Lee Tai-hyun, founder and CEO of HOMES Company, poses during an interview with The Korea Times at HOMES Studio in southern Seoul, Tuesday. HOMES Studio is a co-living complex operated by Lee's company, aimed at enhancing the living experience for single-person households. Korea Times photo by Lee Yeon-woo

Finding a good residence that fits your budget is a challenge for everyone. But if you're alone in a foreign country with complex domestic regulations like Korea, the experience can be even more daunting.

"An increasing number of foreign nationals are moving to Korea, but finding housing remains a significant challenge for them. Even after settling in, there is a growing need for better services to enhance their living experience," Lee Tai-hyun, founder and CEO of HOMES Company, said in an interview with The Korea Times on Tuesday.

With the goal of offering a global lifestyle to single-person households, both Koreans and non-Koreans, Lee's startup operates a co-living space called HOMES Studio.

Each unit offers essential private spaces, including a bedroom and bathroom, while residents share communal facilities such as a kitchen, gym, laundry room and even a movie theater. The company also organizes social activities like running clubs and wine-tasting events, encouraging residents to connect with one another. About 20 percent of the residents are non-Koreans.

Lee is an urban planning expert who previously led large-scale development projects at Korea Land & Housing Corp. and Samsung C&T. While studying in Japan, he developed his passion for improving the lifestyles of single-person households and founded the company in 2015.

Today, HOMES Company operates a total of 1,500 rental units across domestic and international locations, including Seonjeongneung, Namyeong-dong, Wonhyo-ro and Mangwon-dong in Seoul, as well as Shinjuku in Tokyo.

A living lounge shared by residents at HOMES Studio in southern Seoul / Courtesy of HOMES Company

The price differs by location, typically ranging from 5 percent to 10 percent higher than the surrounding market rate. For instance, in Seonjeongneung, the monthly price is approximately 1.8 million won ($1,238).

The strong sense of community sets the residences apart, Lee said. A great example is its co-living space in Shinjuku, which has fostered a thriving network by catering to Korean startup CEOs and executives looking to expand into Japan.

"They often struggle to find housing since Japanese landlords tend to be conservative and hesitant to rent to foreign nationals. But staying in hotels indefinitely doesn't feel like home," Lee said.

"When first settling in Japan, people share similar concerns — Where can I find a pharmacy with Korean-speaking staff? Where can I buy Korean groceries? How do I navigate the investment process? By helping them build connections, we've created a thriving, supportive community."

A similar trend is seen in Korea. The company's co-living complex in Myeong-dong, Seoul's iconic shopping district for foreign visitors, attracts long-term travelers looking to immerse themselves in Korean culture, while its Namyeong-dong location sees a high influx of foreign students attending Korean language institutes.

Building on this success, its second and third residences in Japan are set to open in the first half of 2025 in Tokyo's Shinagawa and Meguro wards, while its first U.S. residence is currently in development in San Francisco, targeting artificial intelligence startups. In 2023, the company secured a 300 billion won investment from ICG, a global asset manager.

A room at HOMES Studio in southern Seoul / Courtesy of HOMES Company

"Now, I'm planning to take the company all the way to an initial public offering within the next three years," Lee said.

While HOMES Company has grown into a seasoned homegrown startup with nearly a decade of experience, Lee acknowledged that the journey hasn't been easy.

"Abroad, large companies were already running businesses like ours, so we had a clear direction. But in Korea, our business model and funding structure were unfamiliar, and our credit standing was low," Lee said. "Now that the industry has grown, many similar brands have emerged. However, we believe that housing must be provided with sincerity, which is our strength. Otherwise, it loses its meaning."

"Our biggest strength lies in our authenticity (in creating a home)," Lee said. "We want to create impactful projects that, in even the smallest ways, contribute to making cities better places to live."