More and more entrepreneurs are betting that urban apartment dwellers will gladly accept a few extra roommates and less private space as long as flexible leases and community involvement are included. Massive, New York-based coworking company WeWork, just told Fast Company that it quietly opened a new residential space over the weekend at 110 Wall Street in Manhattan with flexible leasing, an arrangement being called "coliving." Activities and amenities, including access to fitness classes, potluck dinners, cleaning and laundry services and a digital social network, all accessed and scheduled via an app, are included in the rent.
This new venture from WeWork—which boasts more than 40,000 members, locations in 21 cities and a $10 billion valuation—adds a bigger player to the nascent coliving industry, and suggests furnished, month-by-month apartments may be a lot more than a fringe concept.