September 16, 2016
We’re fresh off of Connect Apartments, where there was a lot of talk about climbing rental rates, especially in urban core metros like San Francisco and New York where rents can reach $11-12 per square-foot. Some millennials’ solutions?
The New York Times profiled one musician in the Williamsburg neighborhood of Brooklyn, who for $450 per month, lives in a 40 square-foot crawlspace above a performance space. His home is 9 feet long by 4.5 feet wide, and 5 feet high. Considering he has to crouch in order to enter his living room, traditional micro-units like what is being built in SOMA at 235 SF, seem like cavernous rooms.
Looking at the math, that’s still $4.50 a square-foot… rental rates being commanded in Class-A projects in the most exciting neighborhoods across the country.
We call sub-500 square-foot spaces micro-units. What do you call a home that’s less than 50 square-feet? How small could you go?
For comments, questions or concerns, please contact Sarah Quinn