Micro Apartments Get Big City Attention
If you didn’t think space could get any smaller in a major metropolitan area like New York City, think again
. A popular option that is on the rise for low-income city dwellers is called a micro apartment
Typically ranging from 180-330 square-feet, these tiny apartments are popping up all over in San
Francisco, New York, Seattle, Boston, Providence, R.I., and Portland, Ore., according to a report by
CNN Money. Builders of these apartments look to fulfill only the most basic of needs of a city resident,
while chopping down the rent of a typical new downtown apartment. The living area is often the size of
a parking space.
The fundamental shift to digitalize the real estate world continues with a new application announced to
speed up the short sale process. Within the living space, pull out beds, window seats that convert to
tables, and lots of creative storage make ever square inch count. Many of these apartments also share
patio space and some even have communal kitchens. For property owners, this means a building that
would normally hold 6 or 7 apartments could hold 20+.
Second-tier Cities Take Over the Housing Recovery
Move over New York and San Francisco, second-tier cities are stealing the spotlight. Investors, developers, and builders are losing interest in major cities as they discover that there are more deals to be had in places such as Dallas and Portland instead, according to a report by the Urban Land Institute (ULI).
In 2011, New York City and Washington, D.C. were alone on the list of places with good prospects for
investors and developers, according to the report. Now, however, cities like Austin, Boston, Dallas,
Housing, Miami, Orange County, Portland, San Jose, and Seattle are comfortably on that list. In fact,
Washington D.C. is nowhere to be found.
Average Home Sizes Begin to Rise
Over the past four years there has been an increase in the average size of homes, according to a
report by the National Association of Home Builders (NAHB).
Homes with four bedrooms have increased from 34 percent in 2009 to 48 percent last year. Two story
homes increase to 60 percent and homes with three or more bedrooms and a garage reached 22
percent last year.
Qualified buyers with higher credit scores could be the ones pushing the limits on home sizes.
According to NAHB, the average Experian credit score of all U.S. consumers and the average
homebuyer’s score has risen from 33 points in the early 2000’s to 58 points in 2013.