Summary
Renting a private apartment in Singapore can cost over S$16,000 upfront for a S$3,500/month unit, a major reason many default to co-living options like Hmlet.
Co-living offers significant benefits like zero setup friction, all-in-one billing, and a built-in community, making it ideal for short-term stays or those new to the city.
While private apartments provide more space and privacy, the high security deposit (often two months' rent) is the single biggest financial barrier for many renters.
You can significantly lower the upfront cost of a private rental by using a service like Rently's Lower Move-In Costs, which covers your deposit for a small monthly fee, making your choice about lifestyle, not just cash flow.
Singapore's rental market is brutal. Rents have climbed 20–40% over recent years, and whether you're a freshly arrived expat, a digital nomad on an Employment Pass, or a young professional finally moving out — the first question everyone asks is the same: where do I even start?
That's exactly where co-living enters the picture. Operators like Hmlet (now part of the Habyt group) have become go-to names in Singapore's co-living scene. Fully furnished rooms, all-in-one monthly bills, professional management, and a built-in community — it genuinely solves a lot of problems at once. It's easy to see why it's popular.
But here's the question nobody asks clearly enough: Is co-living actually the right choice for you, or are you defaulting to it because a private apartment feels financially out of reach?
Those are two very different reasons to make a housing decision. This article breaks down the real cost and lifestyle differences between Hmlet-style co-living and renting your own private apartment — and reveals why the biggest financial barrier to going private might be more solvable than you think.
The Co-Living Promise: What Co-Living Offers
Co-living, at its core, is renting a private furnished room inside a professionally managed home, with shared common areas like the kitchen, living room, and sometimes even a gym or rooftop. One operator handles everything: the lease, the furniture, the utilities, the Wi-Fi, and often even housekeeping. (EHL Hospitality Insights)
For someone landing in Singapore with two suitcases and zero local network, that's genuinely compelling. Here's what makes co-living an attractive option:
Zero setup friction. Walk in, unpack, connect to Wi-Fi. No hunting for a sofa on Carousell or spending a weekend at IKEA.
Predictable, all-inclusive billing. One number per month covers rent, utilities, and internet. No surprises.
Flexible lease terms. Co-living typically offers leases starting from 3 months, making it ideal if you're in transition, testing Singapore out, or not ready to commit to a 12-month contract.
Community. This is co-living's differentiator. As one redditor put it: "you pay for the community that is built around the coliving, you pay for the connections with like-minded individuals." For expats especially, this can genuinely ease the loneliness of relocating.
Low upfront cash. Typically just one month's deposit — no agent fees, no furnishing costs.
If you're in Singapore short-term, arriving with limited cash liquidity, or simply want a social soft-landing, co-living makes a strong case.
The Private Apartment Route: Pros, Cons, and the Real Problem
Renting your own HDB flat or condo unit is the other path — and it comes with real advantages that co-living simply can't match:
Total privacy. Your space, your rules, your mess (or tidiness).
No shared kitchens, no communal schedules, no house rules — a commonly cited concern among those researching co-living.
More space for your money over the long term, especially on a 2-year lease.
Freedom — pets, partners, your own interior choices, late nights without worrying about housemates.
The catch? The upfront costs are brutal. And this is often the single reason people default to co-living — not because they want the lifestyle, but because they simply can't afford to write those cheques on day one.
Let's look at what "day one" actually costs.
Side-by-Side Cost Breakdown: Co-Living vs. Private Apartment
Let's use a realistic example — a monthly rent of S$3,500 — and compare what moving in actually costs under each scenario.
Upfront Costs: The Old Comparison
Here's the comparison in bullet points:
Hmlet / Co-Living
Security Deposit: S$3,500 (1 month)
First Month's Rent: Included
Agent Commission: S$0
Furnishing: S$0
Total Day-One Cash: ~S$3,500
Private Apartment (2-Year Lease)
Security Deposit: S$7,000 (2 months)
First Month's Rent: S$3,500
Agent Commission: S$3,500 (1 month, standard for 2-year leases)
Furnishing: S$2,000+ (even basic setup)
Total Day-One Cash: ~S$16,000+
That's a S$12,500 gap. That gap is why so many people — even those who'd genuinely prefer privacy — end up in co-living. Not by choice. By cash flow.
The Game-Changer: Rently's Lower Move-In Costs
Here's the insight that changes the equation entirely.
Rently is a Singapore fintech that pays your full security deposit directly to the landlord on day one — on your behalf. You then pay it monthly over the course of your lease, at S$12/month per S$1,000 of deposit.
Rently reviews for no major payment defaults or active bankruptcy — no traditional credit check required. No landlord approval needed. The landlord simply receives a normal bank transfer.
In our S$3,500/month example, with a S$7,000 deposit:
Monthly deposit service fee: 7 × S$12 = S$84/month
Deposit you need to pay upfront: S$0
Here's what the recalculated move-in cost looks like with Rently in the picture:
Here's the second comparison in bullet points:
Hmlet / Co-Living
Security Deposit: S$3,500
First Month's Rent: Included
Agent Commission: S$0
Furnishing: S$0
Total Day-One Cash: ~S$3,500
Monthly Add-On Cost: —
Private Apartment with Rently
Security Deposit: S$0 (Rently covers it)
First Month's Rent: S$3,500
Agent Commission: S$3,500
Furnishing: S$2,000+
Total Day-One Cash: ~S$9,000+
Monthly Add-On Cost: +S$84/month (deposit service fee)
That's still not pocket change — but it cuts the private apartment entry cost nearly in half. And critically, it means the deposit is no longer the reason you're choosing co-living by default.
Monthly Costs & Flexibility
Beyond the upfront picture, the monthly cost structure matters too.
Co-living (Hmlet):
One all-in monthly bill — rent, utilities, Wi-Fi, housekeeping often included
Predictable and zero-hassle
Premium pricing for the convenience — you're paying for someone else to manage everything
Private Apartment:
Base rent + electricity, water, gas, Wi-Fi billed separately
More moving parts, but more control
Typically cheaper per square foot over a longer lease
With Rently, you can also automate your rent payments at 0% fee via eGIRO — removing one more admin headache
On Flexibility:
Co-living leases typically start from 3 months — excellent for short-term flexibility
Private apartment leases typically require a minimum 12 months, with costly early exit provisions
If you're unsure about your timeline, co-living has a real structural advantage here
The Decision Matrix: Which Should You Choose?
✅ Choose Co-Living If...
You're new to Singapore and want a social soft-landing with an instant community
You need housing for 3–9 months and can't commit to a year-long lease
You want zero admin — no utilities to set up, no furniture to source, no landlord to chase
You're in a transition period between jobs, waiting for a BTO, or figuring out which neighbourhood suits you
A single monthly bill with no surprises is worth a premium to you
✅ Choose a Private Apartment with Rently If...
Privacy is non-negotiable — you want your own kitchen, your own schedule, your own space
You're planning to stay in Singapore for a year or more and want a real home
The high security deposit was your main blocker — because Rently's Lower Move-In Costs service removes it, spreading it at just S$84/month on a S$7,000 deposit
You have pets, a partner, or lifestyle preferences that shared living can't accommodate
You want more control over your long-term costs and are confident you can manage utilities for less than the co-living premium
The Bottom Line
Co-living operators like Hmlet offer a legitimate, well-run solution — and for the right person at the right time, it genuinely delivers. The convenience, community, and flexibility offered are real, not just marketing fluff.
But for a lot of renters, co-living was never really the preference — it was the default, because writing a S$16,000 cheque on day one to rent privately felt impossible.
That equation has changed. Financial tools like Rently are quietly levelling the playing field, turning a previously insurmountable deposit barrier into an S$84/month line item. The choice between co-living and a private apartment can now be made on what actually matters — your lifestyle, your timeline, and your priorities — rather than whatever your bank account happens to look like at the moment you need to move.
Frequently Asked Questions
What is the biggest upfront cost when renting a private apartment in Singapore?
The security deposit is typically the single largest upfront cost. For a standard two-year lease, landlords in Singapore require a security deposit equivalent to two months' rent. For an apartment costing S$3,500 per month, this means you would need to pay S$7,000 for the deposit alone, in addition to the first month's rent and any agent commissions.
How can I rent a private apartment without paying the full security deposit upfront?
You can use a deposit coverage service like Rently's Lower Move-In Costs. Instead of you paying the multi-thousand dollar deposit to the landlord, Rently pays it on your behalf. You then pay a small, fixed monthly fee for this service, which effectively removes the single biggest cash barrier to renting a private apartment.
Why is co-living like Hmlet so popular in Singapore?
Co-living is popular primarily because of its convenience, low upfront costs, and built-in community. It offers all-inclusive billing (rent, utilities, Wi-Fi), fully furnished rooms, and flexible lease terms (often starting from 3 months), which is highly attractive to expats, those new to the city, or anyone seeking a hassle-free rental experience.
What kind of service does Rently provide for the security deposit?
Rently provides a deposit coverage service through a monthly payment arrangement. It's a tenancy support tool designed to make renting more accessible by covering the large upfront security deposit. The service reviews for no major payment defaults or active bankruptcy — no traditional credit check — and using it does not impact your credit score.
What happens to the security deposit paid by Rently at the end of my lease?
At the end of your tenancy, the landlord processes the deposit return as usual. The full deposit amount is returned directly to Rently. If the landlord makes any deductions for damages beyond normal wear and tear, you will be responsible for paying Rently for that specific amount.
Who is co-living best suited for?
Co-living is ideal for individuals who prioritise convenience and community over space and privacy. It's an excellent choice for those on short-term stays (3-9 months), newcomers to Singapore looking for a social network, or anyone who wants a zero-admin living situation with a single, predictable monthly bill.
Ready to run the numbers for your own situation? Try Rently's deposit cost calculator and see exactly what your move-in costs could look like.