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WeWork's 'WeLive' Now Renting Cool Fold-Away Bed In Shared Studio For $1,600 Monthly
By
Emma Whitford
Published Dec 5, 2016
Modified Dec 5, 2016
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via WeLive
By
Emma Whitford
Published Dec 5, 2016
Modified Dec 5, 2016
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Early adopters of WeLive Wall Street, a co-living arrangement that wooed renters last winter with promises of an on-site yoga studio and hot-tubs (and unlimited coffee, San Pellegrino, and toilet paper with the $125 amenities fee) are facing a rent increase. WeWork, the $16 billion-valued co-working startup behind the apartments, confirmed today that it is in the process of raising rents to market rate. So, that Murphy bed tucked cozily behind a curtain in a shared, fully-furnished 450-square foot studio for $1,375 per month? Those were Beta prices. Starting January 1st, the cost of that same Murphy bed will start at $1,600. All private studios, marketed in April at $2,000, will increase to about $3,050. A so-called "Studio XL" will be marketed somewhere around $5,050 per month.
The new rental structure is laid out in emails shared with Gothamist that were sent to WeWork Wall Street Beta testers in June, and again in August. "Now that everyone is well into their term we are hoping to get an understanding of who is intending to renew outside of Beta," it reads.
A WeWork spokesman said Monday that WeLive has been phasing in the higher rents since this summer. When a Beta-tester leaves, prospective tenants are quoted at so-called "market rates." The WeLive website already lists studios "starting at $3,050" and private bedrooms in shared apartments "starting at $1,900/person" (the largest units have four bedrooms).
In August, a Wall Street Journal report suggested that the WeLive model—which encourages a full-time networking approach to life with perks like a "community manager" to organize building-wide karaoke—was struggling. WeWork initially announced plans for 14 WeLive locations by the end of 2016. As of this December, there are no plans to expand beyond the current NYC and Crystal City, Virginia locations. A Seattle location isn't expected to open until 2018, and no other WeLive locations have been publicly announced.
WeLive challenged the assessment on Monday, saying that WeLive Wall Street exceeds 90 percent occupancy and is currently fielding a waitlist (the company would not go into detail on the length of the waitlist). According to the startup, $10,000 for a four-bedroom, or about $2,500 per head, is competitive for the Financial District, especially considering the amenities. "We're incredibly pleased with the performance of WeLive," a spokesman stated. "The test period for the building is coming to an end; the pricing now reflects market rates."
But one current Beta tenant told Gothamist the increase in rent came as bit of a shock, even though they knew some sort of increase was coming. The tenant declined to provide their name citing a non-disclosure clause in their lease, but said that they are planning to leave come January. "To be honest I can just not afford it," they said.
It turns out not everyone can afford access to the "awesome power of community."
Tagged
co-living
wall street
WeLive
wework
Emma Whitford
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