30 Jul X MIAMI OPENS DOWNTOWN OFFERING ‘RENT BY THE BED’ AND SHARED LIVING
July 30, 2018 – In a follow-up to our blog from earlier this month, the reality of shared living spaces has made its debut in Miami. Developer PMG recently opened its X Miami project (230 NE 4th St, Miami, FL 33132), which will be joined by X Las Olas in Fort Lauderdale in 2020.
Similar to WeWork and other shared office space concepts, X Miami offers rentals by the bedroom. The shared spaces each accommodate up to 3 residents with their own private bedroom and bathroom, but share the common kitchen and living areas. The X Miami building also features other common areas for all residents, including bars, gym, pools, gyms, dog parks, social halls and co-working spaces. At a starting price of $1,385/month, it’s not necessarily cheaper than a renter could find a private studio or one-bedroom in downtown Miami, however, PMG feels the new construction, amenities and social aspect will attract renters seeking the ease of a turn-key living. X Miami offers units that are furnished or unfurnished, but is based on the concept of providing everything a renter could need, summed up with its tagline: “Just bring your toothbrush, the entire apartment comes fashionably furnished down to the forks and mattress.”
With a code of conduct and the fact that management has each renter sign their own lease and bill each resident for their share of utilities, many of the hassles and nightmares of living with roommates will likely be avoided. They even allow residents to switch roommates up to two times if things aren’t working out.
Their gamble seems to be paying off. As of this week, 280 beds have been leased and 100 residents have already moved in. The building has a capacity of about 600 people. Even though X Miami is ‘pet friendly,” with dog parks and 4-legged amenities, pets are only allowed in non-shared residences or if a renter brings their own roommates. And don’t expect to cheat the system by showing up with your significant other to split a room, PMG cites they have other rental opportunities for “lovebirds.”
Nationwide, PMG’s X Social Communities have opened 5,000 units, and the plan is to have more than 20,000 units in the next five years.
While studies show that younger generations have less contact with friends and consider swiping left and right on their phones as a form of networking, could this trend change the way that people live, work and interact with one another? And what could this mean for the real estate market? Time will tell if it becomes the new norm to rent by the bedroom, or if this new trend could spill over to the single-family home market and entice more people to pool their money and purchase a home together.