Co-living in Asia. Why it makes so much sense!
Co-living has ploughed through 'conservative' Asia; taking the accommodation economy by storm. Why and how has it done so? We find out as we explore the evolution and acceptance of Co-living in Asian societies.
Today, Asian countries are seeing a rise in co-living spaces. Millennials are renting apartments and houses with roommates for a range of reasons; from saving money to enjoying a dynamic social life. However, this new trend marks a significant shift in traditional Asian culture. Continue reading to learn more about how Asian parents are dealing with this co-living movement and how co-living in Singapore is set to change the scene!
Here are some highlights:
Why is there a co-living boom?
First and foremost, space is scarce in many developing Asian cities. This has led to a significant price increase in the real estate market, resulting in a rise in cohabitation. Co-living has also increased because of the rise in the number of young professionals, students, and business nomads.
These individuals want to have flexible private living developments with some social interaction and like-minded roommates. It’s as simple as that!
Reasons to co-live
Why do so many young professionals and students want to live in shared houses or apartments? Well, one of the major factors is financial. As Asian countries become increasingly populated a serious housing crisis has emerged. Young people are finding it difficult to rent or buy their own place as their parents did before them.
Obviously, renting a room and co-living with other people is a great way to save money. However, people are also discovering the benefits of living in an inclusive and open-minded environment.
We all remember our first apartment with roommates. For better or worse, it’s a great learning experience and it opens your mind to different backgrounds, cultures, and ways of living. Not to mention, the long-lasting friendships that can be made with your roommates.
How has the culture changed?
Before this co-living boom, most people around the world moved out of their family home and set up their own place straight away. Usually, this move was followed by marriage and a steady long-term job. Most people spent their entire life in just one home!
Now that’s all changed. Real-estate prices have spiked and gen-y just can’t afford their own place early on in life. Like any major movement, this is having an impact on cultural makeup. Traditionally, many communities on an international level were conservative and reserved. Now that living styles and expectations have changed so has the cultural milieu.
Benefits of co-living
The reasons for opting for co-living are obvious. It comes down to necessity and pragmatism. If you need to save money but still live independently from family, co-living is the obvious option. But what are the benefits of this vibrant living arrangement? Well, not only have living styles changed but career paths have too.
Many ageing millenials do gig work or are digital nomads and business travellers. For people who are always on the move and have an unpredictable future, fully furnished private serviced residences are a great option.
Most co-living arrangements come with a flexible lease which is essential for a young professional who’s just discovering their place in the world. A fully-equipped shared kitchen also means that a person can start living and cooking as soon as they move in. This is a convenient option if you don’t have much money or time.
Today, there are so many different options for work, and not all of them fit into a traditional model. This means that co-living is the perfect arrangement for people who don’t do 9-5 workdays! Shared working spaces are also on the rise.
These are cutting-edge work environments that are designed for collaboration, teamwork, and productivity. It seems like the co-living movement is spreading out in more ways than one!
How does it work?
Finding a co-living space is actually quite easy. There are many different online platforms and agencies that connect people to spaces. Just keep in mind that most companies charge an agent fee for locating a space.
This isn’t a major expense in the long run because most agents will be able to find exactly what you’re looking for. This is essential in the co-living market.
Some co-living tips
There’s actually a lot of variety on offer in the co-living market. For instance, if you want a master room or ensuite bathroom, just ask your agent! Obviously, this will be a higher price, but you’ll still be saving more money than living on your own. Additionally, you’ll also split bills with your roommates, which can take the financial pressure off.
As we all know, shared spaces can get pretty messy. If you want to stay on top of things, look into some housekeeping services to get weekly cleaning for the apartment.
How do I break it to my parents?
This is a tricky question because everyone has a different relationship and dynamic within their family. The older generation and co-living dont usually mix so, if you’re concerned that your parents will disapprove of your co-living choice, here are a few points you can talk them through.
First, make sure they understand how much money you will save. Literally, work it out! Show them your calculations and ensure them that you will save the money to invest in your own home for the future.
Next, reassure them that this is a modern movement that is actually very common around the world. After this, show them some co-living options you’ve found. If you involve them in the process and show them that it’s the best option, there is a chance that they will get on board. Usually, the ageing population is just scared of what they don’t know.
Where is this happening?
One of the burgeoning communities for co-living is in Singapore. However, this can also be seen in Hong-Kong and in Japanese culture as well. The Japanese, Singapore, and Hong-Kong way of life, as we know it, is rapidly changing. This is true for most Asian civilizations.
As homeownership is becoming more of an unattainable goal for Millenials, co-living is becoming more of an attractive option!