REAL ESTATE & HOME DECOR
EMERGING TRENDS IN RENTALS
THE ADVENT OF THE LIFESTYLE BUILDING By Michael Stoler
n influx of new co-living and residential shared housing rental apartments throughout the metropolitan area are transforming the marketplace. This is in response to a desire among city dwellers to cultivate an all-inclusive in-house experience that champions community building and optimizes efficiency in tight living quarters. Co-living caters to upwardly mobile, single young professionals seeking convenience, flexibility, and community in their living situations. Most co-living company real estate buildings offer all-inclusive dorm-style housing with floorplans that optimize living and common areas for socializing and maximize efficiency in units that are smaller than the average studio.
DECONSTRUCTING CO-LIVING HOUSING The major co-living companies within the metropolitan area include WeLive, Ollie, Common, Node, Krash, Pure House and TRIBE. Private-equity investors and pension funds have founded a large percentage of the co-living companies, providing services that blend flexibility with ease to feed the emerging demands of their target demographic. These companies offer leases from one month to one year, and most residences are pre-furnished to include communal kitchens stocked with dishes and cooking utensils, high-speed internet, TV’s wired for cable and housekeeping amenities. Community-building activities are another unique offering of these co-living spaces which feature movie screenings, wine tastings, cooking classes, roof decks, party rooms, and hot tubs. A single person in a co-living space can spend anywhere from $1,500 to $3,000 per month based on location, size of units and amenities provided. According to the Wall Street Journal, New York apartment developers the Durst Organization tested how traditional real estate companies can provide co-living space within a new building for budget-conscious millennials. The Frank 57 West, located at 600 West 58th Street, is a residential building that offers several housing options. Renters can select from a three-bedroom, two-bath apartment, unfurnished or furnished, with fold-up beds in the bedrooms to give occupants more floor space, as well as couches and tables. Residents can spend between $6,200 to $7,200 a month, or $2,067 to $2,400 per person. Cleaning and valet services are also available. Developers have also tested the concept of micro-sized apartments, providing a plethora of tailor-made services for residents who don’t wish to compromise between engaging in booming social experiences in exchange for small living quarters. 58 | OUR CITY, YOUR LIFE | MAY 2018