RSQUARE Analytics Releases '2025 Seoul Co-living Market Report'
According to the report released by RSQUARE Analytics (RA) on the 26th, Seoul's co-living houses have recorded 7,371 units as of Q1 2025, growing 4.7 times over the past nine years. Rental demand has also increased by an annual average of 22% from 2022 to 2024. In particular, lease contracts in 2024 surged by 29% compared to the previous year.
With this growth trend, large domestic and international companies are actively entering the market. Domestic companies such as MGRV, DDPS (SK D&D affiliate), SLP (Shinyoung affiliate), and KT Estate are expanding their business, while global operator Weave Living has already entered the Korean market. Cove is also preparing to open in two locations in Seoul in the first half of this year in collaboration with Honors Asset Management.
However, there are challenges behind the high growth. The median rent for co-living in Seoul is 900,000 won, with rent per exclusive area up to 2.6 times more expensive than officetel. The RSQUARE Research Center identified key challenges as "△higher rent compared to officetels △narrow exclusive area △inconvenience in using common spaces."
From an investment perspective, △lower returns compared to housing sales △restrictions on rent increases △high operation and marketing costs act as obstacles. In fact, Common, the largest co-living company in the US, filed for bankruptcy in May 2024, and the UK's The Collective also filed for court receivership in September 2021.
Senior Researcher Kyu-jung Choi analyzed, "As it becomes difficult to enter the Seoul housing market due to the increase in single-person households and high PIR (Price to Income Ratio), demand for co-living is growing, especially in business district hinterlands and university areas," adding, "Companies are competing in the co-living market by offering differentiated services such as enhanced community facilities and pet-friendly environments."
목차
Part1. Rental Housing, Co-living
Part2. Co-living Features
Part3. Co-living Operators
Part4. Co-living Investment Market
Part5. Co-living Rental Market
Part6. Co-living Trends
![]()
RSQUARE Analytics Releases '2025 Seoul Co-living Market Report'
According to the report released by RSQUARE Analytics (RA) on the 26th, Seoul's co-living houses have recorded 7,371 units as of Q1 2025, growing 4.7 times over the past nine years. Rental demand has also increased by an annual average of 22% from 2022 to 2024. In particular, lease contracts in 2024 surged by 29% compared to the previous year.
With this growth trend, large domestic and international companies are actively entering the market. Domestic companies such as MGRV, DDPS (SK D&D affiliate), SLP (Shinyoung affiliate), and KT Estate are expanding their business, while global operator Weave Living has already entered the Korean market. Cove is also preparing to open in two locations in Seoul in the first half of this year in collaboration with Honors Asset Management.
However, there are challenges behind the high growth. The median rent for co-living in Seoul is 900,000 won, with rent per exclusive area up to 2.6 times more expensive than officetel. The RSQUARE Research Center identified key challenges as "△higher rent compared to officetels △narrow exclusive area △inconvenience in using common spaces."
From an investment perspective, △lower returns compared to housing sales △restrictions on rent increases △high operation and marketing costs act as obstacles. In fact, Common, the largest co-living company in the US, filed for bankruptcy in May 2024, and the UK's The Collective also filed for court receivership in September 2021.
Senior Researcher Kyu-jung Choi analyzed, "As it becomes difficult to enter the Seoul housing market due to the increase in single-person households and high PIR (Price to Income Ratio), demand for co-living is growing, especially in business district hinterlands and university areas," adding, "Companies are competing in the co-living market by offering differentiated services such as enhanced community facilities and pet-friendly environments."
목차
Part1. Rental Housing, Co-living
Part2. Co-living Features
Part3. Co-living Operators
Part4. Co-living Investment Market
Part5. Co-living Rental Market
Part6. Co-living Trends