Unlike co-working spaces, all-inclusive co-living is still in its early days, but the public attitude towards the once atypical lifestyle is changing. More people – particularly millennials and Gen Z'ers – are seeing it as a viable solution to their rising monthly rents and low annual incomes, a problem that has also attributed to nearly 250,000 NYC rental apartments sitting vacant. And for those who want to move in right away and have a sense of community, co-living provides that.
With many companies now betting on co-living, one start-up stands out: Roomrs. Through Roomrs, residents are saving money, with no broker fee and current Manhattan and Brooklyn availabilities ranging from $1,150-$1,850/month (compared to Manhattan's average studio price: $3,111/month), and they're able to move in with a suitcase and feel at home already – all the household necessities like furniture, kitchenware, and of course, WiFi are included. There are also other perks like housekeeping (so you never have to fight over who last cleaned the tub), community events (think happy hour), and flexible lease terms in case you decide it's not for you.
Roomrs was founded by Or Goldschmidt, a real estate professional who aimed to bring affordable and enjoyable co-living to NYC when he started the company in April 2017. In his first 8 months, he was able to expand Roomrs from 1 apartment to 15.
With Roomrs about to celebrate its 1-year anniversary, CityRealty had the opportunity to talk to Or about his company, its beginnings, and its future as it expands to more neighborhoods in Brooklyn and Manhattan.
With Roomrs about to celebrate its 1-year anniversary, CityRealty had the opportunity to talk to Or about his company, its beginnings, and its future as it expands to more neighborhoods in Brooklyn and Manhattan.
How did Roomrs come about?
Or: After spending years in the real estate field as a broker, operator, and on the investment side, it was clear to me that the whole rental process is outdated and not suited for today’s lifestyle. Communication between owners and tenants is often unclear. Contracts are unnecessarily complicated, making it nearly impossible for younger adults to rent an apartment. On top of that, furniture and utilities just add more expenses for young people to juggle. Most importantly, it is really hard to make friends post-college, especially if you are moving to a new city. Roomrs is all about having our residents move in, and instantly feel at home.
What makes the co-living experience offered by Roomrs unique from the competition?
Or: We are not changing the way that people live with roommates, but rather enhancing the normal roommate experience with smart roommate matching. The Roomrs community is both virtual and in-person, allowing our residents to stay in close contact with their community associates and with each other. Residents get to participate in community interaction, but still have the privacy of their own space. We are also more affordable than the competition, especially considering our locations and the quality of apartments we provide.
Who should try Roomrs? And what is the roommate matching process like?
Or: We are a perfect solution for all young professionals who want to make a seamless transition into “adulting”. Our residents experience all of the benefits of living on their own, without the hassle. We pre-screen potential residents to make sure that they are a good fit for the Roomrs community and that we are a good fit for them. Our community managers get to know them on a more personal level during their search process, to fully understand their needs. Once they have narrowed down a few apartments that they love, we do a personality assessment, which is analyzed to determine the best apartment and housemates for them.
What's the one amenity or feature you provide that residents are particularly loving?
Or: Our residents love our personalized customer service; they are able to be in touch with a community associate at all times. They also really value the built-in network of friends that the Roomrs community creates for them. It makes all the difference- the community is what truly makes them feel at home!
Do you find that management companies and landlords are very receptive to your company's services?
Or: Roomrs essentially acts as a management company. Regular management companies see us as competition, especially because landlords prefer working with us over them. We are able to offer a 25% NOI within the first month and we elevate the overall quality and value of the apartment.
You have many units available in Harlem, Bushwick, and Williamsburg. What other neighborhoods do you hope to expand to soon?
Or: There are currently 45 Roomrs apartments, which translates to 135 rooms across Williamsburg, Bushwick, Upper East Side, Morningside Heights and Harlem. We maintain close to a 90% occupancy rate. We are constantly growing and increasing our presence in new neighborhoods and are in the process of securing locations in Midtown and Soho.
As Roomrs approaches its one-year anniversary, how big is the community so far and what do you look forward to in its second year?
Or: Since January, our community has quadrupled in size and we are looking forward to having over 1,000 members by the end of the year. Year two is all about expanding our presence and growing our community. We are so proud of the growth and success that we have enjoyed this year and are excited to bring a new way of living to the millennials of New York City.
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Sandra Herrera
Sandra Herrera is a writer, editor, and graphic designer based in Brooklyn, NY.
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