There’s a new hot trend in the property management world: microapartments.
Perhaps you’ve heard of them. They’re small units typically between 200 and 400 square feet. Within that space, you have the standard necessities : a kitchen, a bathroom and maybe a window, if you’re lucky. These microapartments make studios look luxurious by comparison,
These microapartments are revolutionizing the way many Millennials are renting. For folks in expensive areas – and those who spend the majority of their time at work or out socializing – these microapartments mean an easy way to save some cash. Often, these renters are willing to trade space for location, particularly in cities like New York and San Francisco.
So will microapartments work for your community? Unless you have a stellar location with an excellent walk score, microapartments probably aren’t a good choice for you. As Scott Safadi of Cal Bay Property Management can tell you, location is critical for your community regardless of the size of your units. But unless you’re offering rock bottom rental prices (not a great idea – you might attract irresponsible tenants), you’ll need some way to appeal to folks. Location is key.
Even if you’re not in a position to convert your community to a microapartment building, this is a trend worth watching!
– Scott Safadi, Cal Bay Property Management