Micro-unit apartments range from 300-square-foot studios being built in San Francisco, where studios average 510 square feet, to New York’s pilot for a building with studios of 275 to 300 square feet, vs. an average studio size of 517 square feet. In Boston, the units are as small as 354 square feet, vs. an average studio size of 492 square feet, says real estate research firm Reis.
These small spaces, McIlwain says, are particularly well suited for the influx of young professionals moving to high-rent cities like New York and San Francisco. If they’re priced right, the tiny apartments make it more affordable for members of the younger crowd to have their own space, vs. roommates…
Kennedy expects his studios to go for $1,500 to $2,000 a month. That would be somewhat less than the $2,075 a month average rent for a San Francisco studio — an average of 493 square feet, according to SFGate.com, citing data from real estate service RealFacts.
Tiny typically means cheaper — but just to a certain extent, McIlwain notes. Total construction cost for an apartment drops as you make it smaller, he adds, but cost per square foot rises.
It will be interesting to see how many of these units are built. There may be demand but I wonder if these are long-term units, meaning young people may not stay here long (housing more for a particular stage of life) or the economy could improve.