Singapore – Hmlet, a co-living space provider with presence in Singapore, Hong Kong, and Japan, has partnered with the esteemed real estate consultancy Knight Frank to release a report that aims to shed light on the current state of co-living in Singapore.
Titled ‘Co-Living: Transcending Adversity’, the report provides an insider view of Singapore’s co-living landscape from the pre-pandemic period up until its arrival when everybody was thrust to adapt to a work-from-home setup.
The report also discussed about the robust demand for residential rental market amid COVID-19. The report noted that Singapore’s private residential rental market has been a beneficiary of the pandemic-induced work-from-home phenomenon. Residential leasing transaction volumes grew from 94,205 in 2020 to 99,925 in 2021, an increase of 6.1% and surpassing the pre-pandemic leasing volume in 2019 by 4.6%.
The report further emphasised that since the pandemic has upended travel and workstyles, co-living dwellers are becoming more diverse — from local and foreign communities to family and older demographics.
“Occupants are embracing the extended benefits of co-living compared to conventional home rental or ownership. These include lower capital outlay without expenditures incurred from home purchase, greater convenience from accommodation support services, opportunities to network, participate in meaningful activities and a greater sense of community,” noted the report.
The report is available on Hmlet’s website.