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Micro-apartments in Boston: is there a high demand for this type of property?

Micro Unit BostonMicro-apartments in the city of Boston: will upcoming construction of smaller units in the city help to lower the rent costs?

Certainly in the last few years, the housing market in Boston has been changing a lot, and with the high demand for rental properties in and around the city, the rent prices increased significantly by hundreds of dollars. The city where the majority of residents are either college students or young professionals is in a great need for reasonably priced apartments.

Micro-apartments are no stranger to rapidly growing cities like San Francisco, Seattle or New York. A 290 sq ft apartments seem to be appealing to young professionals of San Fransisco, who are "willing to trade size for the convenience of ­urban living". Terencia Trevalon says in her interview with Boston Globe, that her 295 sq ft apartment in downtown San Francisco is perfectly sized. She and many other young professionals in today's housing market prefer to live alone in a small apartments close to work rather than share a big house with roommates outside of the city.

As the housing issue is rising in Boston, the city officials are debating whether they should allow micro-housing development in Boston. Currently the city of Boston is working on the Innovation District project that will allow "some units to be built below the current minimum of 450 square feet", the Boston Globe reported. Some micro-apartments will be developed in Pier4 project that will surely help to solve "housing deficit" in the area. The rent prices will range about $1,600 a month or more, and that will be the least expensive pricing compared to average in this neighborhood.

As for today, the projects are still in the process. However, the city officials say, Boston and Harvard University's Rappaport Institute will work together to "study the economic effects of allowing smaller apartments in the Innovation District." We will see  if micro-housing development in Boston becomes an alternative solution for housing shortage in the near future.

 

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