Co-Living is Just Having Roommates That You Don’t Know

Ollie has Miniature Sized Luxury Rentals in Long Island City, NY Have you gone on a vacation and stayed in a hostel instead of a hotel? Co-Living seems to be the same concept, but on a more permanent scale.

Rather than having a large individual apartment, co-living inhabitants have smaller private spaces, and larger common areas where they can cook meals and socialize with the other tenants in the house. This new housing trend is growing in popularity across the entire country.

In Los Angeles, CA, a company called Podshare has the most basic co-living facilities. Each tenant has a bed to sleep in, with a personal television set mounted on the wall above the bed. The kitchen area is used by all tenants and is stocked with community groceries. There are spaces for each tenant to put additional groceries they purchase for themselves. All toiletries are provided for the bathroom, which has two showers and two toilets.

Across the country, in New York, the co-living spaces are a bit more elaborate and private. Tenants can rent a small studio or 1 bedroom apartment that has a small kitchen. The common areas are designed to be the focal point of the complex, where the tenants get to know who they live with in a social setting.

WeWork, the company that started the co-working environment, has branched out to include co-living spaces under the subsidiary WeLive. The company opened two locations, one in Virginia and one in Manhattan, but the expansion hasn’t taken off like the company had hoped. To-date, they are not discussing plans on when they will begin developing additional locations.

Meanwhile, Ollie has five co-living complexes across the country. One in Manhattan that is currently open and leasing space, one in Pittsburgh that just opened this month, one in Long Island City opening in June 2018, and two opening in 2019 (one in Los Angeles and one in Jersey City).

Ollie isn’t advertising their co-living spaces in Long Island City, NY as luxury residences, but after taking a look at what you get with a membership, they certainly could get away with it. Other luxury rentals in Long Island City don’t include hotel-style amenities like high-speed WiFi, television programming, monthly housekeeping, weekly maid service, and a social club membership. Did I forget to mention the co-living spaces come fully furnished?

One thing I did not see when searching for available co-living options in Long Island City was anything listed under no fee luxury apartments in LIC.

 

Choosing between a Co-Living Space or Finding My Own Roommates

The term co-living refers to a new trend in apartment housing where individuals live in a building where they have their own bedroom or apartment but the common areas are shared with other apartment renters. This may seem like an odd concept to some, basically living with strangers, but many single individuals, especially millennials, are quite open to the idea. Long Island City NY luxury residences have plans in the works to create such co-living spaces to provide additional apartment space in this area of the city.

WeWork is a group that started this type of trend with the creation of co-working spaces. The company decided to create a residential concept for co-living which is called WeLive. Hundreds of apartments were created in office buildings last year, with one located in Manhattan and one in Virginia. Plans were to expand the project of WeLive to other areas including Jersey City, but profit projections have now put the plans on hold. The company would like to learn how to refine the product and get it right before moving forward.

Ollie is another company that has been working on co-living projects and currently has 67 projects under consideration. A 43-story tower apartment is being considered for Long Island City, which would have 14 floors with 426 beds spread throughout these floors. The goal is to offer higher end amenities such as an indoor pool.

Luxury rentals in Long Island City are in high demand so Ollie has plans to meet this demand by creating co-living spaces. It would be smart to offer no fee luxury apartments in order to appeal to the masses. By offering quality amenities and affordable rates, the building owners will be able to see more renters in place at a faster rate. It will be interesting to watch and see if this new trend takes off and how willing renters will be to share common areas with perfect strangers.