Co-living apartments in Singapore deliver 5.5–7.0% gross yield vs traditional rental at 2.8–3.2%. The premium reflects shorter tenancies, professional management, and per-room pricing. Co-living requires operator partnership (Hmlet, Cove, Coliving SG) or self-management, plus higher operational intensity. Net yield after operator fees is typically 4.0–5.0%.
Co-living vs traditional rental
| Item | Co-living | Traditional rental |
|---|---|---|
| Gross yield | 5.5-7.0% | 2.8-3.2% |
| Net yield (after fees) | 4.0-5.0% | 2.0-2.5% |
| Operator fee | 20-30% of gross rent | None (or 5% if agency-managed) |
| Lease length | Per-room, 3-12 months | 1-2 year minimum |
| Operational intensity | High (or operator-managed) | Low |
| Asset wear | Higher | Lower |
Main co-living operators in Singapore
Hmlet (largest, multi-property), Cove (mid-tier, premium), Lyf (Lyfe-of-Yours), Figment (boutique). Each offers different commission structures and target tenants.
Risks specific to co-living
- Higher vacancy turnover (~30% of rooms per quarter)
- Operator failure risk (smaller operators occasionally exit)
- HDB / private estate restrictions on per-room subletting
- Tax treatment as commercial rental (may differ from standard rental)
FAQ
Is co-living allowed in HDB?
Limited. Room-rental rules under HDB Bedroom Rental Scheme allow room rental but with strict occupancy caps. Not the same as professional co-living.
Can I co-live my own condo?
Subject to condo by-laws. Many private estates restrict per-room subletting.
What's the breakeven yield uplift?
Co-living typically needs a 2.0+ percentage point gross yield premium to justify the operational intensity vs traditional rental.