LOS ANGELES, CA / ACCESSWIRE / May 5, 2018 / According to the Latest Articles from NMS Properties the concept of "co-living" is fast becoming the renter's #1 choice for housing. It's the affordable way to live in the big cities, where the rents are skyrocketing. The Collective brings us the innovative concept of co-living.
The Collective is a pioneer in this brand new style of urban living. Instead of leasing a full apartment, at a pricey rent, the resident can rent a single room with a bathroom. The space is tiny. It measures 12 square meters, which is approximately 129 square feet. It will come with a shower cubicle.
The building has some nice amenities. There's a gym, a spa, a laundry room with a TV, a restaurant, and even a cinema. Wi-Fi is included. The resident pays a monthly rent, and everything offered in the building is included in the rent, with the exception of meals. Rents range from £800-£1,000, which is 1,033-$1,292 in U.S. dollars. It is a more affordable option for the young professionals.
Old Oaks is the company's first building and is located in northwest London. The average rent to income ratio there has gone from 25% to 33.3%, in the period between 2004 to 2014. In New York, that number is even higher, at 29% to 34%. Old Oaks has been 97% occupied throughout the year. The Collective is planning to open 2 more buildings in London.
Co-living buildings are attracting a lot of attention. Says Jack Sibley, a property investment manager at TH Real Estate, it is "one of the most promising ideas for the future of living to emerge for some time." Founder of the Collective, Reza Merchant plans to expand abroad, with 2 more building openings expected in New York and Boston
Reza Merchant is currently considering Berlin as a possible new location as well. He plans on increasing the room sizes in the new buildings, as compared to Old Oaks. Data collected, through resident feedback, is that the tiny room size is the primary reason they eventually move on.
A similar company is New York-based Ollie. Ollie has 2 co-living buildings, already up and running in New York. They are planning the development of a third building, to be opened in Long Island City in Queens, New York.
WeLive, the residential division of WeWork, is planning its first co-living building in Seattle. They currently operate a location of co-living units on Wall Street, in downtown Manhattan. WeWork specializes in shared office space.
By offering a range of room sizes, commented Roger Southam, a property professional at the property firm Savills, companies like The Collective will attract even more residents to this unique concept of co-living.
Contact Information:
- Neil Shekhter
- https://www.crunchbase.com/person/neil-shekhter
- https://www.levo.com/neil-shekhter
- https://twitter.com/neilshekhter1
- https://angel.co/neil-shekhter-1
SOURCE: NMS Properties, Inc
