JLL sees sustainable growth in Singapore’s co-living market

Singapore's nascent co-living market is currently fragmented and small compared with other established markets but will create significant opportunities for investors and operators in 2023 and beyond. According to JLL, the market has the potential to expand by close to 3,000 rooms by the end of 2023, building on the 9,000 rooms currently managed by 20 active co-living providers, as consumers seek more affordable and flexible housing options.

According to JLL’s analysis, the recent demand for co-living spaces has been fueled by transitory factors. COVID-19 induced housing construction delays, the combined effects of increasing property prices, rising interest rates and residential property market cooling measures have channeled housing demand into Singapore’s co-living market.

In addition, a broader shift in societal attitudes toward living arrangements and homeownership, supported by a greater prioritization of flexibility and personal lifestyles, should foster d