Some operators say demand has not slowed down, but has doubled in the past few months, despite a 20-30% increase in rents, and companies are now actively expanding their business.

The latest project by the company is a co-housing unit in the Bukit Merah area, which includes en-suite, one-bedroom and two-bedroom options, with bathrooms, kitchens and communal spaces.

Demand for similar units is high, with a 40 per cent increase in demand compared to last year, the company said. The company has 350 rooms across the island, all of which are currently rented out.

The chief executive of the shared accommodation company, Vivian Yip, said: "The rents are really going up too ridiculously fast all of a sudden, sometimes people have to renew their leases, they can't react, and they may have to make too drastic an adjustment in their financial capacity, so they will choose to say they want a short-term, or a temporary living space, usually for about five or six months. "

This cohousing residence, on the other hand, sits along Longgang Road and has 16 units, with a shared activity space as well as a fitness corner.

The owner said that over 1,000 rooms have been rented out in various locations across the island, with demand increasing three or four times compared to last year.

The nature of our contracts is a minimum of three months, you can choose a rolling contract or a fixed term contract, you can choose what suits you best, so there's a lot of flexibility," said Lucca, co-founder of the shared accommodation company. You might hear stories about people who put down a deposit before they've even seen a flat out there, but they don't always end up with the flat they want. Overall. There's a very, very short supply in the market."

Some operators have observed an increase in demand for shared housing of between 20 and 25 per cent, with the average occupancy rate now over 80 per cent, of which 20 per cent are locals and the rest are expats, mainly between 26 and 35 years old.