Housing people: Compact living and co-living are trends to watch, particularly as the for-rent multifamily sector grows in Asia Pacific
Asia is home to some of the largest — and growing — populations in the world. China’s 1.4 billion population alone is more than four times that of the United States’ 328 million, which is the equivalent of China’s millennial population. As floor plates shrink in major cities to accommodate urbanisation and economic migration, “compact living” and “co-living spaces” are gaining traction, all while the region’s middle class grows.
With increased longevity and changing social norms, people are choosing to delay marriage, parenthood and homeownership, meaning one-person dwellings are on the rise, “so there’s an emerging housing gap to be filled that didn’t used to exist,” says Nicholas Wilson, head of capital markets research, Asia Pacific, with JLL. Added to this, 565 million additional people will live in Asia Pacific cities within the next 15 years — the equivalent to an entire new Singapore every eight weeks — making the changing way we live ev