# Seoul co-living presents an emerging investment opportunity as housing market transforms: JLL - **Source:** EdgeProp Singapore - **Published:** 2026-06-30T14:08:15.000Z - **Author:** Edgeprop Singapore - **Original:** https://www.edgeprop.sg/property-news/seoul-co-living-presents-emerging-investment-opportunity-housing-market-transforms-jll - **Topics:** Government & Policy, Investment & Capital Markets ## Featured rationale The shift toward monthly rentals and 41% single-person households signals deeper co-living demand, potentially supporting institutional acquisitions despite rents carrying a 43% premium. ## AI summary Seoul’s jeonse share fell from 71.9% in 2012 to 38% in 2025, as institutional investment in co-living accelerated from 2024. ## Original article As South Korea's residential market transitions from traditional rental arrangements to monthly rental models, institutional investors are showing more interest in alternative housing formats — including co-living — in Seoul. That is according to real estate consultancy JLL, which has published new research indicating that favourable demographic shifts and regulatory reform are backing the investment opportunity for co-living developments in the capital. About half of South Korea’s population lives in the greater Seoul area as of May this year. And within Seoul itself, single-person households make up about 41% of all households. Read also: Tishman Speyer secures US$300 mil from APG and Bouwinvest for Korean rental housing fund JLL says this comes as one- to two-person households are now predominant in the urban centre, shifting from multigenerational configurations which were previously more prevalent. Rental housing in Seoul has long operated under the jeonse model, whereby tenants put down a large security deposit — usually a significant portion of the property’s value — and get the full amount back when the lease ends. However, jeonse contracts in the metropolitan area declined to 38% in 2025, down from 71.9% in 2012. Interest rates have also remained elevated while housing affordability metrics suggest continued pressure. In response, the government has implemented a new framework for long-term private rental housing to stabilise the rental market and encourage institutional participation. The programme spans more than 100 units operated over minimum 20-year holding periods. Qualifying properties receive "significant tax incentives", JLL says. The research team's analysis indicates that the deployment of institutional capital into domestic rental housing and co-living assets has been accelerating since 2024. Read also: South Korea's rental housing sector draws planned US$300 mil flexible living, build-to-rent fund There have been more than 17 significant transactions in the market between 2024 and 2026, mainly involving asset conversions of existing hotels and 'officetels' (compact multi-purpose buildings with both commercial and residential units) into co-living developments. Average transaction values have reached hundreds of billions of won, JLL added. Notable examples of foreign investments in South Korea's co-living and rental housing: Recent foreign investments in the co-living and rental housing sectors included platform partnerships and portfolio acquisitions by global investors including KKR, Morgan Stanley and CPPIB. Hines, Invesco and M&G Real Estate have also acquired private rental housing assets. This year, TPG Angelo Gordon acquired assets operated by MGRV, a domestic co-living operator. JLL Korea chief executive, Lee Tae-ho, sees an increasingly attractive investment environment for institutional capital seeking stable, income-generating residential assets. In particular, the co-living sector may offer operational efficiencies and differentiated residential experiences. He describes South Korea’s residential market as "experiencing rapid structural realignment", with the transition from jeonse to monthly rental models and the shift to single-person household configurations. As of May 2026, median monthly rental rates for co-living units under 40 sq m (431 sq ft) in Seoul stood at about KRW1.13 million ($944). That is about 43% higher than rates of conventional officetel units. Read also: Apac real estate investment grew 13.7% in 2025, led by rebound in retail deals: Knight Frank Despite its premium pricing, co-living is seeing strong demand from younger demographics and foreigners, which JLL attributes to the "differentiated value propositions" such as shared amenity spaces and integrated community programming. ## Chinese translation > Translation model: grok ### 仲量联行：首尔共享居住成新兴投资机遇，住房市场结构转型 随着小家庭占比上升及监管变革推进，另类租赁住房在首尔势头增强。 随着韩国住宅市场从传统租赁安排转向月租模式，机构投资者对包括共享居住（co-living）在内的另类住房形式在首尔的兴趣上升。 房地产顾问机构仲量联行（JLL）最新研究显示，有利的人口结构变化与监管改革，正支撑首尔共享居住开发的投资机遇。 截至今年5月，韩国约一半人口居住在大首尔地区。而在首尔市内，一人家庭约占全部家庭的41%。 延伸阅读：Tishman Speyer获APG与Bouwinvest出资3亿美元，用于韩国租赁住房基金 仲量联行表示，城市中心一至二人家庭现已占主导，取代了此前更为普遍的多代同堂结构。 首尔租赁住房长期采用“全租”（jeonse）模式：租户支付大额保证金——通常占物业价值相当大比例——租约结束时全额退还。 然而，首都圈全租合约占比由2012年的71.9%降至2025年的38%。利率维持高位，住房可负担性指标亦显示持续压力。 对此，政府已实施新的长期私人租赁住房框架，以稳定租赁市场并鼓励机构参与。 该计划覆盖运营持有期至少20年、规模逾100个单位的项目。符合条件的物业可获得“显著税收优惠”，仲量联行称。 研究团队分析显示，自2024年以来，机构资本部署至国内租赁住房与共享居住资产的步伐正在加快。 延伸阅读：韩国租赁住房领域吸引计划规模3亿美元的灵活居住与建租基金 仲量联行补充说，2024年至2026年间市场已有逾17宗重要交易，主要涉及将现有酒店与“写字住宅”（officetel，兼具商业与住宅单位的紧凑型多功能建筑）改建为共享居住项目。平均交易金额达数千亿韩元。 外国投资韩国共享居住与租赁住房的显著案例： 近期共享居住与租赁住房领域的外国投资，包括KKR、摩根士丹利与加拿大养老金计划投资委员会（CPPIB）等全球投资者的平台合作与组合收购。Hines、景顺（Invesco）与M&G Real Estate亦收购了私人租赁住房资产。今年，TPG Angelo Gordon收购了由本土共享居住运营商MGRV运营的资产。 仲量联行韩国首席执行官Lee Tae-ho认为，对寻求稳定、产生收入的住宅资产的机构资本而言，投资环境日益具有吸引力。 尤其是共享居住领域，或可提供运营效率与差异化居住体验。 他形容韩国住宅市场正“经历快速结构性重整”，表现为从全租向月租模式转型，以及向一人家庭结构转变。 截至2026年5月，首尔40平方米（431平方英尺）以下共享居住单位中位月租约113万韩元（944美元），较传统写字住宅单位租金高出约43%。 延伸阅读：莱坊：2025年亚太房地产投资增长13.7%，零售交易反弹领涨 尽管定价溢价，共享居住仍获年轻人群与外籍人士的强劲需求，仲量联行将其归因于共享配套空间与一体化社区活动等“差异化价值主张”。