To landlords’ joy and tenants’ despair, market rental rates in Singapore have hit a record high. Renting out a spare room in your HDB flat, or investing in a private property to collect passive income, are not new concepts in Singapore. Traditionally, landlords looked for tenants either via word of mouth or pasting notices at prominent spots – complete with a fringe of little paper strips, each stating their phone number, for potential tenants to tear off.
Those who don’t mind paying a commission would hire a real estate agent to market their room or property. The more resourceful landlords advertise on Facebook groups such as ‘Singapore HDB Rooms & House for Rental’ in Singapore, and ‘Room for Rent in Singapore’, and even on Facebook Marketplace and Carousell.
For tenants, other than traditional accommodation like renting a spare HDB bedroom (and living with a landlord), or a whole unit if you can afford it, alternative co-living arrangements have sprouted up in recent years.
Cove is one such company that spotted a gap in the rental market. According to their website, “Cove was founded by Luca, Guillaume and Sophie, three young entrepreneurs determined to bring home rental into the 21st century” who rented 29 different properties across 13 cities around the world.
Tapping on their personal experience, they started a co-living company that is rentercentric. This includes having VR tours and room listings online, allowing potential tenants to book virtual or real-time viewings, and offering rooms – all private properties which they rent from owners – that already come furnished. Tenants sign a digital contract, pay a one-month deposit and move in conveniently. Pre-COVID, they even organised community events to cater to their young, cosmopolitan audience looking to make friends.
This story is from the March 2023 edition of Home & Decor Singapore.
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This story is from the March 2023 edition of Home & Decor Singapore.
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