Singapore’s co-living sector set to grow as more international students drive demand

SINGAPORE: Singapore’s co-living sector is set to grow with the growing number of international students. They now account for 25% to 40% of the residents for some co-living operators, EdgeProp Singapore reports, citing property consultancy JLL.

Notably, 70% to 90% of co-living tenants are foreigners, matching levels seen in 2023.

The sector, which was once a niche accommodation option, has drawn over S$1.4 billion in investments between 2022 and 2025, as properties like hotels, condos and shophouses were converted into co-living spaces, JLL said in a September report.

Bigger deals were led by private equity and institutional investors targeting properties with at least 100 rooms, while smaller sites drew interest from owner-operators and high-net-worth individuals.

According to JLL, co-living supply rose about 17% between 2023 and 2024, following the completion of nearly 30,000 new private homes in 2022 and 2023, which helped ease rental growth in both private residential and co-living properties. Still, co-living occupancy stayed at 85% to 95%, well above the breakeven occupancy of 70% to 75%.

Chia Siew Chuin, JLL Singapore’s head of residential research, partially attributed the strong occupancy rates to co-living operators who successfully adapted to the changing property landscape.

In addition, government support helped boost the sector, as state-owned properties have been successfully tendered for co-living use, with some sites designated for foreign students and healthcare workers.

Currently, the maturing co-living sector is led by five main operators: Coliwoo, Cove, Lyf, Habyt and The Assembly Place. They hold 65.3% of the market, up slightly from 65% in 2023. /TISG

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