Are we sure it's really $1,200/month? Monthly rates may be a lot lower - if the renter agrees to a longer term lease. Nightly rates are a lot more because the hostel managers have to manage capacity more aggressively.
The article just mentioned it's $40/night - that's not too bad considering no long term lease is involved.
I absolutely believe it's worth it. In fact, I predict the hostels will increase their price as they become more popular (they should send a thank you note to the NYT).
I sorry, I made a mistake. The monthly rate isn't $1,200 but $1,100.
I'm not sure it is worth it and cramming 10 people in a room for $40/night feels exploitative, particularly as there are many options nearby that cost less and come with a private room. [1]
They're making a decent amount of cash from this and they're shrewd business people if they're able to rent out a single, sparse room for somewhere between $11,000 to $12,000 per month, just by positioning it as for hackers! I have a lot of respect for their marketing and business savvy!
The article just mentioned it's $40/night - that's not too bad considering no long term lease is involved.
I absolutely believe it's worth it. In fact, I predict the hostels will increase their price as they become more popular (they should send a thank you note to the NYT).