The Forces Driving Renters to Consider Micro Apartments

Forces Driving Renters to Consider Micro Apartments

May 27, 2014 | Rental Trends, Rental Trends and Real Estate News

Do you think you could live in a 15-by-15-foot micro apartment with minimal furniture, all of which is multi-functional? Not many could handle dealing with such as a cramped space, or having to constantly put away their bed.

[Micro Apartments: The Latest Rental Trend]

However, millions of people will sign themselves into micro apartments for reasons you may or may not understand. Here are some drivers of this trend and why it’s gaining strength:

Affordability of Mirco Apartments

Money is a hot commodity, always has been and always will be. People who want to be independent right after school and have a limited budget need affordable housing. Others may have been on their own for years but lost a job or have some other financial hardship to deal with.

[Establishing Your Apartment Budget]

Either way, money is a huge factor when it comes to these micro apartments. Because the units are so small, the owner of the building can fit more tenants in, lowering the cost of rent (or so the idea goes).

A majority of renters have a single-person household, which can include people who aren’t married or are retirees. In both cases, money becomes an issue. Those who live off their retirement funds may not have a huge housing budget, so micro apartments are the best option.

Centralized Location

For the most part, builders have constructed new micro-apartment buildings (or converted structures to include tiny units) in major metropolitan areas. Many renters want to live in a big city, but the cost of doing so is too great. To those who prefer location over size, micro apartments are a perfect solution. They can be located close to work and entertainment for an affordable price. The trade off is especially attractive to those who don’t spend a lot of time at home.  

[Young People Moving to Smaller Cities]

Some renters of micro apartments even rent the unit as a second home. Business professionals whose family lives far from their job may rent the tiny space and live in it during the week. On the weekends, they head back to their primary residence. People who opt for this lifestyle tend to get short-term jobs, and may not keep their second home in the city for more than a few years.

Eco-Consciousness

More builders are turning toward eco-friendly designs when constructing new buildings, and they use those plans in micro apartments. Space conservation is the main idea behind it. There are simply more people on the planet than there used to be, and they need to live somewhere.

Many eco-conscious people have pointed at sprawl (the spreading of homes over space that could be used for nature preservation or farming) as moving in the wrong direction. Mirco apartments seem to do the opposite—they house more people on a small property than some larger buildings. For those who are bent on reducing their living space to help the environment, micro apartments are a great option.

Material Simplicity

Finally, many renters are attracted to the lifestyle associated with micro apartments. Because the space is limited, people can’t own as much stuff. They have to trim down. Rather than owning sofas, beds, tables, etc., renters use a few pieces of morphing furniture that serve several functions.

So, what do you think, renters? Could you live in a micro apartment?

 

[Image Source: Rent.com - VIDA Hollywood Apartments, Hollywood, CA]

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