More young S'poreans choosing co-living spaces

Higher property prices and a shift in mindset on renting among reasons cited by operators

- Isabelle Liew

For $5,500 a month, technology entrepreneur Nickson Guay is able to rent a co-living space in the prime area, instead of the $8,000 he would have had to pay for a condominium unit similar in size and location.

The space, in a four-storey River Valley shophouse, is about 60 sq m in size, as big as a two-bedroom condo unit in the area.

"I considered buying a home, but it's a big commitment for the long term and I wanted to explore living in different types of places," said Mr Guay, 29, who has been renting the space run by CP Residences since June.

More young Singaporeans, compared with older age groups, are considering renting and flat-sharing as they find current property prices too high, according to a study released by real estate portal PropertyGuru in September.

CP Residences chief executive Wendy Yap said the tenant mix across its co-living apartments has changed from one that is largely composed of foreigners.

The occupancy rate of local tenants had jumped from 1.76 percent in 2014 to 25 percent in the first half of 2021.

"A shift in mindset in the local population towards renting, and the time it takes for the young to attain home ownership due to increasing property prices, are some factors that have propelled the increase," she said.

Those aged 29 to 34 yearn to have their own space away from their family home, Ms. Yap added.