For our ancestors, the concept of ‘home’ was quite different from how today’s generation perceives it. For people from older times, home was a two storey building they built for their families and usually spent their whole lives in it,devoting their entire lives trying to take care of it and maintain it.
However, the younger generations also known as Millennials and Gen-Z perceive home in a different way. They consider home anywhere they feel homely. Meaning, where they feel a strong connection and bond taking birth with the place and the people there. This redefined concept of living has also transformed the living trends for these young generations as well as the real estate market landscape.
With these transformations in life styles and living landscape, economical situations and transition in people’s demands, the accomodation sector in Singapore is evolving into new ways of living giving rise to the coliving spaces.
Despite being a newborn facility in the real-estate market, the country housed 9,000 co-living rooms in 2023, and had 20 businesses in the industry.
The question however is, why these properties have become the new nest for Millennials and Gen-Z. Is coliving in Singapore cheap or is it just a new-born myth? And what are the other possible factors that come into play for these young workers, expats and students when they say show their preference for coliving areas over rented private spaces.
Why Do Gen-Z and Millennials Prefer Co-living in Singapore?
Singapore’s younger generations; Gen-Z and Millennials; are embracing co-living as an alternative to conventional rental options. This might be due to the flexibility, convenience, and the sense of community it offers. Here’s a closer look at the contributing factors to co-living becoming the preferred choice:
Flexibility & Convenience
Unlike traditional leases that lock tenants into long-term commitments, coliving spaces offer flexible rental terms, from monthly stays to longer durations. Unlike HDB rented flats or properties which tie them into a six month lease, coliving spaces offer easy three month contracts. This appeals to:
- Young professionals who may change jobs frequently.
- Digital nomads and expatriates who prefer temporary accommodation
- Students and interns looking for convenient, hassle-free living arrangements near universities
Coliving apartments also simplify your life by including everything from utilities and maintenance to cleaning services and fully furnished interiors. This all-in-one model is a game changer for clients from busy professionals, expatriates and digital nomads who do not mind the lifestyle but also do not want the trouble that comes with the logistics of renting the old-school way.
Community & Networking Opportunities
Co-living is more than just sharing walls; it is about building meaningful connections. Many spaces provide activities such as movie nights, yoga classes and networking mixers, so it’s easy to meet others and feel at home. There’s something wonderfully magical about having neighbors who become brunch dates or late-night coffee pals. Unlike traditional rentals, where tenants may live in isolation, co-living spaces encourage networking and friendships through:
Especially for newcomers to Singapore, co-living serves as an easy way to build social connections and adapt to the city’s fast-paced lifestyle.
Urban Lifestyle & Prime Locations
Most co-living spaces in Singapore are strategically located in central or well-connected districts, making them ideal for those who want to be close to work, social hubs, and transportation links. The key benefits include:
- Proximity to MRT stations and business districts
- Access to trendy lifestyle spots (cafes, gyms, and entertainment hubs)
- Co-working spaces within the property
By choosing co-living, young professionals can enjoy a vibrant urban lifestyle without the hassle of long-term property leases.
Hassle-Free Living
Traditional rentals often require tenants to manage multiple aspects of living arrangements, such as:
- Paying separate bills for electricity, water, and internet.
- Hiring cleaners or handling maintenance requests.
- Furnishing and setting up the apartment themselves.
Co-living eliminates these concerns by offering an all-in-one package where everything is taken care of. This allows residents to focus on work, studies, or social life instead of dealing with household logistics.
Rising Cost of Housing & Renting in Singapore
Finding a home in Singapore, particularly if it’s in prime locations comes with a heavy price tag attached. It is one of the world’s most expensive cities, with property prices and rental rates changing frequently due to:
- High down payments for purchasing a property
- Rising rental prices in both HDB and private housing markets.
- Limited availability of affordable rental options in prime locations.
In such situations, coliving spaces are a low-cost option without compromising on quality. By splitting amenities and dividing costs with other residents, you get all the perks of city living at a fraction of the cost of paying for a standalone apartment. You also won’t have to face any hidden costs. Many rents also cover utilities, Wi-Fi and even cleaning services, so you can plan a budget with confidence. It’s a low-stress approach to covering living expenses.
Cost of Coliving Spaces
With all the benefits discussed above; the question remains, Is Coliving actually a cheaper option for the young and adult generations? Let’s do a comparison
Cost Comparison for Co-living vs. Other Housing Options
| Living Option | Average Monthly Cost (SGD) | Inclusions | Commitment |
| Co-living Space | $1,500 – $3,500 | Rent, utilities, WiFi, cleaning, amenities | Short-term |
| HDB Rental (Room) | $800 – $1,500 | Rent only (utilities separate) | Long-term |
| Condo Rental (Room) | $1,200 – $2,500 | Rent only (utilities separate) | Long-term |
| Entire HDB/Condo Unit | $3,000 – $6,000 | Rent only (utilities separate) | Long-term |
Co-living provides a middle-ground solution; while it may not always be the cheapest option, it certainly offers affordability when considering the added benefits of convenience, community, and location, with the added convenience of short term leasing.
Final Verdict: Coliving is A Cost-Effective Solution
Co-living in Singapore presents Millennials and Gen-Z with an affordable, flexible, and community-centered option to traditional rentals. Although it may not be the cheapest, the added benefits of central and convenient locations, simplified living, and the ability to lease short-term make it a functional and cost-effective option for young professionals, students, and digital nomads.
