The growing popularity of co-living spaces in Singapore
It has reached the tipping point where co-living has affected bigger businesses, such as hotels
The demand for co-living spaces in Singapore has increased significantly in the past few years as it grew in popularity amidst the working class of the country. It has reached the point where occupancy rates have gone higher than 95 percent.
Needless to say, another contributing factor to the growth in the popularity of co-living is the fact that the pandemic saw the implementation of work-from-home policies, turning it into a norm within just a few years of lockdown. Since most people lived with their families, it became a challenge to work with situations like conference calls being disrupted and leading to unproductivity.
To cater to this growing demand, JLL found that more hotels have transformed their spaces into co-living areas, in hopes to penetrate larger markets and get a considerably large return from renting out residential spaces bought for cheaper prices.
More: Is small space living worth it?
Investors have also taken note of the fact that converting hotels into co-living spaces involves less financial risk than selling to an open market. There are fixed rates with cost pressures that could be divided among people or tenants equally.
As the scale of the popularity behind co-living increases, Channel News Asia revealed that it is becoming more popular with foreigners, apart from the locals. The thought of having temporary accommodation without having to sign a long lease sounded welcoming from their point of view. Not only did it serve as a communal space for socialising and networking, but it also served as a convenient choice for professionals, students, and other people looking for a place to be away from home.
The Property Report editors wrote this article. For more information, email: [email protected].
Breaking the glass ceiling: How PropertyGuru Group is raising the roof on diversity and empowering women in real estate
Its series of events reward female trailblazers for their valuable contributions to the industry
Asia after COVID: A story of uneven recovery and reinvention
Some countries were moving ahead pretty quickly, while others were lagging behind in their recovery
6 trendy spots to visit in Binh Duong, Vietnam
This prime gateway to Ho Chi Minh City is earning attention from property seekers eyeing great connections and deals
Time for adaptive change
The extent of future climate change largely depends on what actions we do or do not take