The COVID-19 Push Factor: Why many are opting for renting and co-living

By: CP Residences
March 2022

Besides death and severe illness, COVID-19 has also been responsible for another much dreaded consequence: social isolation.

At the height of the pandemic, lockdowns kicked in around the world and social gatherings were banned. 

Interactions, whether for work or fun, were mostly reduced to virtual meetings where faces were framed in little boxes on our screens – a trend that has become the norm even as restrictions are lifted. 

The Need for Community

The stress caused by fear and social isolation has taken a severe toll on people’s mental health. A recent report by the World Health Organization revealed that COVID-19 triggered a 25 per cent jump in cases of anxiety and depression worldwide in its first year.  

Craving human connection, many have opted for co-living spaces. The arrangement, which balances the need for personal space with the yearning for social interaction, is proving popular in Singapore as it provides an environment for people to build communities.

Folks with similar interests or vocations offer each other peer support as they share their ups and downs. In this way, co-living restores to us what the pandemic has snatched away.

Even as restrictions ease, remote working looks set to stay. Co-living spaces are well-equipped to cater for this trend too, offering everything from speedy Wi-Fi and private spaces to customisable workstations. They are also more affordable and flexible than hotels and other short-term accommodation, while giving digital nomads access to a community they cannot get from working from home or cafes.

The need for space

The work-from-home experience has not been a pleasant one for all. Many homes in Singapore are multi-generational ones where living rooms are both play and office space. While this may be good for familial bonds, it may not provide the most conducive space for taking work calls or completing assignments. 

The younger generation of millennials especially, are cherishing their space and moving out of their family homes, whether it through by renting or co-living. Between 1990 and 2020, the number of those under 35 who lived alone or with non-family members grew from 33,400 to 51,300.

At CP, we have seen the number of Singaporean tenants rise from an average of 90 per year between 2014 and 2019, to almost 700 last year. For many, living on their own has been a fulfilling experience that offers freedom and flexibility.

Time for a Change

After being holed up at home with the same routines and faces for two years, it could be time for a change of environment.

Co-living at CP makes the transition easy with fully-furnished units, accessible amenities and modern aesthetics. Add a welcoming community of like-minded folks to the mix and you have a win-win proposal. Making a lifestyle change has never been easier. What are you waiting for? 

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