Sharing economy goes residential with micro-apartments

Some landlords are abandoning 12-month leases to attract millennials

TRD New York /
Mar.March 14, 2015 05:00 PM

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


Related Articles

arrow_forward_ios
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
WeWork CEO Adam Neumann (Credit: Getty Images and iStock)

WeWork’s side businesses are fizzling

WeWork’s side businesses are fizzling
Sarah Pontius (Credit: Union College)

Another head rolls at WeWork

Another head rolls at WeWork
WeDone: South Beach landlord seeks to evict WeWork for unpaid rent

WeDone: South Beach landlord seeks to evict WeWork for unpaid rent

WeDone: South Beach landlord seeks to evict WeWork for unpaid rent
154 Grand Street and WeWork CEO Sandeep Mathrani (WeWork, Getty)

Where it all started: WeWork to shutter first-ever location

Where it all started: WeWork to shutter first-ever location
A photo illustration of WeWork CEO Sandeep Mathrani and 149 Madison Avenue (Google Maps, Getty)

WeWork abandons big Manhattan office lease

WeWork abandons big Manhattan office lease
Former WeWork CEO Adam Neumann (Getty)

Eliot Spitzer, kibbutz life and tequila: Podcast series delves WeWork story

Eliot Spitzer, kibbutz life and tequila: Podcast series delves WeWork story
After WeWork’s botched IPO, real estate startups have learned to add women to their boards.

“Change is happening”: Inside real estate tech’s race to diversify their boards

“Change is happening”: Inside real estate tech’s race to diversify their boards
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...