Jean-Nicolas Montrieux (INOWAI), Aurélien Dobbels, and Nicolas Legay (Many Many): Housing Becomes a Service
In two years, Many Many has established itself as a reference in the field of coliving in the Grand Duchy. The participation of INOWAI as a shareholder enables the concept to gain strong optimism and great ambitions. Interview. The revision of the lease legislation does not dampen their enthusiasm.
Can you describe Many Many in a few words?
Aurélien Dobbels and Nicolas Legay: We are a rental management company created in 2020 in the coliving niche. We identified an opportunity at the convergence of interior design, technology, and real estate. We mainly serve expatriates: They benefit from a turnkey service to access furnished and well-located flats. Compared to coliving, which often operates on the edge of regulation, Many Many takes a highly professional approach, targeting large developments and designing projects to the highest standards. It is in this context that the collaboration with INOWAI, a major player in the real estate sector in Luxembourg, seemed obvious to us.
Jean-Nicolas Montrieux: The service offer we have set up together provides an essential plus: Flats with services included. Renting in Luxembourg is often transitory. The ownership rate is over 70% for both Luxembourgers and foreigners. This corresponds to the lifestyle model adopted here. INOWAI has always had a strong service culture for owners, without necessarily focusing on tenants. We have evolved by realizing that happy tenants make for happy owners. Clearly, in our eyes, "Living as a service" is the future of rental. Our ambition is to grow from 70 to 700 units by 2025.
"Our aim is to grow from 70 to 700 homes by 2025”
How does coliving impact the housing issue in Luxembourg?
Aurélien Dobbels and Nicolas Legay: We rely on two levers. First of all, we bring density to housing in terms of occupants. Instead of accommodating two people in a house, we can accommodate more people in excellent conditions. Secondly, we bring tenants closer to transport centers and employers. For the same rent, providing better quality, more community-based housing, meets the need for the integration of expatriates. Everything starts with an efficient digital onboarding at Many Many: From the signing of the lease to the digital key, via a discussion forum, everything is put in place to facilitate the welcome and exchanges.
Jean-Nicolas Montrieux: There is no miracle solution for increasing the profitability of housing. It is not enough to arbitrarily redivide spaces, that is not a good solution. We achieve a higher return by offering impeccable service to both owners and tenants because this approach reduces the vacancy rate and allows us to optimize the rental.
How do you see Many Many on the one hand and coliving on the other in a few years?
Aurélien Dobbels and Nicolas Legay: We need to evolve the coliving model into something much broader. Living must be global: Living, eating, working, sharing common spaces, kitchen, laundry, food and beverages, and sports, in the building or the one next door. We will extend our model to all aspects of life. Even car sharing. Coliving will evolve to living in private flats - and why not in houses? INOWAI brings real estate expertise and a high degree of credibility to our project. This is necessary for large developments with a high price per square meter.
Jean-Nicolas Montrieux: Many Many will enable us to increase our investors' confidence in real estate. Some people are reluctant to invest in Luxembourg but Many Many's vision can reassure them. Our collaboration with Many Many will enable us to take a very active part in this sector of the Luxembourg market, and why not beyond?
"INOWAI has always had a strong service culture”