The Real Deal New York

Sharing economy goes residential with micro-apartments

Some landlords are abandoning 12-month leases to attract millennials

March 14, 2015 05:00PM

Young Woo

Young Woo

WeWork’s community office concept is getting a residential spin as proponents of the sharing economy plan communal living hubs with micro-apartments targeted at young professionals.

A handful of companies are leading the push, abandoning 12-month leases for month-to-month arrangements, according to the New York Daily News. The micro-rentals allow millennials to come and go at a moment’s notice and even move between buildings within a landlord’s portfolio.

Young Woo & Associates, the company behind a plan to bring offices to Pier 57, is even testing out the concept in a rental building at 509 East 87th Street, according to the Daily News. Young Woo has leased out the top floor of the building to a San Francisco-based Campus, a firm that creates co-living communities for young professionals

“This is targeted at people with a clean slate,” said Rey Kapadia of Bond New York, a broker who represents the landlord. “I would absolutely have done this when I left college. You can get to know the city a little bit without getting stuck in a 12-month lease.” [NYDN] — Christopher Cameron [NYDN] Christopher Cameron

  • DR.FUNK

    I guess it depends on the pricing.
    What good is it if you don’t (on balance) save money going this route?

  • Perry

    SRO is coming back

  • John Donnelly

    Perry, the problem is the SRO law. Thanks tot he SRO, it is next to impossible to operate a rooming house in a pre-1969 building without the tenants coming under rent regulation.

    Rooming houses have a room to play for truly transient workers.

  • Mitch Crainer

    Well, on my personal view, this advantageous to modern people whose life is now hooked to the mobility of our residence in relation to work and other factors. Nowadays, it does not guarantee that the place we live in now will be the same place where we are at tomorrow. This would also help people prepare their budget monthly since budget can’t be a long term guide because the economy is randomly changing. And there are already facilities that would be fit for your residence even in months. And it is good to know the right people who can help you find the desired and fitted place for you. There are different agencies that are expert in such service. One that I personally know, for instance, is the Platinum Properties NYC. I hope this could help.
    See my SOURCE

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