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SINGAPORE: More landlords in Singapore are converting their properties into multi-tenant rentals as they seek to boost rental income. Some co-living operators say\u00a0they have seen up to a\u00a0fourfold increase in\u00a0such\u00a0enquiries from\u00a0property owners over the past year.\u00a0<\/span><\/p>\n The shift comes as the private rental market stabilises after years of rising rents, prompting some landlords to rethink the traditional single-tenant model.\u00a0<\/span><\/p>\n Ms Josephine Liu is among property owners making the shift. She\u00a0spent S$200,000\u00a0(US$155,000) converting her 30-year-old landed\u00a0home\u00a0in Pasir Panjang into eight rental units.\u00a0Most of the\u00a0units look similar to a studio apartment, with its own kitchenette, bathroom and washing machine.\u00a0<\/span><\/p>\n Ms Liu said she decided to switch to the multi-tenant model after finding that renting to a single family did not generate enough income to cover her mortgage.<\/span><\/p>\n \u201cI had a condo unit before, (from) 2020 to 2023, renting out to a family. I would be at least 20 to 30 per cent short in terms of paying my mortgage,\u201d she said.<\/span><\/p>\n As she has a full-time job, Ms Liu engaged a co-living operator to manage the property. Before proceeding with the renovation, she carefully worked through the finances to ensure the higher rental income could justify the investment and management costs.\u00a0<\/span><\/p>\n \u201cI (went) through the numbers repeatedly, and after paying off the management company, the remaining amount is still way better than if you rent it to\u00a0(one) family,\u201d she said.<\/span><\/p>\n Ms Liu said the model has paid off, with her rental revenue increasing by about 50 per cent.<\/span><\/p>\n Property investor Arthur Lim also opted for the multi-tenant model, after identifying a city-fringe condominium with a layout allowing him to\u00a0carve out two extra\u00a0rooms with only minor renovation works.<\/span><\/p>\n \u201cI saw potential to create additional rooms in the large living area that is enough for me to place the basics\u00a0\u2013\u00a0a bed, a study table, a wardrobe,\u201d said Mr Lim.<\/span><\/p>\n