Bigger is better, especially when it comes to property, surely? Well, not any more, according to the latest American, indeed global, real estate trend. Tiny apartments are now hot property, with many queuing up for a small but perfectly formed living space. Take a close look behind the trend with us and discover what makes the smallest apartments so popular.
As always, there’s a premium on properties in desirable city-centre locations. This is particularly the case in capital and business cities, where space is in short supply and tiny apartments are commonplace. While urban living has certain drawbacks, first-time buyers and young renters are always looking to live in these prime locations without paying sky-high prices.
Constantly rising rents are out of the question, especially for young tenants in the long term. Therefore many dare the step on the real estate managers: They invest into a condominium. From a buyer’s perspective, it can be difficult to get into the housing market, so starting small, with a micro apartment, eases the burden.
If you work long hours in a busy city or have a packed social schedule, your house is simply a place to rest, refresh and keep your clothes. By this reasoning, micro-apartments are brilliant for just recharging and spending the night. If you travel with work and constantly spend nights in different cities or even countries, a small, private micro-apartment is invaluable. The smaller space helps keep costs to a minimum and ensures you don’t leave a large space sat empty. When you buy furniture, limit yourself to the basics and focus on a minimalist look.
The minimalist way of life, embracing purely functional living is becoming increasingly popular, especially with younger buyers. The age of vast surplus and intensive consumerism may well be on the way out, as people make ethical or financial choices to reduce consumption. A lot of waste can be saved by living in a tiny apartment and keeping furniture and energy use to a minimum.
Micro-apartments certainly save on many things, but not on appearance. Every year it seems architects and firms, like nARCHITECTS of New York, are coming up with smart, functional living ideas for ever-smaller micro apartments. With vertical storage solutions and multi-functional furniture, a small space can now fit everything you need for city life.
For all these reasons, small apartments are very popular with students and commuters who live further afield. They also offer attractive yield opportunities for investors who want to rent out their micro-apartments. Of course, tiny apartments are only one living concept of many in times of urbanisation. Discover what the city of the future could look like and find more exciting insights into the real estate industry in our Market Trends section.