Micro Apartments Losing Their Appeal
Digested from “Renters are Pushing for Larger Apartments“
The Wall Street Journal (1/23/15) Kusisto, Laura
Renters are demanding more space. With more couples, including those with children, and more empty-nesters flooding the apartment communities, developers are now looking to creating larger two- and three-bedroom units.
This reverses the recent trendy move to build smaller “micro” units for single-occupancy renters, especially in urban areas.
The average multifamily unit under construction in Q3 2014 measured 1,183 square feet, compared with a recent low of less than 1,100 sq. ft. in 2011 and the recent high of 1,300 sq. ft. in 2007.
High-rent areas such as San Francisco and New York City will likely continue to see smaller unit sizes pervade, with high-end amenities and common areas compensating for the lack of living space.
However, even some areas such as Los Angeles and Houston are beginning to see apartment sizes expand, either as a result of increased demand or of local action to regulate minimum sizes for live-work spaces in certain areas.