Demand for co-living spaces rises among the young

According to experts, by 2020, 35 percent of the workforce will be filled with today’s young professionals. As their number grows in the work place, efforts on making this group a market for real estate business substantially rise. But with these individuals’ starting low income, and their high facility demand, it has been difficult for housing corporations to invest in what appears to be a less profitable market.

Finding opportunity in this new segment, MyTown, the first co-living brand in the Philippines, was named by Chushman& Wakefield as a trailblazer in the rental accommodation market.

Since 2012, the brand has built a business around filling the need for the ever-increasing population entering the workforce under its company Philippines Urban Living Solutions (PULS).

Focused on elevating the lives of thousands of young urban professionals working in central business districts, MyTown’s rise has been notable; starting from one pilot building in 2014, to its now 12th building opening in September.

PULS CEO Mark Arellano Kooijman said, “Although there’s a large workforce of young urban professionals driving a significant part of the Philippine economy, it is still a highly underserviced demographic; residential rental options are limited, substandard and often costly versus monthly disposable income. Most young adults therefore live with family for many years, often far from their employer. Since 2012, MyTown’s co-living micro condos have provided a much-needed solution for them by making metro-living accessible and affordable, while also giving them a safe place to connect with likeminded people and develop their skills through our tenant activities and amenities.”

In lieu of embracing long-held assumptions in the property sector in the Philippines, MyTown has created a new and sustainable real estate asset class in the country that improves living conditions for thousands of young, hard-working Filipinos.

Furthermore, it has established an attractive, counter-cyclical asset class to a sector that is heavily focused on for-sale projects.

Five years later, its success is evident from its 97 percent occupancy and consecutive fourfold year-onyear growth rates.