With the youth making the highest consumers of rental houses, real estate developers have an opportunity to construct small, affordable, and profitable house units.
Whether you’re looking for a residential house or you want to invest in real estate, micro-apartments are something you should consider understanding. This article unveils micro-apartments meaning, size, advantages, and disadvantages.
What Are Micro-Apartments
As the name suggests, micro-apartments are the modest residential units in the market. Most of the units in this category are 400 square feet or less, except 500 square feet.
Why Are Micro-Apartments Gaining Popularity?
Population in most urban centers is exponentially growing. Similarly, rental prices in such centers are skyrocketing. With the youth making the highest consumers of rental houses, real estate developers have an opportunity to construct small, affordable, and profitable house units.
You see, in North America (the United States, Canada, and the rest), micro flats are on a roll in cities where housing continues to become expensive. For example, small house units are standard in New York City, Los Angeles, San Francisco, and Washington.
Advantages Of Micro-Apartments
Here are the benefits of micro flats to the tenants and investors, respectively:
- They are affordable to young people who are starting their careers and earning low pay but are living in high-cost cities.
- Micro houses offer you an opportunity to reside in cities or neighborhoods where it is hard to get accommodation either because of price or competition for occupancy.
- Micro flats can only accommodate a few necessities. This helps you avoid having a luxurious living, which is challenging to maintain after losing your job and costly when relocating.
- With micro apartments, you can have many units in one building, minimizing the need for extensive construction lands. In addition, micro-living can provide an avenue for socializing with other tenants.
And to the investors:
- Micro apartments can be profitable as one building can fit many micro house units.
- Unlike large apartments, which may take years to be occupied, you will enjoy high occupancy in micro flats due to their affordability.
Disadvantages Of Micro-Apartments
For the tenants
- The main setback of these house designs is space. They may not be ideal for people with many belongings. Some are suitable for singles leaving out couples, and others lack a kitchen, thus making it difficult to cook.
For the investors:
- Micro apartments have high operation and maintenance costs
- They are meant for young couples or professionals; hence their vacation rate increases when the occupants save enough to relocate.
Trust the Professionals at Clagett Enterprises for Your Realty Needs
If you’re looking for an experienced property management company, the perfect realtor for your property, or a professional to assist you during your purchase of any home, you can rely on Clagett Enterprises. Clagett Enterprises is a full-service real estate company with almost 30 years of experience in the Frederick and Western Maryland area. For assistance with commercial sales, leasing, management, and development and consulting, contact us online or give us a call at 301-665-6009. To meet our team and see some of our beautiful homes, follow us on Facebook and Linkedin.