Co-living companies in Southeast Asia are thriving and continue to grow as it offers flexibility and a chance of networking among young adults.
In recent years, the sharing economy has driven the rise of collaborative consumption among the younger generations in Southeast Asia. It is proven by the growing numbers of companies that enable the sharing use of goods and services, for instance, co-living companies in the region.
EY’s report titled “Building successful digital ecosystems in Southeast Asia” published in August 2021 stated that the growth of collaborative consumption and sharing economy in the region is supported by the average internet penetration that reaches 63%, as well as increasing tech-savvy middle-class population. As a result, it creates opportunities for sharing economy business models across various sectors including property.
The report reveals that Southeast Asia has been a home for more than 750 proptech (property technology) startups in various segments, from home interior platforms to co-living providers. The number is expected to keep flourishing since traditional players will continue to partner and invest in proptech. Meanwhile, the demand for flexible property rent and alternative accommodations will keep growing.
EY’s report strengthens the prediction from property consultancy Jones Lang LaSalle (JLL). In October 2019, JLL published a report titled “Demand & Disruption in Global Cities” that forecast the rising innovation economics. The new economic model will lead to demands for flexible and optimized space that allows collaboration, innovation, clustering, and commercialization in the business centers.
At the same time, other new economic models are also expected to create new demands in the property sector. It specifies that the experience economy will drive customers to ask for customized experiences and the sharing economy will boost new patterns of living and working.
Meanwhile from the building management perspective, the circular economy will help to make the operation more efficient and resilient through shared occupancy.
The report states cities in Asia Pacific that are able to adapt to those new economic models will “enjoy new sources of real estate demand and attract higher cross-border investment”.
Co-living companies promote communal living as a part of the urban lifestyle. It enables the customer to rent a room and live with a group of other adults under the same roof with flexible payment terms. The main concept of co-living is to share a space with others and create a community out of it.
The rising trend of co-living is influenced by the lifestyle of younger generations (millennials and gen Z) who opt for flexibility and collaboration. Co-living companies cater to this demand as it allows customers to rent a room on a monthly or even weekly basis. On the other hand, it also provides a space to expand their network and collaborate with their housemates.
The younger generations who tend to be tech-savvy also create opportunities for co-living companies to be digitally enabled. Nowadays, customers can search for their preferred room to rent only with the tip of their fingers. Most co-living companies enable room search, even room customization directly from their website or application.
Those factors were followed by the high cost of buying property in Southeast Asia’s big cities. This led younger generations to seek more affordable options for their living space. Hence, co-living companies get a big opportunity to thrive in this region.
Considering the aforementioned factors, it is not surprising to see the number of co-living companies in Southeast Asia continue to increase. The following are some of the co-living companies that are currently growing in the region and provide services through technology:
Rukita is an Indonesia-based property tech company established in April 2019 that aims to improve the quality of life in urban areas. The company provides a property management service that covers core aspects of urban lifestyle through co-living space.
Rukita focuses on building community, as well as providing convenience and a positive experience for all of the people who live in its co-living space. Customers can book a room for a minimum 1-month stay via the website and app. Rukita’s co-living space is currently available in Jakarta, Depok, Tangerang, and Bekasi.
Recently, Rukita launched a room customization feature called Rukita Mods. With this feature, customers will be able to add facilities or amenities in their room according to their needs, hobbies, and passions. There are 3 types of Rukita Mods that are available to choose start from Rp 200,000 per month:
Cove is a Singapore-based property tech company established in 2018. The company provides co-living space for college students and young professionals in Singapore and Indonesia. Similar to Rukita, it also allows the prospective occupant to book a room online with a minimum of 1-month contract to stay.
Lyf is a co-living brand that was established in 2016 by lodging business The Ascott Limited. It provides a co-living concept for next-generation travellers and it enables the customers to rent a room for less than a month. In Southeast Asia, Lyf’s co-living spaces are available in Singapore and Thailand.
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