Smaller multifamily units gaining popularity

San Francisco is one city experimenting with micro apartments.

Many major metropolitan areas have gained an interest in buildings equipped with micro apartments, and experimentation through development by some property management companies may reveal if they can actually thrive in these areas, according to Multifamily Executive.

These projects could become quite lucrative, as they help young people acquire a smaller amount of space than a one-bedroom or studio setup. In addition, these options are typically much less expensive and more energy-efficient, as well.

One property in San Francisco that is currently under development will have 23 micro apartments consisting of 300 square feet each, according to the news source. In addition, the building with be equipped with kitchens, baths, washers and dryers. Each ceiling will be nine feet high and the apartments will have areas that can make it easy to work or sleep, while still being compact.

The initiative in San Francisco hopes to house the continued influx of young people, as thousands of new employees in the technology industry were added during the year, the news source explained. These young professionals will likely be paying around $1,500 for a room at one of these complexes, which is significantly lower than the average for studio apartments in the city, which is close to $2,000 per month.

This idea for micro apartments has caught on in other major cities, as the demand for housing is high. The news source said that some of these cities have actually required zoning law alterations in order to facilitate the construction of these properties, as space is at a premium.

New York City announced last month that it was loosening its zoning regulations in hopes of creating properties that have more apartments ranging between 275 and 300 square feet, according to the news source.

"Developing housing that matches how New Yorkers live today is critical to the City's continued growth, future competitiveness, and long-term economic success," New York Mayor Michael Bloomberg explained.

The news source added that Boston also has created an initiative for micro apartment creation. Mayor Thomas Menino explained last year that there will be hundreds of micro apartments constructed in the city over the next few years, and these rents could start around $1,200 per month. Construction is already underway for one of these developments.

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