Episode #13: Nicolas Legay: From Slides to 500 Co-Living Units

Who Is Nicolas Legay? The Man Who Made Co-Living a Real Business in Luxembourg

Quick answer: Nicolas Legay is the co-founder and partner of Many Many. It is one of Luxembourg’s leading co-living and furnished rental operators. He was born in France. He studied at Télécom SudParis. He was not a banker. He worked inside banks, in change management and digital, first in Paris, then at BIL in Luxembourg. In 2020, he co-founded Many Many with Aurélien Dobbels. Today the company manages around 500 rental units. That includes Henry’s, the largest co-living building in Luxembourg City.

🎙️ How do two people who met inside a bank build one of Luxembourg’s most respected rental operators?

In this episode, Aurélien sits down with Nicolas. He is his former co-founder at Many Many. Six years ago, they started with a simple idea and a few slides. No property. No money. Just conviction.

Nicolas tells the story from the start. How he left a stable job at BIL, where he worked in change management. Why they moved from buying to renting to becoming operators. How they were named startup of the year by Paperjam with nothing but a deck. And how one lunch near the bank changed everything.

He also explains the science behind their model. The work of Robin Dunbar and Charles Durrett. Why five people share a flat. Why fifty share a building. And why saying no to nine projects out of ten was the smartest thing they did.

This is a raw and honest conversation. No filter.

💡 What we cover in this episode

• Leaving a safe job at BIL to start from zero
• Why the housing problem is Luxembourg’s national sport
• The pivot: from buying, to renting, to operating
• The first name they picked. And why they changed it. Twice
• What it really costs to quit: sleep, coffee, and savings
• Winning startup of the year with just slides
• The lunch near BIL that unlocked their first big partner
• Impostor syndrome, and the power of an outsider’s view
• Henry’s: 50 rooms, the biggest co-living in Luxembourg City
• Dunbar and Durrett: the science of 5 and 50
• Why the name Henry means “High Earners, Not Rich Yet”
• Quality over cheap flips: how they partner with owners
• Cutting 9 projects out of 10 to protect the vision
• Why public institutions now come knocking
• What’s next: seniors, students, and classic apartments

📌 Chapters

0:00 Introduction
0:22 Reuniting with a former co-founder
0:43 Leaving BIL with zero regrets
2:05 The pivot: buy, rent, then operate
3:58 The first name: Tranquille Émile
4:49 What quitting really costs
5:24 From change management to building digital teams
8:17 The first fundraise. Living on savings
8:52 The lunch that changed everything
13:22 Startup of the year with just slides
14:39 Impostor syndrome and the outsider’s edge
16:00 Henry’s: 50 rooms, the biggest co-living
18:26 Dunbar and Durrett: why 5 and 50
20:02 What the name Henry really means
20:48 Is co-living a real answer to housing?
23:25 Plug-and-play living and flexibility
25:07 Why outsiders see the problem better
25:36 Quality over cheap flips
27:38 Saying no to 9 projects out of 10
28:19 When public institutions start calling
29:17 What changed in two years
30:32 Leaving Belgium
31:34 The next five years: seniors, students, apartments
35:40 A place he loves: the Nice food court
36:50 His advice: find a partner, trust your gut

Watch this if you want to know

✅ How two people from inside a bank built a real estate business from zero

✅ Why the smartest pivot is often the one forced on you

✅ What the work of Dunbar and Durrett teaches about how we live together

✅ Why saying no to most projects made Many Many stronger

✅ How to turn a bad reputation like flat-sharing into a professional product

✅ Why doing it with a partner beats doing it alone

Who Is Nicolas Legay? The Story in Key Dates

Nicolas Legay is the co-founder of Many Many. He is one of Luxembourg’s most active voices on co-living. He came from inside a bank, not from real estate. He turned that into an advantage.

Before 2019. He builds a career inside banks. First in Paris, in post-merger process re-engineering. Then he creates a digital department and takes on marketing and communication. He moves to Luxembourg and joins BIL in change management.

Around 2019. He and Aurélien Dobbels launch their first concept. It is called Tranquille Émile. It later becomes Cocoonut, then Many Many.

2020. Many Many is founded. They pivot the model. They stop trying to buy or rent. They become operators and partners for investors. A first small fundraise lets them pay themselves. Less than the Luxembourg minimum wage.

2020 to 2023. They are named startup of the year at Paperjam Startup Stories. They win 50,000 euros. They sign their first big projects, including Henry’s. They grow with no debt.

2024. Henry’s opens near Cloche d’Or. 50 rooms. Co-working, fitness, a coffee shop, and a rooftop. Built by Tracol. It becomes the largest co-living in Luxembourg City. Aurélien leaves Many Many the same year.

2026. Many Many manages around 500 units. It is profitable. It grows about 40% a year. Public institutions now hire it to run co-living they buy.

What Makes Nicolas Legay Different?

He turned an outsider’s view into an edge

Nicolas did not grow up in real estate. Neither did Aurélien. That was the point. They looked at the housing problem from above. They asked one simple question. If we started from scratch, how would we house people who just arrived? That naive question became the model.

He builds for owners, not against them

Most operators rent cheap, furnish cheap, and sublet high. That is bad for the owner and the tenant. Nicolas chose the opposite. He partners with owners. He invests more upfront. He builds a better product. Better experience, higher long-term value. Everyone wins.

He says no on purpose

Early on, they turned down nine projects out of ten. Not aligned. Not compliant. Not their vision. It cost them revenue. It also kept them clean and consistent. Today, the same institutions that once rejected co-living are the ones buying it. And they call Many Many to run it.

FAQ: Nicolas Legay, Many Many and Co-Living in Luxembourg

What is Many Many?

Many Many is a Luxembourg rental operator founded in 2020. It manages co-living homes, furnished studios, and apartments. It offers flexible leases and all-inclusive services. It works across Luxembourg City and Belval, including Kirchberg, Cloche d’Or, and Gare.

What is Henry’s?

Henry’s is the largest co-living building in Luxembourg City. It sits near Cloche d’Or. It has 50 rooms, co-working, a fitness area, a coffee shop, and a rooftop terrace. It was built to a high hotel standard by Tracol. The name means “High Earners, Not Rich Yet.” It is also a nod to Grand Duke Henri.

What is the science behind the model?

Many Many built its co-living on the work of Robin Dunbar and Charles Durrett. Dunbar found we keep about five very close relationships. And around fifty regular ones. So Many Many limits flats to five suites. And buildings to about fifty rooms.

Who is co-living for?

It is for people in transition. New arrivals, professionals on assignment, students. Many tenants land in Luxembourg and move into a Many Many home before they even start their job. It is not for everyone. But it fits people who want flexibility and community.

How is it different from old flat-sharing?

Every room has a private bathroom. The kitchen and living room are shared. The whole process is digital. Virtual tour, online contract, remote onboarding. All charges are included. It is a hybrid between a hotel and a home.

How big is Many Many today?

As of 2026, Many Many manages around 500 units. It is profitable. It grows about 40% a year. It has no debt.

What is next for Many Many?

Nicolas sees a ceiling on pure co-living in a small country. So the plan is to apply the same recipe to classic apartments and furnished studios. New verticals are coming too. Housing for seniors who need no medical care. And housing for students.

His Core Belief

There is one line that sums up his whole journey.

“If I had listened to my head, I would never have started.”

Nicolas says the head always votes for safety. Stay put. Avoid change. The gut says something else.

He also has one rule for anyone starting out. Do not do it alone. A stool needs at least three legs to stand. He did it with two. It worked because they were complementary. The partner made the leap less scary. And the failures less lonely.

From a few slides and no property, to 500 units and a profitable company. The path was never straight. But the conviction never moved.

👉 See Also

Episode #12: From Insurance to 200+ Events. The Maison Bertrand Story

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City: Luxembourg | Date: June 2026 | #SSY!