With spaces at just 200 ft, the idea of micro-apartments is raising a lot of questions. Do they could solve the issue for affordable housing crisis? Are micro apartments a revolutionary idea, or just a trend? With HGTV raising the whole tiny house movement, could it be setting an example for generations to come.
Micro-apartments are smaller than average studios that are intended for a single resident. The floor layout/ design includes a small kitchen area, bathroom, sleeping space into about 200-400 ft. (sort of like a camper.) Most micro-unit buildings provide common areas where residents can relax and socialize. Some are designed for co-living, in which your bedroom is private, but all other amenities are shared with other residents. Thriving communities, appealing amenities, and prime downtown locations balance out micro-apartments’ small size. With the building as their living room and the city as their backyard, residents often only return to their rooms when it’s time to go to bed. The main point of having a micro-apartment, is so that you spend most of your time outside and less inside.
The main audience for micro-apartments are single twenty-somethings with relatively lucrative jobs in the city. These are the residents who are willing to trade square footage for a vibrant, convenient location, who live alone and haven’t yet accumulated many possessions, who can afford the moderately high rent costs, and who spend the majority of time at work or socializing outside of their apartment.
You are probably wondering why micro apartments seem so attractive. Well, millennials question “Why do I need to spend this much on rent if I am gone most of the time?” With career set-agendas over family-planning, millennials are cutting back space and going back to the basics when it comes to property. Usually those that choose this minimalism lifestyle have the feeling that they do not need a lot of material possessions, but rather spend their earnings on experiences and being in a prime and trendy location.
Another reason to consider the investment of micro apartments is the fact that the population is only going to get more vast. If you think $3,000.00 per month on a studio in NYC is expensive, wait 5-10 years. Especially in cities where the workforce attracts the millennials- there is more of a demand for places to live, and it is going to keep growing. With tens of thousands of applications being submitted for a handful of units, more affordable apartments in key locations are on track to fill up even faster.The construction of micro-apartments in top cities like Denver, Los Angeles, Chicago, Seattle, Boston, and New York, while the barrier to entry might be high, the potential pay-off could be enormous. In the long-run and how things are turning out with a career-driven generation, micro apartments in cities will be the next big thing and a great investment!