Co-living the new norm for young professionals priced out of Hong Kong’s property market
Cheap rents, good facilities and a sense of belonging to a community have drawn many to take up residence in co-living blocks. And developers are also taking note
Safe, cosy and above all, affordable: a rare thing in Hong Kong, one of the world’s most expensive places to find a home.
But those are precisely the attributes that are driving young professionals in the city to opt for co-living spaces – small rooms built around communal living and cooking areas.
“It gives you a lot of flexibility, I can have my own private space while making friends,” said Andy Dong, 27, a corporate finance banker who has lived in the M3 International Youth Community for a year.
He finds renting a 170 sq ft fully furnished room with a private bathroom for HK$10,000 (US$1,280) a month the most cost effective choice, with regular studio flats too expensive and flat-sharing not offering privacy. And living alone in a new city for the first time, the Beijing native doesn’t feel lonely.
“At least you can find someone to give you a hand when you got sick,” he said.
M3 was one of the very first co-living spaces to appear in Hong Kong two years ago, combining private rooms with common areas such as kitchens, gyms, living rooms and event venues. It now has three locations in Kowloon: Tsim Sha Tsui, Prince Edward and Sham Shui Po.