Is Micro Living the New Trend in Columbus?
Over the past few years we have seen a large trend growing around a rather small concept: micro living. This lifestyle — where people live and thrive on as little as possible — has even had an impact in the real estate industry, particularly growing urban areas like Columbus. With people living on (and with) less, the need for spacious apartments has declined. This has simultaneously lead to a greater demand for multifamily homes that support smaller living spaces known as micro-units.
What is a Micro-unit?
Micro-units, or micro-apartments, are generally classified as self-contained living spaces that range on average between 150-300 square feet (14-32 square meters). Although small, they are designed to accommodate sitting and sleeping spaces as well as a small kitchenette and bathroom.
The units have become popular for a variety of reasons:
- The support minimalist lifestyles
- They are seen as more sustainable options for living
- They are affordable and do not come with large utility bills
As cities become more populated, and land for real estate more sparse, developers and investors have been drawn to buildings that support micro-units because of the amount of units that can be squeezed into a building. Although small, these units have been fetching building owners an average of $750-$850 per month.
Because of higher than average rent prices, not everyone can afford to live in downtown Columbus. And with the economy still in recovery, lower incomes are forcing renters to seek out living spaces that are under $1,000 a month.
The Future of Renting in Downtown Columbus
More and more people are looking to micro-units as an affordable solution, and investors are seeing the value in purchasing or building these types of multifamily homes. Although micro-units have yet to become the mainstream form of residence in Columbus, they are a growing trend that investors should definitely take note of in the future.