This week co-working startup WeWork, which is now valued at a quite frankly outrageous $16 billion, launched their new urban housing concept WeLive.
When WeWork co-founders Miguel McKelvey and Adam Neumann first began pitching their idea, the plan included a number of ‘we’ concepts, including an affordable, fully furnished, dorm style residential model that would cater for short and medium length stays. This week the media was finally invited inside the first WeLive residence at 110 Wall Street, in the Financial District of New York City.
The WeLive concept applies the WeWork model to housing, by renting apartments of various sizes that come fully furnished and decorated, in a building stocked with the kind of conveniences normally found at Silicon Valley tech campuses. The rooms are thoughtfully designed to maximise light and space. An App keeps residents connected and allows them to submit service tickets to have their rooms cleaned, repaired or request new linen or mattresses.
Studios with about 450 square feet of space will rent for $2,000 a month which is a considerable bargain in the area. The largest units have four bedrooms in 1,000 square feet, and per-tenant pricing starts at $1,375 for a room. There are no credit checks or broker fees, and residents rent on a month-to-month basis.
Well done WeWork.