As part of our Property Management Services, we manage co-living spaces or shared spaces under our Bespoke Habitat arm. We also organise co-living investment workshops. Here’s all you need to know co-living.
What does co-living mean?
Co-living is a modern form of shared housing. Under this shared space concept, tenants rent individual rooms but live together in a fully-furnished condominium.
As part of the room rental, value-added services are also provided, such as wifi, weekly cleaning and utilities.
What is a co-living space?
To us, our concept of a co-living space in Singapore means that it is a fully-furnished condominium which comes with facilities such as a swimming pool, gym, tennis court, as well as 24-hour security. Besides furnishings, the condominium is equipped with essential appliances such as a washer, dryer, refrigerator, microwave and air-conditioning.
To invest in a co-living space, it’s important to select a condo unit located in a convenient location with close proximity to an MRT station or transport links. Amenities such as a supermarket, wet market, shopping mall or eateries should ideally be close by as well.
For tenants, what are the benefits of living in a co-living space?
There are many benefits including:
Affordability: Room rental for tenants is usually all-inclusive – wifi, weekly housekeeping or cleaning services, as well as utilities are included in the monthly rental.
Flexibility: Under URA guidelines, tenants must sign a minimum lease of 3 months.
Whether it’s long or short-term stay, tenants can opt for flexible leases for a duration that suits them.
Move-in ready: The units come fully-furnished with essential appliances.
Work-from-home ready: With high-speed internet broadband / wifi already installed, tenants can easily work from home with ease without disruptions.
Hassle-free: Tenants don’t have to worry about cleaning because weekly cleaning services are provided. Safety is also not a concern because there 24/7 security at the condo. There’s also maintenance support so you can be assured that the unit will remain in tip-top condition.
Who is co-living for?
Co-living suits the following individuals or tenants:
- Business personnel from overseas who are in Singapore on short project-based / consulting work for a few months
- Expatriates who have relocated to Singapore and desire a hassle-free and convenient place to stay
- Companies which want to take up a few rooms for corporate stays so their international employees to stay together
- Millennials who prefer privacy and wish to move out from their family homes so they can a taste of independence
- Singapore residents who wish to have a private space outside of their family home where they can work from home and be free from distractions
- Returning Singaporeans from overseas who may not have found a permanent home to buy in Singapore
- People who require temporary accommodation while awaiting for renovations of their own homes to be completed
- Local or international students who wish to have a place to stay that is close to their educational institution
For landlords, what is a co-living investment?
Co-living investment is one of the strategies you can use as an operating business to accumulate funds towards your goal of building a property portfolio. Attend our co-living investment bootcamp to find out more details about this strategy.
If I’m a landlord, how can I make money from co-living?
If you’re the owner of an investment property, you can rent out individual rooms to individual tenants.
Alternatively, you can become a landlord by renting out the entire apartment then subletting the rooms to individual tenants.
If you don’t want the hassle of finding tenants, you can also tap on our property management services. Find out more.
If I’m a landlord, are there any guidelines which I must follow?
You’ll need to comply with URA Guidelines. For example, the lease duration for your tenants must be least 3 consecutive months. There is also an occupancy cap of 6 persons in each unit. Modifications to the unit must also ensure that essential features such as the living, dining and kitchenette area remain so that it serves its function as a single self-sufficient residential unit.