The purchase of a house is "completely crazy": the co-living startup Hmlet

"Buying a home right now, it's completely crazy if you think about it."

That's what Yoan Kamalski, founder of Singapore-based start-up co-living Hmlet, said. Instead of buying a property, he told CNBC on Tuesday, many people in places like Australia and Hong Kong would prefer to rent "all their lives".

Hmlet operates living spaces in Singapore, Tokyo, Hong Kong and Sydney, which allow members to rent rooms under flexible leases.

Cohabitation is one of the main trends in the sector, according to a survey conducted in 2018 by commercial real estate company CBRE Group.

This does not go unnoticed by investors. Hmlet announced Tuesday it raised $ 40 million in its second round of financing, which was led by the multinational Burda Principal Investments.

Hmlet says there are other cohabitation companies in the sector, which are differentiated by their ability to adapt the concept of life to the demands of their customers, Kamalski said.

"None of the operators before that [have] been really understanding the customers, "he said.

The company has expanded its operations in Hong Kong, one of the most expensive real estate markets in the world, in July 2018. Given the unsustainable nature of housing, it is a well-placed market for renting cohabiting housing relatively cheaper, according to a report published in 2019 by the accounting firm PWC. .

The Hong Kong cohabitation market is on the cusp of attracting, in particular, new university graduates who are entering their first job, the report says.

Meanwhile, Singapore's cohabitation market may be smaller due to the availability of affordable social housing options. Yet Hmlet already has 29 co-residential units for rent in the city, according to its website. Five others are launching soon.