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.