Community, convenience, and cheap rent compel more tenants to consider co-living arrangements
Shared living arrangements have grown in popularity in Asia, primarily encouraged by the under-supplied housing market in Shanghai, as well as the expensive housing fees in Hong Kong, reports media company OZY.
Co-living is likened to having roommates, but residences comprise of multi-storey complexes with hundreds of units. Tenants will have access to furnished, private rooms with shared living facilities and kitchens that would typically be unaffordable or in short supply.
For property owners, real estate services firm Jones Lang LaSalle (JLL) published a 2019 report that indicated massive financial benefits. Investing in co-living spaces will give landlords the option to hire large co-living operators who purchase wholesale furniture and offer cost-effective cleaning fees, substantially cutting off 25 percent from their total expenses.
“Hong Kong attracts young professionals and students from all around the world and for many of them, the plug-and-play convenience of co-living is very appealing,” said CEO of Weave Co-Living Sachin Doshi. By 2023, Weave is planning to offer 10,000 rental units.
Shanghai-based Harbour Apartments acquired USD1.58 billion investment in 2017. The developers aim to provide 80,000 co-living spaces all throughout Asia by the end of 2019 and a million units after 5 years.
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