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 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.