Renting: A Smart Step for Millennials Before Buying a Home

When Do You Finally Escape the Parental Nest?

Let’s face it: in a typical Asian household, the grand exit plan is usually the wedding day or a job move to another city. The family home is practically a co‑habitation contract that sticks until one of those big events pushes you out.

Singapore’s Housing Hurdle

Public housing? Need to be 35 + years old to even think about buying.
Private condos cost as much as a small car – not exactly economical for a single‑person budget.
So the average adult will be juggling the “grow‑up” script until the late 20s or early 30s.

The Pandemic Twist

Because of the 2020 lockdown chaos, many of us got to work from home, which blurred the line between where we earn and where we chill. Suddenly, that sofa in the living room felt way too cozy for just sharing.

More folks are now yearning for personal space, dreaming of a small apartment or even a tiny loft that’s totally their own, not a shared family flat. So the next time you hear someone say, “I’m finally moving out,” you can expect it’s probably not until you’re a solid adult … or until you get the next pandemic‑era remote work gig!

More millennials are moving out of their family home to rent

Millennials Let It Itself Go Home: The Housing Shift 2024

The Rising Wave of Solo Living

More and more millennials are kicking the family nest, chasing a life of independence that’s all theirs to run. The new freedom lets them shape their days without the “parental overhead.”

Numbers That Speak Volumes

55% jump in people under 35 living solo: 2019 – 15,900 2020 – 25,000
Rent rises 8%–9% year‑on‑year for HDB and condos alike
Monthly rent climb 0.2% for HDB, 1.3% for condos
Availability humming upward: HDB – 8.2% monthly increase, condos – 10.1%

Why Millennials Still Grab Rent Despite the Charges

Sure, renting means handing over cash that could have gone into a down‑payment. The extra rent does, in a way, feed the landlord’s mortgage. Yet, the idea that “save for a house” beats the prospect of immediate latitude is losing its ground. Who wants to sacrifice daily bubble‑tea indulgence or that must‑have iPhone upgrade just to keep a roof?

What’s the Deal with Costs?

Homeownership is pricey, and public housing leans toward families—single renters face high hurdles. For now, rent is the most accessible gateway for getting the land in hand.

Talk About the Numbers

A fresh October 2021 rental report shows:

HDB rents crept up by 0.2% month‑over‑month
Condo rents increased by 1.3% month‑over‑month
Year‑over‑year, HDB climbed 8.3%; condos 9.1%

Bottom Line

Even with the cost of renting piling up, millennials keep the momentum. They’re chasing that freedom curve, even if it means the monthly rent is a bit steeper.

Co-living: An alternative rental option that millennials go for

Singapore’s Millennials: A New Twist on Renting

Forget the old‑school rental routine. The new kids on the block—millennials—are hunting for something fresher. A growing number are dipping into co‑living spaces, a trend that was once the domain of expats before the whole crowd shifted a few years back.

Co‑Living 101

Almost 1 in 6 of the tenants at Cove (run by co‑founder Guillaume Castagne) are local millennials.
These renters are mostly singles and young couples seeking freedom and independence. They want a hassle‑free experience without the usual move‑in headaches.
Every unit comes fully furnished, so all you need in your suitcase is a spare loaf of bread.
The perks don’t stop at furniture: utilities, Wi‑Fi, and housekeeping are usually included. That’s right—no more mystery bills or internet hiccups.

Why Millennials Love It

Think of co‑living like a “ready‑to‑go” apartment that’s off the shelf. The built‑in amenities allow residents to dive straight into the city life—no time spent hunting for a rental agent or decoding lease agreements.

A Quick Takeaway

For Singapore’s young residents, it’s all about efficiency, community, and a touch of the ‘fun’ factor. Co‑living gives them the freedom to explore options, switch spaces effortlessly, and keep their lifestyle on track without the usual rental paperwork.

Co‑Living Gets Commonsense Cool in Singapore

For a long time, poking your head into a cozy, city‑side pad felt like chasing an impossible dream. Young Singaporeans often had to settle for cramped dorms or walk the extra kilometre to a less lively neighbourhood. But the game has changed: co‑living spaces and studio apartments are now punching above their weight.

Budget‑Friendly Boom

Affordability: Rent rates have plummeted, making a hip place near the CBD totally doable.
Proximity: You’re now a coffee‑shop‑sprint away from Singapore’s trendiest spots.
No more “rent‑by‑horror” stories: You can actually pay what you’re comfortable with.

Flexibility That Keeps Up with the Crowd

Other rentals still cling to rigid one‑ or two‑year contracts that feel like a lifetime commitment. Co‑living brings flexible leases that adapt to life’s hiccups.

Job switches? No problem—troubleshoot and relocate faster than a lunchtime group chat.
Need to change your vibe? Switch rooms or even move out on a short notice.
For those who crave freedom, a flexible lease is the sweet spot without feeling trapped.

Guillaume’s Perspective

“Since we’ve launched, there’s been a boom in Singapore’s co‑living spaces. And with more locals now considering co‑living as a viable option, it’s definitely growing faster than ever,” says Guillaume.

His words echo a reality: the “co‑living wave” is riding high and is set to keep rolling. In a market that’s hungry for innovation, the shift to casual, cost‑effective, and flexible living just feels right—and, let’s face it, making it easier to keep your life ship steady while you chase your sense of adventure.

Renting as an attractive interim option before homeownership

Late‑to‑Home Millennials & the Rent‑It‑Yourself Revolution in Singapore

In Singapore, the path to owning a home isn’t a straight street for everyone. Singles and members of the LGBTQ+ community face a 35‑year age lock‑out before they can apply for public housing. If you’re looking to ditch the family crib sooner, renting is the next best ticket—while the dream of buying a pricey private property remains a distant horizon.

When Construction Lags, Love Lags Too

Couples eyeing a fresh terrace often find themselves pranking the “co‑rent” lifestyle because their planned build is still on the drawing board.
Those waiting for construction to quiet down toss their cardboard boxes into a temporary, but cooler living area.
Despite the delays, the home‑ownership quest persists—millennials still view owning a house as the ultimate retirement nest egg.

What Guillaume’s Saying About the Market

Renowned property guru Guillaume offers a snappy take: “People will always need a place to live, so the real estate sector is a resilient beast.” Yet, he sees a shift. The market’s volatility is nudging many to rent as a stopgap before stepping into the ownership arena.

Shift in Youth Attitude

Young folks are increasingly valuing independence from the family unit. “Renting isn’t just about scrolling on Instagram,” Guillaume notes, “it’s an investment in the lifestyle you want as a young adult.”

Cove: The Rent‑N‑Go Zone

Enter Cove, a rental concept that lets tenants skip the furniture shuffle and jump straight into living. From a short three‑month stay to long-term experiments, Cove makes bursting out of the family nest much more affordable.

Covid‑19 as a Catalyst

Guillaume swears that the pandemic is the perfect backdrop for co‑living to shine as a pre‑home‑ownership step. The question is now who’s ready to share a sofa and life with their next door neighbour?

Gaining new experiences and learning valuable skills through renting

Renting: More Than Just Freedom

When you think of renting, you might picture it as a playground for those craving independence and privacy. But for the savvy millennial crew, it’s a passport to a world of exploration.

Neighborhood Tours: From hipster cafés to quiet cul‑de‑sacs, renting lets you hop from one vibe to the next, sampling what each feels like before you commit.
Home‑Style Variety: Anywhere from studio cuddles to loft lofts, you can test out different layouts and decide which feels like home.
Skill‑Building: Like a student hostel or an overseas exchange, renting pushes you to master budgeting, space‑management, and the art of keeping a plant alive.

So if you’re looking to grow, gather life‑hacks, and experiment with everything from décor to daily rituals, consider renting your next adventure. After all, it’s not just a living arrangement—it’s a real‑life “choose‑your‑own‑adventure” that teaches you to live, learn, and thrive along the way.

Co‑Living: The Hip Way to Build a Friendly Community

Guillaume spotlights a cool perk of co‑living: the chance to share a space with a mix of strangers and grow a lively network of pals that can seriously boost your day‑to‑day fun.

“For a slice of the younger crowd who cherish those vibes, renting can actually feel like a better pick than buying a spot—especially in your 20s, 30s, and early 40s. Until things get more settled or someone’s ready to start a family, rent just feels easier and more flexible.”

Current Rental Listings

8 @ 10 Mount Sophia – 861 sq ft, $4,100/month (Singapore 228459. D9)
Twin Fountains – 450 sq ft, $1,900/month (Singapore 738994. D25)
The Quintet – 1,572 sq ft, $4,700/month (Singapore 689101. D23)
Starville – 1,216 sq ft, $3,600/month (Singapore 417454. D14)
Martin Modern – 764 sq ft, $5,000/month (Singapore 237992. D9)
Greenwood Mews – 3,175 sq ft, $9,450/month (Singapore 286623. D11)
Regentville – 980 sq ft, $3,000/month (Singapore 538683. D19)
South Beach Residences – 1,592 sq ft, $11,500/month (Singapore 189673. D7)
Leedon Residences – 2,670 sq ft, $14,800/month (Singapore 267935. D10)

Got your eye on a place? Dive into the full listings and find your next home sweet home!

Renting: A Smart Step for Millennials Before Buying a Home