Are co-living spaces the new hotels?
If the idea of communal living makes you think of a dorm, you need to get acquainted with the hottest hospitality trend disrupting traditional hotels. Here are five things you should know about co-living.
- October 2019
When co-working first became a thing, it wasn’t just about giving people a place to call their office, but also providing them with a community of like-minded people. Well, the same principle applies to co-living: just that you swap the desk with a bed.
In a co-living space, you have a fully-furnished private room but you share communal spaces like the kitchen and living area, as well as facilities like the gym and laundry room.
And just like co-working spaces, it fosters a sense of community by organising activities that encourage mingling and networking. After all, what’s the value of living together if people aren’t sharing ideas — or at the very least, what they ate for lunch that day?
The rise of co-living didn’t happen in a vacuum — bigger trends like rising rental costs, the growth of global mobility and the sharing economy are all contributing factors. But ultimately, co-living is a response to the needs of millennials and the millennial-minded who seek out fresh, new and authentic experiences, whether they’re travelling for work or play.
So is co-living for you? Before you decide, read on as we debunk common myths about this new form of accommodation.
Myth #1: Co-living is only for extroverts
People associate co-living spaces with a flurry of social activity, and often assume that you need to be an extrovert to live in one. While there might be regular community events, you can choose how much you want to interact. And don’t forget, you can always opt for a private room.
Myth #2: Co-living spaces are glorified dorms for grown-ups
If only our college hostels looked this good! Co-living spaces are often created with a strong focus on design and aesthetics, which is why they’re ousting hotels as accommodation options for travellers. Higher-end co-living spaces certainly resemble hotels more than dorms — all apartments at lyf Funan Singapore come with ensuite bathrooms and safes, and did we mention housekeeping services?
Myth #3: Co-living is only for young people and digital nomads
Co-living spaces hold regular networking events and offer flexible leases, so it makes sense that they’re attractive to millennials who value social engagement and travel often for work and leisure. But they also attract many other profiles such as expats looking for a more authentic local experience, and business travellers on short-term assignments.
Plus, curated experiences at co-living spaces allow travellers to gain deeper insights into the city they’re visiting. At lyf Funan Singapore, you could be picking up a new skill at a photography class or going on a heritage tour led by community managers called lyf Guards. Whichever you go for, you’re bound to meet fellow travellers on the same wavelength.
Myth #4: Co-living is only for longer stays
Yes, many co-living spaces have minimum stay periods of three months, but not all of them do. At lyf Funan Singapore, for instance, you can enjoy any length of stay, even just for a night.
Myth #5: Co-living costs more than renting an apartment
According to Forbes, co-living can be more expensive on a per-square-foot basis but cheaper in terms of absolute dollars, especially when you consider co-living spaces are fully-furnished, include utilities, and often boast a prime location. At lyf Funan Singapore, you get all that, and 24/7 access to the social spaces such as the co-working space — staying for a month offers up to 20 percent savings compared to if you rented an apartment and arranged those extra services yourself, making it an affordable housing alternative.
Book your stay now
Located right in the heart of Singapore, lyf Funan Singapore is perfectly situated for exploring nearby attractions like the National Gallery and Gardens by the Bay. Whether you’re staying for a night or a month, lyf Funan has a range of comfortable accommodation options for you.