Co-living has taken off in Singapore and in major cities across the globe. With flexible leases and perks such as utilities, wifi and cleaning, it’s easy to see why this affordable housing model appeals to certain demographics. If you’re a landlord of a co-living investment apartment, you’ll definitely want to fine-tune your marketing to attract co-living tenants.
With the rapidly-growing co-living scene in Singapore, we take a look at the types of tenant profiles that co-living spaces tend to draw in.
As an open economy, Singapore continues to attract expatriates professionals from abroad. Expatriates are a traditional target audience for co-living spaces. For foreign talent who have newly arrived in Singapore, co-living not only offers a hassle-free accommodation but also a chance to widen their social circle by meeting like-minded individuals.
Students who seek convenient accommodation are a natural target audience for co-living spaces. With high-speed wifi, utilities, cleaning and amenities included, it’s no wonder co-living residences appeal to include both local and foreign undergraduate or post-graduate university students who may prefer to live off campus. They are also suited for international students who have come alone from abroad to study in Singapore’s pre-university institutions.
Millennials form a key age demographic for co-living residences. They tend to be progressive, outgoing and more likely to embrace a shared economy. Therefore, they would have no qualms about renting and are more amenable to the communal lifestyle offered by co-living. They may want to move out from their family home for greater independence. Local millennials who have come back from studying or working abroad and who are already used to living on their own are also more likely to seek co-living accommodation.
For dating couples, co-living accommodation offers them a chance to take that next step in their relationship. They can have the privacy they need if they want to try living together away from their parents. Co-living residences are also a viable short-term accommodation newly-married couples who may be saving up to purchase a home, waiting for the keys to their BTO flat or awaiting for their home renovations to be completed.
5. Young working professionals
The COVID-19 pandemic has made hybrid working arrangements the norm in Singapore. With more people getting used to and preferring to work home, having a conducive home-working environment is critical. Some individuals may not have the space and privacy they need if they have to share a room at home or have many household members living under the same roof. With internet connectivity and privacy of their own room in a co-living residence, they will probably be more productive in getting work done.
6. Short-term travellers and digital nomads
After more than two years of living with COVID-19, vaccination rates have increased and more countries have embraced a “living with COVID” strategy. Singapore is no exception. With the opening up of borders, relaxation of social distancing rules and easing of COVID-19 restrictions, global travel is expected to pick up. Therefore, co-living stays would suit international travelers and digital nomads (such as YouTubers or those who don’t have to be in the confines of an office) who intend to stay in Singapore for months at a time whether to work or play. They are very affordable accommodation alternative to pricier hotels.