WeLive, the co-living business operated by WeWork, is raising the list price of a studio apartment in its furnished complex in Manhattan’s Financial District to $3,050 a month. The same unit was listed at $2,800 when WeLive put the building on the market in April, but no one was actually paying that. WeLive allowed its earliest occupants to move in under a “friends and family” arrangement that discounted rents by 15% to 20%, making a studio as cheap as $2,240.
Such deals persisted for several months, but they became less generous as rooms filled. Over the summer, WeLive lowered its discount on studios to 10%, or $2,520, and offered it only to people who agreed to stay for a year or more. By November, the company said options for a discount were “limited,” with almost all incoming studio residents paying $2,800 a month. Rents for other units have also increased to match the prices WeLive advertises. Four-bedroom apartments that cost about $6,000 a month for early occupants now start at $8,000.