Decided to invest in a co-living property? Choosing the right location will help make it easier for you to market your property and find prospective tenants. Here are 5 tips on how to choose a winning location for your co-living property.
1. Consider your target tenant profile
Millennials are the biggest audience for co-living spaces. Young, independent and armed with rising disposable incomes, they are open to sharing apartments and communal spaces with other people. To find a suitable residential space for millennials, you’ll need to a location that makes it easy for them to live, work and play.
2. Accessibility to public transport
A convenient location is usually the number one priority of renters of co-living spaces. Make sure your co-living unit is fairly close to an MRT station, ideally within walking distance. It helps if the route to the MRT station has covered walkways which offer protection from both the sun and the rain.
If the MRT station is not within walking distance, then look for a condo unit with a bus stop right in front of the condo or fairly close by. The more buses plying the road the better. The condo should also be a few bus stops away from the nearest MRT station.
3. Amenities for added convenience
A condo that’s located near a convenience store, supermarket, or better yet, a shopping mall is way more attractive than one situated in a far-flung location with no amenities nearby. While a lot of tech-savvy, digital natives do order their groceries online, having these amenities nearby means your tenants can quickly pop down to get what you want in a jiffy if they run out of something.
4. A wide array of food options
If your condo is surrounded by lots of restaurants, eateries and cafes, this lively buzz will certainly up the cool factor of your unit. A local kopitiam or hawker centre round the corner makes a difference too as your tenants can get local fare at reasonable prices to takeaway after work.
For millennials, there’s nothing more enjoyable than spending a relaxing weekend having brunch at a quaint café, sipping wine at a swanky bar or having a catch-up session with friends while tucking into delicious food at a cosy bistro. Bonus points if these are within walking distance and very Instagrammable.
 5. Nearby activities
While your condo may have a gym, it helps if the neighbourhood also has a plethora of activities to keep your tenants busy over the weekend. A gym with many machines or fitness centre where there’s yoga, spin-cycle or kickboxing classes will appeal to the health conscious. A nearby park will be convenient too for joggers who don’t like to miss their evening runs.
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