4 Reasons Why Micro Apartments Are on the Rise
If you’ve been paying attention to the housing market, chances are good that you are familiar with the increasing popularity of tiny living. What began as a movement for people who wanted to forego the traditional single-family house and mortgage that goes with it has taken off and crossed over into the urban rental market. Micro apartments, which may be anywhere between 200 and 600 square feet, are to city living what tiny houses are in rural or suburban settings. They are especially a big hit with young professionals who prioritize efficiency over square footage. Let’s look at four reasons why the micro-apartment trend is showing no signs of slowing down.
1. Location, Location, Location
Living in a city is exciting for many young professionals. So much so that traditional apartment leases have skyrocketed in price and may not be feasible for people just starting. Micro apartments can be found in most major cities not only in the United States but also around the world. This offers a more affordable option for city dwellers who could not otherwise afford to live near the city center. These smaller-than-studio spaces may have high ceilings or oversized windows to give the illusion of more room. They may have shared amenities such as terraces or lounges where residents can congregate. These mini-units are typically convenient to public transportation as well, making them even more convenient for people in a big city.
2. Less Is More
Younger generations have grown up with technology and social media. Their preferences and lifestyles reflect this change in culture. Some of these people are saddled with high student loans and realize that adding to that debt is not going to help them achieve their goals or pursue their passions. Increasingly, city dwellers may be embracing this tiny trend over other multi-family housing, such as full-size apartments or condos, because they do not need as much room for storage or personal belongings taking up what storage they do have. Paring down their expenses allows them to spend their money on what they want or even save for the future, giving them financial independence at an earlier age.
3. Flexibility and Freedom
Another aspect of modern life is that people may not stay in the same job or city for as long as they once did. Employees may move to follow a promotion or change careers and cities more frequently than their parents or grandparents did. Micro apartments make it easier for people to pick up and go because they have less to pack and move. They may have more freedom with leasing as well, especially because tiny living is in high demand; it may be easier to get out of a lease or afford to leave early with lower housing costs.
4. Increased Efficiency
One of the beloved features of the tiny lifestyle is the clever use of storage that comes with making the most of what space you have. Some units may even come with modular furnishings that can even be multi-purpose, such as a lofted or Murphy-style bed to free up living space when not sleeping. Without a lot of room, you can’t fill it up with as much clutter. Since plenty of younger professionals eat their meals out or socialize in public, these apartments don’t dedicate as much room to entertaining or full-sized kitchens. You have what you need because, frankly, you don’t have space for anything extra.
Are you thinking about expanding into this new and burgeoning world of the micro-apartment? Opiniion has got your back. We have the tools you need to get attention and manage your reviews to make your multi-family property a tiny living paradise. Contact us to learn more about our services and how we can help your business grow.