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

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