Neil Shekhter - of NMS Properties on Understanding Co-Living
ACCESS Newswire
LOS ANGELES, CA / ACCESSWIRE / February 10, 2018 /
Understanding Co-Living Facilities
The co-living trend is evolving and Manchester and London will see new units during over the next couple of years. There are rooms or small apartments provided in co-living buildings in addition to communal areas such as a restuarant, co-working space or library. Entrepreneurs and freelances can complete the workday then enjoy the company of others during the evening.
There are a number of companies that want to transition into living including property developers that are well established. These include Noiascape and Allied London.
WeLive and Ollie are where the co-living trend began in the United States. In the beginning of 2016 the largest co-living example, the Collective, opened the first of its apartment blocks in London's north-west. Those writing about the site were skeptical, the building didn't persuade anyone it was the solution to the existing housing crisis. It was tiny with expensive bedrooms.
The target demographic is young, freelance, unlikely to get their own home and weary of renting privately. Instead of worry about things the people can be more mobile and actually have experiences they would not otherwise have. The social element is one of the positive aspects of the model but the idea that it is just putting a bandaid on the lack of reliable work and affordable, decent places to live. The building standards are lower than usual for these spaces according to housing experts.
Precarious Work is Super Productive
More than fifteen percent of the people in the UK are self employed. It has been documented that the experience of being self employed is tough with anxiety and other mental health problems being side effects of pay and work being irregular. A network of support and making self employment become more accepted could be aided by putting people together that are in this situation.
Geographer Ollie Mould wrote a book about the trend of coworking and suggested that it leads to feeling pressured to do work without having a support system. He is concerned that the feeling of being pressured will increase now that the concept is moving into working from home. It seems that co-living would increase the productivity of work and increase the amount of free time. The time that is freed up is just used to work which allows work to invade home life even further.
Co-living provides opportunities that can easily turn into networking instead of relaxation. The Collective advertises mindfulness and yoga sessions which while it sounds good is also a reminder of a performance based culture.
Demographics
The buildings location and demographics have to be considered, one of London's poorest areas, l Stratford will be where the next co-living building is opened as part of the regeneration plan from the government. Penny Bernstock, the University of East London's Center for East London studies director does not think the facility will give families in Newham needed housing. The nine story building will have a communal gym, kitchens, library, hot tub, sauna and other amenities. the description makes the facility appear to be geared toward young professionals. Standards of quality in buildings for mixed use is typically lower because it expected to be a temporary living situation.
Future of Co-living Facilities
The properties are not all being developed alike, some are attempting to rent to those of retirement age and rented at a price that was related to wages locally. The stipululations are to keep the building from being revolving doors. The model regulations need to evolve and increase to become more positive. The fact that everything is on site means that local businesses do not benefit.
Experimenting With Co-Living
As the co-living model continues to adapt, the various developers are taking different approaches to the implementation. Neil Shekhter, founder and CEO of NMS Properties, explained that he's "identified the need for an all-inclusive and seamless style of living in Los Angeles and Santa Monica. "We're creating a market of high-quality apartments in prime locations to renters looking for a unique experience at an affordable price," Shekhter said. "With an insatiable demand for housing in prime urban locations such as Santa Monica, Westchester, Brentwood, Westwood, and other West LA locations, providing a luxurious apartment that fits consumers' needs and budgets can be a difficult task. However, by embracing the full-service apartment model, the company is confident that it can provide high quality and all-inclusive furnished apartments at an affordable price."
Neil Shekhter is the CEO of NMS Properties, a privately owned real estate management firm that specializes in multi-family and mixed-use properties in the Greater Los Angeles Area and in Santa Monica. Founded by Neil Shekhter in 1988, NMS currently manages more than 70 properties.
