While everyone was focused on young professionals, students have emerged as a major growth driver. Foreign students now represent 25-40% of residents for some operators, driven by Singapore's booming international education market. With 70,800 foreign students in 2023 and a projected annual growth of 6.7% through 2031, this demographic isn't just filling rooms; it's reshaping the business model.

The Singapore government’s response is most telling. Authorities actively tender state properties for adaptive reuse as co-living spaces targeting specific communities—from foreign healthcare workers to international students. This highlights how the government can strategically repurpose underutilised public assets while addressing housing gaps for distinct demographic segments.