What is Coliving? A Complete Guide to Modern Shared Living Spaces
Living in Singapore can be both exciting and challenging, especially with the fast-paced lifestyle and high cost of living. As a Singapore resident, finding a balance between work, social life, and personal well-being is crucial. Imagine a coliving arrangement that not only offers you convenience and affordability but also fosters a sense of community and collaboration. This innovative approach to urban living could be the perfect solution to enhance your lifestyle in the Lion City.
But, what exactly is coliving? Here is a detailed explanation for you!
What is Coliving?
Co-living emphasizes community and sharing amongst residents. Unlike traditional rentals, where tenants often live in separate units with limited interactions, co-living spaces typically feature shared common areas such as kitchens, living and dining areas. These areas are designed to encourage social interaction and collaboration.
Rising Popularity of Co-Living Spaces in Singapore
According to EdgeProp in their article, Singapore’s maturing co-living sector draws more investor interest (July, 2023), there are currently around 20 active co-living operators managing over 9,000 co-living rooms in Singapore. The co-living sector is seeing a steady rise, with an additional 800 units expected to enter the market by Q3 2023 and potentially 2,100 by year end.
We see a very significant increase in interest and demand for co-living spaces, especially among young working professionals and international students. As cities like Singapore continue to grow and urbanize, there is persistent pressure on housing availability and affordability, and co-living presents a viable solution to this challenge. Co-living spaces like Cove often offer more affordable rental options compared to traditional apartments, making it attractive to young people who are cost-conscious.
Co-living vs Traditional Rental
In a traditional rental setup, tenants are responsible for arranging furnishing, utilities setup, and maintenance. With co-living providers like Cove – we take care of all these amenities, providing a seamless living experience for our tenants, and we bill based on consumption to make it as fair as possible. At Cove, our rates include premium furnishings, leases with flexible lengths of stay, weekly housekeeping, vibrant community circle, and exclusive perks from brand partners, which are not available in the traditional rental market. Yet, thanks to the fact that as a tenant there is an element of sharing, in absolute terms our prices can be much lower compared to renting a studio or entire apartment.
Key Benefits of Co-living
Co-living arrangements provide flexible lease terms, which can be beneficial for young people who may not want to commit to long-term leases or who are uncertain about their future plans. Co-living apartments typically come fully furnished and include amenities such as cleaning services, and sometimes shared facilities like a gym or swimming pool. It is important to understand that co-living is not just about sharing for the sake of it, but that by concentrating and sharing the communal facilities, and reducing private spaces to primarily sleeping quarters, residents are able to solve the huge affordability issues that plague renters in most large urban centers. With co-living, even students and early career young professionals are able to afford central locations and high quality accommodation that would otherwise be far above their income level.
Popular Co-living Areas in Singapore
The Central Business District is a hub for young professionals, with many co-living spaces offering sleek and modern living environments close to the action. Co-living spaces are popping up in trendy neighborhoods all over Singapore. Consider areas such as Tiong Bahru, River Valley or even Joo Chiat and Katong. If you're looking for a more vibrant cultural experience, consider homes in neighborhoods such as Geylang & Aljunied, Little India & Jalan Besar. Live away from the city’s hustle in tranquil neighborhoods like Upper East Coast and Marine Parade.
Are there regulations to consider before choosing a coliving space?
In general, one needs to have a basic level of tolerance for others, as well as good manners particularly in terms of hygiene and tidiness. At Cove we try to set expectations at the start, including matchmaking where possible between prospective and existing tenants. We also have clear and fair house rules by which our tenants need to abide, including policies and escalations for circumstances of potential conflict. Our friendly Tenant Experience team is also on hand both physically and digitally, to help resolve any dispute as well as give advice where necessary. We also use tools such as our app to foster easier communications between tenants of the same units or buildings.
How Good is it to live in Coliving?
We've managed 300+ properties with 5,000+ rooms in total and served 105,000 tenants. Here are some great testimonies from our tenants:
At Cove, we strive to make housing simple and easy. We took care of all the challenges that Royston might have faced in finding a house, allowing him to focus on the things he enjoys. We're proud to hear he struck gold with his housemates and truly enjoys living with us.
Our dining area is a favorite spot for many residents like Mandy. With its high ceilings, abundant natural light, and ample space, it offers a perfect environment for hanging out. Residents enjoy using this versatile space as a co-working area, and it’s a hub for fun activities like working out, cooking, and hosting dinner parties together.
Ready to experience the best coliving in Singapore?
Join the lively community at Cove today and experience the comfort of fully furnished rooms, complete with weekly housekeeping. Enjoy the flexibility our contracts offer, tailored for your convenience. Cove offers a coliving experience like no other. Visit our website or contact us now to find your perfect home!