Coliving: Redefining the Concept of ‘Home’posted on : 1:45 pm, Tue, 28 July 20
Coliving is a term that you might have heard, however are unsure of what it actually means. Gaining traction quickly, coliving is an emerging asset class in the real estate industry. Essentially, we are seeing the formalisation of the previously disorganised flatshare arrangement. Coliving sets itself apart from traditional renting by providing a unique package of benefits to residents. Properties come move-in-ready, fully-furnished, have flexible lease terms, are conducive to remote working, and plus residents into a ready-made community.
An array of factors have propelled the growth of the coliving industry, including the housing affordability crisis, rapid urbanisation, the rise of the sharing economy, and changing renter values. These factors have inspired the birth of businesses like Relogo Coliving, in order to make it easy for searchers to browse and compare affordable, flexible living arrangements from trusted coliving providers. This emerging industry is redefining the concept of ‘home’ for contemporary renters, by meeting the ever-evolving societal needs.
Best of Both Worlds
Coliving provides the best of both worlds, community when you want it and privacy when you need it. Residents have social interaction right outside their bedroom door, while also having the option to have some alone time in their room when desired. Many coliving providers thoughtfully house residents, so they are in spaces with like-minded people. Saying this, coliving providers also cherish individuality, so residents have the chance to meet people from all walks of life, giving them the opportunity to expand their social and professional networks. One of the most unique features of coliving is the focus on community spirit, some providers even organise community events where members can get to know each other. However, even the most outgoing people sometimes need a little quiet time, which is why having the option to retreat into your own space is a major benefit.
This concept breaks the boundaries of convention living, whereby there is usually a tradeoff between privacy and social interaction. Coliving means that you can live independently without isolating yourself, and is a great way to meet new people when moving to a new area.
Having flexible lease terms is a highly attractive advantage of coliving. Many landlords in the traditional rental industry prefer tenants to sign long-term leases. In Singapore, landlords will typically ask tenants to sign a one or two year contract. These terms are unfavourable for people who have a nomadic lifestyle, expats who get retrenched or reassigned, or people who simply don’t want to be locked into a long contract. Having the freedom to change or leave coliving accommodations without having to worry about a long lock-in period serves these segments of the market well. This is also a feasible option for people who are just starting out and do not want to buy their own place yet.
Where Affordability Meets Sustainability
Not only does coliving provide a more economical housing solution, but also a more sustainable one. By making it easier to share space and resources, coliving encourages the adoption of a sustainable lifestyle. It also provides energy savings by sharing a household, facilitating a stronger environmental consciousness. Sharing utility and rent costs is a great benefit of having roommates in any flatshare arrangement. However, in an unmanaged flatshare arrangement, you may find yourself haggling with your roommate(s) over bills and shared expenses at the end of the month. Contrastingly, coliving rental rates are all-inclusive, which means key amenities like the TV, furnishings, electricity, wifi, and more are factored into your rent payment and are not an additional out of pocket expense.
Coliving is a dynamic asset class that has grown and evolved in tandem with changing societal needs. What makes this accommodation solution so great, is that it has adapted to what modern-day renters need from their ‘home’. As consumer choices continue to change over time, coliving has the capacity to change with new preferences. In today’s world, people are looking for a well-designed place to call home, where they can live with friends, as well as live economically & sustainably, all without having to sign a long-term lease. These exact needs are reflected in the coliving housing structure, and are shaping our new definition of the concept of ‘home’.
For more information on coliving, visit Relogo Coliving. Relogo Coliving is a home rental platform offering accommodation options that are move-in ready with flexible lease terms. Guests can search and compare across coliving brands and property types. Our goal is to make it easy for you to find your new home and focus on the fun part of moving to Singapore. Relogo enables you to book with confidence and secure your new home without the stress of liaising with vendors across multiple platforms. Contact us now.