The growing number of co living communities has created a need for close quarters and a new trend has emerged. During the recent virus outbreak, the need for closer quarters was even greater. However, the question remains: is co living legal in Singapore? It is worth noting that there are currently no laws prohibiting co living in Singapore. Nevertheless, there are some regulations that must be followed. Here are some things that you should know:
In order to start a co living business, you must rent a private apartment. You will need to refurbish the space first and then rent out individual rooms. You will have to pay monthly miscellaneous costs that are common in co living. In addition, you will need to obtain a rental contract and pay the landlord’s fees. The ROI for co living is significantly higher than that of a single-family rental.
While it is entirely legal to operate a co living business in Singapore, it is not easy to maintain a long-term supply of rental housing. This is because the co living firm has to compete with other potential tenants for the same property. As a result, they have to keep their rents affordable, while meeting the landlord’s demands for market rates. It is important for a co-living business to adhere to these guidelines.