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【World Property Journal】Alternative Co-Living Arrangements Gain Popularity in Urban Asia Pacific Cities

【World Property Journal】Alternative Co-Living Arrangements Gain Popularity in Urban Asia Pacific Cities

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According to JLL's recently released Co-living in Costly Cities - Asia Pacific report, the co-living market is taking off in Asia Pacific as more people migrate to cities for jobs or education opportunities. This is opening up new opportunities for real estate developers and investors around the region.

With property prices rising in gateway cities, co-living offers residents shorter and more flexible lease terms compared to condominiums, as well as ready-to-move-in convenience. According to a case study in the report, operators could save up to 25 per cent in expenses over the traditional renting model.

At the same time investors also stand to benefit from significant savings. By working with co-living operators that play a multi-functional role - the building manager who handles maintenance, property manager who collects rent and letting agent who sources for tenants - it eliminates the need to pay the three different layers of fees in a traditional residential property.

"Co-living bridges a housing gap that traditional living categories do not support," explains Rohit Hemnani, COO and Head of Alternatives, JLL Asia Pacific. "Since co-living spaces are fully furnished with cleaning and maintenance services, tenants only need to deal with one operator instead of paying for deposits, utilities, furniture, and agent fees."

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