Wall Street WeLive To See Some Hefty Rent Increases
Despite rumors to the contrary, WeWork says the WeLive at 110 Wall St (pictured) is doing well. So well, in fact, it’s bumping the price over $1k.
Starting January, WeLive studios, currently priced at $2k, will be offered for $3,050. Four-bedroom apartments will be offered for $8k, a hefty increase from their current $6k listing. Two-bedroom units will now go for between $5,400 and $6,400 per month and three-bedroom pads will go for $7,350, The Real Deal reports.
The reason for the price bumps, according to a WeWork email to residents, was the expiration of the company’s discounted beta pricing. A WeWork spokesperson told TRD WeWork was “incredibly pleased” with the co-living space’s “test period” since opening in April, with occupancy in the high 90s.
The rents not only reflect market rates, the company added, but are justified by the fact that the units are furnished and come with amenities including a yoga studio, a movie theater and communal/networking events.
A leaked 2014 investor document revealed that WeWork expected WeLive to account for 12% of its revenues by the end of 2016. But with only two locations and rumors of WeWork underestimating the cost of building WeLive spaces, it hasn't taken off as well as the company’s co-working spaces. [TRD]
