Park Han-sol reports on Korea's financial regulators, along with fintech and insurance. She previously wrote about the art world, from biennales and exhibitions to fairs and auctions, with a focus on Seoul and the figures shaping the scene. Before joining The Korea Times, she spent a year at ABC News' Seoul bureau, contributing to coverage of major Asia-Pacific events.
Seoul's young singles are redefining home through 'co-living'
Residents at Mangrove gather for a seasonal food event as part of a community program, sharing fresh produce, homemade sauces and dishes with neighbors. Courtesy of MGRV
By Park Han-sol
As 'jeonse' declines and single households rise, co-living attracts renters seeking both privacy, connection
When Enock Kim lived alone in a small one-room apartment, her remote job as a product manager sometimes left her going for days without speaking to anyone in person.
“It did get lonely at times,” the 29-year-old Seoulite said.
Seeking more connection without giving up privacy, Kim, who uses her English name professionally, found herself drawn to Mangrove Sinchon, a new kind of “co-living” residence that combines furnished private studios with intentionally designed shared spaces like communal kitchens, libraries, study rooms, home theaters and fitness centers.
“What I liked was the flexibility,” she said. “I can be alone when I want, but if I feel like socializing, connection can happen naturally.”
Since moving in last June, one of her favorite parts has been the resident community programs, particularly seasonal food gatherings where neighbors sample fresh produce ranging from heirloom tomatoes to different varieties of watermelon and share homemade dishes.
“It almost feels like a gourmet club,” Kim said with a laugh. “We eat, talk and discover new combinations together.”
A communal kitchen at Mangrove Sinchon in Seoul / Courtesy of MGRV
Kim’s experience reflects a growing shift among Seoul’s younger single-person households, as co-living residences gain traction amid the weakening of Korea’s traditional “jeonse” system — the once-dominant lump-sum rental model that offered tenants lower housing costs while providing landlords with interest-free capital, but has been clouded in recent years by fraud and financial risks.
“The instability of Korea’s jeonse market has been one of the biggest factors in this change,” said Jie So-rim, head of investment advisory at Cushman & Wakefield Korea. “As jeonse-related fraud and broader housing volatility have undermined confidence, more young renters are shifting toward monthly leases. And for many in their 20s and 30s, housing is no longer just a place to sleep; they want security, reliable management and built-in community.”
The numbers underscore that trend. Of roughly 250,000 housing lease contracts signed in the capital in the first quarter of this year, monthly rentals accounted for a record 70.5 percent, according to Supreme Court registry data.
This change is unfolding alongside the rapid rise of one-person households, which reached 8.05 million, or 36.1 percent of all Korean households as of 2024. To meet their evolving needs, co-living operators are offering professionally managed residences near key business hubs and universities.
Mangrove Sinchon, a type of "co-living" residence that is gaining traction among young people in Seoul / Courtesy of MGRV
“Our main target is people in their 20s and 30s — students and young professionals just starting out,” said Gong Ji-yeong, PR manager at MGRV, which operates Mangrove’s Seoul branches. “Many want opportunities to meet people and discover themselves, but without the pressure of committing to rigid social groups or obligations. We aim to build that kind of flexibility into both the space and the community.”
Monthly rents, which typically range from 1 million to 1.5 million won, are not cheap. But proponents say that the bundled services — including maintenance, security, flexible leases, transit-friendly locations and social programming — offer strong value for residents.
“Building passwords are updated regularly, and we get app alerts immediately, so security is something I barely worry about,” Kim said. “When I lived alone, things like food deliveries made me nervous.”
That emphasis on safety has made co-living particularly attractive to women, who make up 68 percent of Mangrove residents.
A communal library at Mangrove Sinchon in Seoul / Courtesy of MGRV
It’s not just young Koreans driving the trend. These residences are also attracting a growing mix of international students, digital nomads and even aspiring K-pop trainees seeking an easier foothold in Korea. At Mangrove Sinchon alone, foreign residents account for 37 percent of tenants.
For Avery, an American exchange student studying international relations at Sungkyunkwan University, co-living offered something traditional rentals seldom provide: everyday cultural immersion.
“I think that’s why my Korean keeps improving,” she said. “I also used to do language exchange with a friend I met at Mangrove, Ye-eun, where we taught each other Korean and English.”
Part of the appeal lies in how daunting Korea’s conventional rental market can be for foreign residents.
“More foreigners are coming to Korea for work, study or extended travel, often for several months at a time,” Gong said. “But finding suitable short-term housing in the traditional market can be very difficult. Also, contracts are handled entirely in Korean, deposits exceed 10 million won ($7,000), and even if someone can afford that, entrusting such a large sum to a landlord can feel intimidating.”
University dormitories are often overcrowded or hard to secure, while “gosiwon” — ultra-small, budget accommodations originally built for people preparing for high-stakes exams — are viewed as too cramped for comfortable living.
Mangrove’s Sinchon branch, by contrast, offers six-month contracts, fixed deposits of 5 million won, online pre-arrival leasing, VR room tours and full English-language support.
Its twice-weekly community programs, from running clubs and movie nights to cooking sessions and workshops, further help residents build connections while experiencing Korean culture firsthand.
Residents also organically organize their own gatherings, posting elevator notices for impromptu activities like early morning runs or cooking "pajeon," a savory pancake beloved in Korea as a rainy-day treat, when the weather turns dreary.
Though still in its early chapters, Korea’s co-living market is expanding steadily. As of November 2025, Seoul was home to 47 properties totaling 8,491 units, led by private operators such as MGRV’s Mangrove, SK D&D’s Episode and Homes Company.
Jie So-rim, head of investment advisory at Cushman & Wakefield Korea / Courtesy of Cushman & Wakefield Korea
The sector’s growth is not only reshaping urban housing for young renters, but also drawing global capital.
Major institutional investors including the Canada Pension Plan Investment Board and Singapore’s GIC have entered Korea’s co-living market through joint ventures and equity stakes, betting that demographic shifts and changing lifestyles will make professionally managed rental housing an increasingly valuable long-term asset.
“Global real estate capital sees Korea’s living sector as offering more durable long-term demand than traditional commercial assets,” Jie said. “While office and retail spaces face structural uncertainty from the pandemic, e-commerce and AI-driven workplace changes, housing demand remains fundamentally resilient.”
She added that in a market where conventional housing has historically offered relatively low yields, co-living is emerging as a more profitable alternative by maximizing operational efficiency. Flexible lease structures, smaller units and higher occupancy potential allow operators to increase income while keeping rents comparatively accessible.
Looking ahead, Jie expects Korea’s co-living sector to evolve beyond its current youth-centered model into a broader ecosystem that could also branch into niche segments such as senior co-living, pet-friendly residences and tech-enabled smart housing.