, allowing tenants to live close to their workplace. For instance, Casa Mia Coliving has homes in River Valley, Orchard, and Tiong Bahru.
Shorter and more flexible leases compared to traditional rentals
The minimum length of stay in a coliving space depends on the zone it’s located at, complying with the URA regulations on building use. For those in residential zones, leases have to be at least three months long.
As Eugenio Ferrante, co-founder and CEO of Casa Mia, puts it, “Many of our members find the flexible commitment appealing. It’s one less thing to worry about after this pandemic when you’re new to the city.”
One of the properties Casa Mia Coliving rents out is a room at Cavenagh House Master.
In comparison, the minimum rental in an HDB flat is six months, and three months for private properties. But landlords are usually less reluctant to rent out their properties for such a short period of time. So each tenancy usually lasts one or two years. It’s not a preferred option if you just need temporary accommodation for two months as your house gets renovated.
Expats, students and locals: The shifting demographics in Singapore’s coliving spaces
In Singapore, co-living has always been more popular among expats.
Casa Mia names the young professional expats — most of them in their 20s — as their key focus. Despite the specific target market and stringent tenant selection and matching process, the coliving provider kept an average occupancy of > 95% throught the year.
Having seen demand continue to grow, especially among their key tenant base, Casa Mia keeps adding new inventory throughout the year. They’ve seen a 10% month-on-month increase and expect this trend to continue.
“From an industry perspective, technology and finance continue to be the two most represented sectors with respect to tenants staying at Casa Mia Coliving,” says Eugenio.
“According to the 2020 population census, fewer Singaporeans are getting married, and those who do are getting married much later in life. These young people feel claustrophobic living with their parents or even in three-generation homes and want to move out of their family home,” Sophie explains.
Instead of going for the traditional rental market, more locals are opting for short-term leases as they wait for their BTO flats or renovations to be completed.
As work-from-home becomes an accepted choice, the coliving providers have seen a handful of students renting from them. They come from various countries such as Myanmar, Vietnam, India, and Korea, with a majority from China.
But coliving isn’t necessarily just for month-long or year-long stays. Some coliving companies in Singapore also cater to short-stay guests—nnot just for young professionals seeking an alternative space to work-from-home but also for staycations.
Maintaining the community during the pandemic
As the name suggests, coliving is all about living in a community. It gives you the opportunity to mingle with people that you would otherwise not meet, broadening your social circle.
Kelvin explains, “Co-living is a lifestyle product. Having a community is part of the attraction of this lifestyle product. So what we have in all the co-living spaces are your private space and your community space.”
During the pandemic, Casa Mia moved everything online. In place of events cancelled due to the first Phase 2 (Heightened Alert), it organised a cocktail-making class, a soap-making workshop, and a wine tasting session.
Moving forward with smaller events
Adapting to regulations on group size, a few coliving providers have started organising smaller events. “Additionally, we have introduced small celebrations for housemates’ birthdays and gifts for anniversaries. We also have other activities lined up for our members to celebrate within the homes,” Eugenio adds.
Adapting to the new normal
Apart from tweaking the way they hold community events, coliving providers have also been making adjustments to adapt to the changes brought by the pandemic, including work-from-home.
For Casa Mia, this involved adding work desks in most of the rooms to support and enable remote working. “We have launched our first home with a space dedicated to working from home to drive the important message that we offer an Easy Living experience for our members from Day One,” adds Eugenio.
The future of co-living in Singapore: Booking a home as fast as booking an airline ticket or hotel
Co-living was conceptualised as an alternative to traditional rentals, whereby its long-term lease can be the deal-breaker for some.
As more renters realise the hassle and inflexibility that comes with the conventional option, co-living will become the more attractive option, explains Sophie. She expects the sector to grow faster than ever as more locals are now considering it as a viable option.
“Rapid growth in tech innovation will likely drive a faster adoption as well, enabling renters to book a home as quickly as they book an airline ticket or hotel.”
“Driven by this growth, there would be a wider array of property choices to cater to everyone, from young university students all the way to older working executives. Spaces would also be optimised to meet different budgets and lifestyle needs.”
The desire for overseas working experience as one of the driving forces
Eugenio believes that expats will still be the primary consumer base shaping the coliving sector in Singapore in the next few years.
“A few consumer macro-trends will continue to drive and shape co-living: urbanisation, the desire of younger people to have international experiences earlier in their careers, and affordability of global cities (typically a vital issue for younger people).”
At the same time, he thinks the consolidation of the co-living sector in Europe and the US may bring in a few global co-living brands in the country.
“These brands will soon arrive in Asia, bringing increased consistency in the service and convenience that a customer can expect.”
Incorporating dynamic design and sustainability
Given the shift towards sustainable living, the coliving provider has also been incorporating green technologies into their developments.
Coliving as a lifestyle
Currently, most of the tenants in coliving spaces are expats, with the locals forming a growing tenant base. We may see more coliving projects across different segments of people in the years to come. This includes dormitories, hostels, and even retirement homes.
Rates for co-iving units
Rates for co-living units in Singapore are wide-ranging. Starting rates can range from as low as S$800 to as high as S$2,550 for a unit a month. While some may find it more expensive than traditional rentals, the units are all fully furnished, allowing you to move in without much fuss.
What’s more, utilities and housekeeping services are provided by the operator. If you’re someone who dreads household chores, co-living is an attractive option to consider.
Here’s a summary of the monthly rates.
- Casa Mia: From S$950 for a smaller room with a regular bed, to S$2,550 for a master bedroom in the prime CBD area Rates are for 12-months; slightly higher rates for short commitments ranging from three to six months.
- Coliwoo: ~S$1,300 – S$2,000, depending on location and rental duration From ~S$2,200 for Coliwoo @ Keppel
- Cove: From S$800 for a private room with a shared bathroomFrom S$1,500 for an ensuite room with a private bathroom
- CP Residences: From S$1,400 for a room From S$2,000 for a studio apartment
- lyf Funan Singapore: From S$2,200 for a One of a Kind studio, All Together two-bedroom or four-bedroom apartment
- The Assembly Place: From S$1,200 a month
Pros and cons of co-living in Singapore
Considering coliving? Here is an overview of the advantages and disadvantages to help you make an informed decision:
- Cost-effectiveness: Shared expenses reduce costs. Affordable compared to solo renting
- Lack of privacy: Limited privacy in shared spaces.Noise and disturbances from other residents.
- Built-in community: Fosters social interactions. Networking opportunities.
- Compatibility issues: Differences in lifestyles can lead to conflicts. Clash of personalities may occur.Combat feelings of isolation.
- Convenience: Fully furnished spaces. Ready-to-move-in accommodations. Simplifies the moving process.
- Limited control: Limited control over communal spaces and rules. Restrictions on personalization and decoration.
- Flexibility: Shorter lease options available. Adaptable to changing needs.
- Transience: High turnover of residents can disrupt stability.
- Networking and learning: Opportunities for learning from diverse residents.
Interested to hear thoughts of other operators? Head on over to the article by 99.co and gain more insights into what the future of coliving in Singapore could look like!
