Co-living spaces rising in Cebu’s rental market

CEBU, Philippines — From the usual boarding houses or dormitory, the rental market in Cebu has evolved into a more modern set-up with the strong entry of co-living spaces.

Canada-based global commercial real estate services organization, Colliers International

Philippines, sees Cebu’s emerging business on co-living spaces.

According to Colliers Philippines managing director Richard Raymundo, aside from students, immigrant workers, those who are living far from their respective work places, would opt to rent a room or share a room space nearby in order to save transportation money and get away from daily grind of heavy traffic.

This new market in the rental business has already been rapidly growing Manila, and Colliers is seeing a similar trend in Cebu.

According to Raymundo, this is another opportunity for building developers or those that have properties within the main business districts to build co-living spaces.

It works like the traditional room-sharing concept, wherein renter pays only the bed-space (including water and power). Co-living concept on the other hand is more modern, and classy.

Co-living is a new kind of modern housing where residents with shared interests, intentions, and values share a living space where they’re almost like a big family.

Co-living spaces is the trend of living with many other people in one space that encourages its residents to interact and work together.

What is apparent in Cebu as of now though, is the fast development of more co-working spaces. Co-living spaces on the other hand is yet to be explored by developers and capitalists. (FREEMAN)