Co-living spaces become popular among foreigners looking for short-term rentals

K-campus

Published: 31 Aug. 2023, 17:31 Updated: 31 Aug. 2023, 17:55

Co-living spaces become popular among foreigners looking for short-term rentals

The library at the Mangrove Sinchon [MGRV]

Although short-term lessors tend to be avoided by landlords, co-living house operators and booking companies are exploring the niche market of foreigners looking for short-term stays.

Co-living is a housing model in which residents lease individual rooms in a big building but share communal spaces such as the kitchen and the living room. Compared to the usual share houses, co-living houses offer additional facilities such as a gym, a cafe and workstations.

One of the companies that operate short-term stay co-living houses is MGRV. Calling its co-living houses Mangrove, it runs four branches in Seoul and one in Goseong County, Gangwon.

Its Sinseol branch in Dongdaemun District, eastern Seoul, and Dongdaemun branch in Jung District, central Seoul, offer short-term stays. However, its Sinchon branch in western Seoul and Soongin branch in Jongno District, central Seoul, require residents to sign at least a six-month contract.

According to MGRV, foreigners make up 25 percent of its residents.

"For [foreigners like] us, short-term stays are actually really common since some people look for temporary one-month stays they can live in before they find a suitable accommodation to live in," Lekani, a student in a language study program at a university in Seoul, said.

"It definitely takes some time to go to a real estate agency and go on multiple trips to different houses they suggest, and staying at [an] Airbnb or share houses is a very common option."

Residents can choose from a variety of room types at Mangrove, ranging from dormitories shared with roommates to singles. They include basic furniture, such as a bed, a desk, a chair, a closet and a mattress. Some rooms also have a bathroom and a shower.

MGRV also hires staff who can speak English and Chinese at each branch to accommodate foreign guests.

The Sinchon branch, in particular, offers residents a cafe-like lounge area on its fifth floor, where they are seen taking advantage of the lounge's workstations.

The branch's social kitchen is another place where residents come together. Although each room at MGRV's Sinchon branch has a kitchen, some choose to mingle with others and cook in a larger space.

The screening room at Mangrove's Sinseol branch [MGRV]

"One of the most popular communal areas at our Sinchon branch is the cinema lounge," a spokesperson for MGRV said. "It's a cozy place where residents can chill, watch a movie of their choice and enjoy their free time."

Deposits range from 1 to 5 million won ($757 to $3,783) depending on the room type, with monthly rent ranging from 390,000 to 1.21 million won.

Loka 101 is another company that operates 10 share houses in Seoul, offering one-month stays to its residents.

The company doesn't own the sharehouses themselves but operates them for the landlords.

It re-furnishes old buildings that tenants will be more willing to live in, receiving rent from the residents and paying fees to the landlords.

A house on Jeju Island that can be rented through Live Anywhere [LIVE ANYWHERE]

Live Anywhere is another company that brokers short-term stays but it caters more to travelers.

Rather than focusing on accommodations Seoul, the company offers around 11,000 listings in tourist destinations such as Jeju Island, Gangnueng in Gangwon and Namhae County in South Gyeongsang.

The company, established in 2020, had 540,000 users as of last year.

Differentiating itself from other booking platforms like Airbnb, the company allows users to book six-day, 14-day or 29-day stays. Rent becomes slightly cheaper if the users decide to stay longer.

BY LEE TAE-HEE [lee.taehee2@joongang.co.kr]