Singapore is one of the most expensive cities in the world, in fact, it’s always ranked in the top three, every year. Although food can be bought for cheap, renting a home in Singapore can dent your savings.
This especially rings harder for younger professionals. Young professionals who get into the job market have to stay away from family and they earn an entry-level salary.
This is not sufficient for living as most of their salary is taken away by the biggest expense and that is rent.
Keeping in line with this trend of expensive housing and poor saving habits of millennials, there is a new concept emerging that might be the saviour for the millennial generation.
This is called Co-living.
What is Co-Living?
Co-living, as the name suggests, is living together in a community. In Singapore, this is more or less like an advanced version of a hostel. What does co-living entail?
At a co-living location, you get a private room where you sleep and live and every other amenity is shared. So this means, toilets, library, the cafeteria is all done in a commonplace.
This addresses a few things – Not having to live alone on your own, not having to pay a huge rental amount every month, having the benefits of a community around you.
But why Co-living in Singapore?
Co-living as a concept is not only in popularity in Singapore but is rising in popularity in many first world countries. It’s gaining in popularity not because millennials love this form of living, but also because it’s a necessity.
At this juncture, where we are close to the year 2020, there are 7 Billion people on this planet. In 2030, in just ten years, there are going to be a billion more.
Now, this is something that cannot be sustained. If every single person lives alone in a 1BHK apartment, there won’t be enough spaces in the cities.
Co-living offers to fill in more people in a space than a apartment can.
Benefits of CoLiving aka Communal Living
This is the biggest reason, millennials choose a co-living space compared to getting their own house. A 480 sq ft apartment in an expensive area will set on back by $3000+ and in an inexpensive area, it will set them back by $1900.
You can get a co-living room in an expensive area for anywhere between $800 to $1300. This price range depends on factors such as the size of the room, location of the co-living space and the amenities offered.
Just a simple comparison, will tell you, a person can save close to $600 to $2000+ by living in a co-living space. Now, this is huge savings, as that money can be used for building savings, or for groceries or for taking classes and more.
This is one of the biggest benefits of a co-living space.
Amenities you won’t get otherwise
Co-living spaces provide value-added services. This is another attractive feature that gets millennials interested in co-living spaces. Amenities include a library, common area, cafeteria, social events and bonding events. You also get a fully furnished house.
Some of the co-living services offer the following services and amenities
- Chill out area for hanging out with like-minded people
- Cleaning facility
- Dining area
- Linen sheets
- Outdoor space
- Power Backup
- Meeting area, in case you want to speak in private to somebody
All these facilities are available even when a person lives alone, but it comes at a much more higher cost.
Building bonds and having a strong human base
Millennials are a troubled lot. They live on their phone, they communicate on their phone and speak to friends on the phone and so on. Due to this, they are one of the most isolated generations. In a coliving environment, there are other people in close proximity.
A lot of co-living spaces in Singapore find like-minded users and pair them together in a space. This is an absolute necessity and as humans are social animals, this is one of the biggest benefits of a co-living space.
Even if you don’t have a partner or a lot of friends because you are new in a city, you can still make new friends and find people to share your thoughts within a co-living space.
Closer to the workplace
Most large offices in Singapore are located in the Central Business District and finding accommodation in those areas are hard because they are costly. Co-living spaces are located in prime locations and most people will have to take a simple metro ride to their office or even take a walk.
This reduces commuting time by a considerable amount. Hence improving the quality of life.
No need to speak to numerous house owners
Getting an apartment to rent can be a big hassle. There are a lot of people that one needs to speak to, need to check the house and the amenities, need to speak the homeowner about the payment, a contract has to be drafted and so on.
This is one of the most irritating aspects of moving to a new house. It is tiring and difficult, and sometimes you don’t get what you need.
Many homeowners can also be pretty painful to deal with as they have their own thoughts, whims and fancies. With a co-living space, there is none of this problem.
If you’ve figured out a location, you can go to space, choose a room, sing the document and move-in, in no time. There are no headaches, there aren’t back and forth conversations.
Everybody likes to live in a beautiful home, but it might be difficult to set-up your house in the style you want because things are expensive. If you want great furniture, a good wooden furniture table from Hipvan might cost you something you can’t afford. The same thing applies to decor on the wall, getting rugs and so on. It costs to set-up a kitchen, buy cutlery and so on. To make a beautiful home, you need to spend through your nose and with a coliving space, there are none of those costs.
In fact, they come pre-designed and are up to the latest standards. They are beautiful, modern and chic and it’ll be a home you’ll want to come to.
Drawbacks of Co-living
Everything has its pros and cons and so does co-living. Here are a few of them.
Similar to hostels, the space in a co-living room is restricted. If you are looking for a sprawling space in a co-living apartment, then you will have to pay a big price. Generally, these rooms are small and for some people who have experienced larger housing might find it a bit. claustrophobic.
Some adults don’t want to go back to living the hostel life, where the rooms are shared, the bathrooms are shared and the living areas are shared. If you like your privacy and your own quiet space, you might not get it with co-living accommodation in Singapore. As it’s shared, there will always be people around and if you are fastidious about things like that, then it won’t suit you.
Costs can go up
Ultimately a lot of the value added services in a co-living space are charged. This means some services will come at an additional cost. The more services you choose, the more the prices increase. This is something everybody will have to factor-in before moving into a co-living accommodation.
Will co-living become the norm or will the fad pass?
There have been a lot of fads going around, even concepts like Facebook is losing its sheen. But the big question is, will co-living be here to stay?
In our judgement, co-living will be well and truly here to stay, especially with single people. There are a lot of cost benefits, emotional benefits and effort benefits to choosing co-living accommodation compared to normal accommodation.
Co-living options in Singapore
There are quite a few co-living spaces in all of Singapore. Some operated using apartments, some operated using student lodgings and some operated using hotel and hostels.
SGOffices has the privilege to work with some of the operators here in Singapore.
One bang big on community, one focus more on affordable housing while the rest are into lifestyle.
Some of these events are not only about socializing but also about learning new skills, trying new things. For people who don’t like the conventional method of living, then a co-living option is perfect.
If you want to embark on a new co-living journey, talk to us, we may refer some great deals.