Singapore’s co-living sector has transitioned from a niche accommodation option to a mainstream asset class, according to a new report by Jones Lang LaSalle (JLL). The report, a follow-up to JLL’s 2023 white paper, reveals significant shifts in demographics, operator strategies, and investor perspectives over the past two years.
The co-living landscape in Singapore has matured, with established operators refining their service offerings and investors gaining a deeper understanding of the sector’s unique value proposition. This evolution is marked by strategic business model shifts, including a move towards asset-light management contracts and master leases for entire buildings. Larger operators are also adopting unbundled pricing models to enhance flexibility.
The introduction of Long-stay Serviced Apartments (SA2) by Singapore’s Urban Redevelopment Authority in November 2023 has further diversified the market. This new housing typology, designed for stays of at least three months, aims to bridge the gap between short-term serviced apartments and traditional private leases, offering more rental options amid rising housing costs.
Eugenio Ferrante, CEO and Co-founder of Casa Mia Coliving, noted, “When we first launched Casa Mia in 2019, co-living was niche and often misunderstood. Today, it’s a mainstream category shaped by lifestyle shifts, rising rents, and hybrid work.”
The report also highlights the growing demand from foreign students, who now represent a significant portion of co-living residents. This demographic shift is supported by Singapore’s expanding international student population.
As the sector continues to evolve, JLL’s report underscores the importance of sustainable growth, regulatory frameworks, and market resilience in shaping the future of co-living in Singapore.
