Q: Is Co-Living the future of housing in New York City?
If you’ve ever dreamt of buying a home in New York City, you’re in good company. Unfortunately, trying to own a piece of real estate in one of the most desirable locations in the country can be an expensive proposition– especially for the under 30 crowd.
In general, what young millennials may be lacking in funds, they make up for in trailblazing. Not to be deterred from living in the NYC boroughs, a new trend in New York City real estate is emerging to suit their needs. It’s called “Co-Living”.
If you’re renting an apartment in NYC, a New York landlord-tenant attorney can review and negotiate your lease in advance or help you negotiate and settle residential landlord-tenant disputes if they arise.
It’s common knowledge that living space is scarce in the Big Apple, which translates to renters paying high prices for small spaces. In order to afford it, some people divide up living space, seek roommates to share costs, and deal with the hassles of applications, brokers, and furnishing the space. Co-Living has turned traditional apartment leasing on its ear.
In a nutshell, Co-Living is like an adult dorm room in a building that offers renters (called “members”) shared community spaces like kitchens, gyms, theater rooms, game rooms, and even social event planning and housekeeping so that they can save money and live in the city. The rooms can come furnished with hidden beds that pull down from the wall to sleep and fold-up to reveal a couch during the day, built-in bookcases, and more–or they can be unfurnished. You can rent just a small room and share amenities with the rest of the building. Like a dorm, only nicer. Or you can share 2-4 bedroom “pads” with others and take advantage of a roommate-matching service along with savings on rent.
For those living alone, who are lonely, pressed for money and time, and who don’t want the hassle of finding roommates or furniture, and who and are interested in social activities, Co-Living may be a good alternative to traditional rental apartment leasing.
Consult a New York Real Estate Attorney for future housing
If you are interested in buying or selling real estate or leasing residential space in New York City or New Jersey, the experts at Merlino & Gonzalez can help. Contact us today to schedule a consultation.
From our offices in Staten Island, New York, and East Brunswick, New Jersey, we represent clients in both states in all aspects of real estate law as well as estate planning and estate administration.