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Co-living is here to stay: NUS Survey

By: CP Residences
February 2023

Amid soaring housing costs, property investors expect continued growth in the co-living market, according to a recent poll by the National University of Singapore.

Co-living in Singapore is only going to grow more popular amid inflation and rising property prices. A Q4 2022 survey by National University of Singapore Real Estate (NUS+RE) found that more than half of the respondents believe that co-living will become a permanent feature in Singapore’s property market.

NUS+RE, which represents the Institute of Real Estate and Urban Studies and the Department of Real Estate at NUS, polled the nation’s real estate sector – including developers – on the future of the co-living market here.

The report found that demand for co-living spaces remained robust in 2022 amid a tight housing market exacerbated by pandemic-induced construction delays, rising rental prices, as well as lower purchasing power due to inflation and property cooling measures.

These have pushed more people – including homeowners facing delays to their new flats and expatriates returning amid easing of travel restrictions – to consider co-living as a viable option.

Carving Out a New Market

The rising popularity of co-living could mark the start of a third market in Singapore, beyond the traditional rental and sales markets, said Professor Sing Tien Foo, the Provost’s Chair Professor at NUS’ Department of Real Estate.

Many of these co-living spaces are not only more competitively priced than other options such as traditional rental homes, but they also offer residents a community lifestyle, he said.

Perks of Co-living

There are other reasons co-living is quickly gaining popularity.

Increasingly, millennials have been driving co-living trends in the country for reasons including seeking independent living or a change of pace and environment. 

Many young professionals and digital nomads have also found co-living to be an ideal alternative living solution: it offers both affordability and lease flexibility, along with comprehensive amenities and facilities. Above all, being part of the community is a major draw.

But co-living isn’t just for the young. It can work for anyone – be it a work-from-home parent or a working professional keen on expanding social networks.

Besides co-living options that include shared apartments and private rooms, there are also plenty of communal spaces and community events where residents can mingle.