Opportunities exist for landlords to tap into the potential of co-living for families in need of short-term stays. This can open doors to new revenue streams.
Co-living has traditionally been popular with millennials and young professionals. But as the popularity of co-living rises, this modern form of housing is also extending its appeal to a broader demographic.
Co-living is emerging as a practical and appealing option for families. This untapped niche not only meets the diverse needs of families which require a temporary place to stay but also opens up new avenues for landlords seeking stable occupancy.
For forward-thinking landlords, here are the various profiles of families that they can consider marketing their co-living accommodations to.
1. Families requiring short-term stays amidst renovations
Co-living provides an ideal solution for families awaiting the completion of their home renovations or the receipt of keys to their new residence. With co-living able to offer short-term stays of a few months, families can enjoy the benefits of a home away from home while their permanent home is in progress.
2. School-seeking families
Education is a priority for families in Singapore and it is not uncommon to find families seeking a residence close to their desired school. Co-living offers the perfect interim solution for families seeking a temporary place to stay near their children’s school, while they engage in house hunting. Thus, co-living makes the transition to a new school smoother for both parents and children.
3. Returning families to Singapore
Families returning to Singapore after residing overseas are another target market for co-living housing. Some of these families may not have immediate housing arrangements or a permanent home they can go back to in Singapore. Thus, co-living offers a welcoming and temporary abode for these families as they readjust to life back in Singapore.
4. Newly arrived expat families
For expat families, settling in a new country can be a daunting experience. One of the most immediate and important things which they need figure out is their accommodation. Co-living can offer beacon of support for families relocating to Singapore. It offers a community-oriented living experience that eases the challenges of adapting to an unfamiliar environment.
5. HDB dwellers testing the waters of condo living
Some HDB dwellers who may be thinking of upgrading to a condo can test the waters by opting to live temporarily in co-living accommodation situated in a condo. This allows these families to experience the perks of condo living without the commitment of a long-term property. It also serves as an attractive and low-risk option for those considering an upgrade.
Co-living for families presents an exciting and largely untapped opportunity for landlords. By catering to the unique needs of families, landlords can unlock the potential for further gains.