9 min read · 21 March 2026
How We Transformed a Causeway Bay Flat Into a 5-Room Co-Living Space
A real case study — before and after of a Hong Kong flat converted to co-living. See the numbers: from HKD 22,000 traditional rent to HKD 55,000+ monthly revenue.
Key Takeaways
- An 800 sq ft Causeway Bay flat went from HKD 22,000 traditional rent to HKD 55,000–68,000 monthly co-living revenue
- The renovation took four weeks and was fully funded by Commune Share — zero CapEx from the landlord
- The landlord's net monthly income increased by over 56%, with 95% average occupancy across the first year
The Property Before
In early 2025, we received an enquiry from a landlord who owned an 800 sq ft flat on Jardine's Bazaar, just minutes from Causeway Bay MTR. A standard three-bedroom unit on the sixth floor of a tong lau building.
The previous two years had been frustrating:
- Asking rent: HKD 25,000/month
- Achieved rent: HKD 22,000 after negotiation
- Vacancy: Two months empty in 2024, another six weeks in early 2025
- Tenant issues: Previous tenant left without proper notice, leaving minor damage
- Net annual income: Approximately HKD 220,000 after vacancy, rates, and fees
The landlord was considering selling. This is the situation we encounter most often — not that the property is bad, but that the traditional rental model doesn't maximise what it can earn.
The Assessment and Proposal
Wing visited within a week. Here's what we identified:
Layout potential: The generous living room (~180 sq ft) could become two private rooms of 80–90 sq ft each, with remaining space as shared dining area.
Room count: Three existing bedrooms (90–120 sq ft each) plus two from the living room = five lettable rooms.
Revenue projection:
- Two larger rooms (110–120 sq ft): HKD 12,000–14,000/month each
- Two medium rooms (80–90 sq ft): HKD 10,000–11,000/month each
- One smaller room (90 sq ft): HKD 11,000–12,000/month
- Estimated gross: HKD 55,000–62,000 at full occupancy
We presented a detailed proposal with three scenarios (conservative, base, optimistic), expense breakdown, and projected landlord payout of HKD 30,000–40,000/month — a 36–82% increase. The landlord said yes in three days.
The Renovation: Four Weeks
Week 1: Planning, procurement, DMC confirmation. Key principle: no structural alterations.
Week 2: Living room partitioned into two rooms using professional-grade floor-to-ceiling partitioning with sound insulation. Electrical circuits added and certified.
Week 3: Kitchen upgraded (new countertops, hob, fridge-freezer, water filter). Bathroom re-grouted with new shower set and wall-mounted washing machine.
Week 4: All five rooms furnished (bed, mattress, wardrobe, desk, chair, bedside table, blackout curtains, mirror). Professional photography.
Total CapEx: HKD 80,000 — entirely borne by Commune Share. The landlord invested nothing.
The Results: 12 Months of Data
| Quarter | Occupancy | Notes |
|---|---|---|
| Q2 2025 (Apr–Jun) | 80% | Ramp-up; 4 of 5 rooms filled within first month |
| Q3 2025 (Jul–Sep) | 100% | Full occupancy; waitlist active |
| Q4 2025 (Oct–Dec) | 96% | One room turned over; refilled in 8 days |
| Q1 2026 (Jan–Mar) | 100% | Full occupancy maintained |
| Metric | Before (Traditional) | After (Co-Living) | Change |
|---|---|---|---|
| Monthly income to landlord | HKD 22,000 | HKD 35,700 (avg) | +62% |
| Annual income (net of vacancy) | HKD 220,000 | HKD 428,400 | +95% |
| Vacancy rate | ~15% | ~5% | -10pp |
| Landlord time spent managing | 5–10 hrs/month | 0 hrs/month | Fully managed |
What the Landlord Experienced
"I was genuinely considering selling the flat. When Wing first explained the co-living model, I was sceptical. Five people in my flat? I pictured chaos. But what I got was a professionally managed property that earns significantly more, and I don't have to do anything."
"The monthly reports are incredibly detailed. I can see exactly what came in, what went out, and what my payout is. My only regret is not doing this sooner."
Key Takeaways for Other Landlords
- Traditional rent undervalues most HK flats. Per-room economics unlock significantly higher revenue.
- Living rooms are underutilised assets. That space can generate HKD 10,000–14,000/month per room.
- Vacancy is the silent killer. Co-living reduces vacancy risk because you manage five independent tenancies, not one.
- The right operator invests alongside you. We funded HKD 80,000 in CapEx because our revenue depends on performance.
- Results improve over time. First quarter is ramp-up. By quarter two, this property was at full occupancy.
Ready to Explore What Co-Living Could Mean for Your Property?
Commune Share operates properties across Hong Kong, from Sai Ying Pun to Causeway Bay. We offer free, no-obligation property assessments — we'll visit your property, evaluate its co-living potential, and walk you through the numbers.
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