Monday, September 14, 2015

Rental Trends Favor Smaller Units with Better Prices and Locations

Dedicated to resident satisfaction and property maintenance, Paul Kerley is the owner and president of Commercial Property Resources, Inc., in Salem, Oregon. Paul Kerley owns and manages approximately 1,000 residential units throughout Salem and other parts of Oregon.

According to a recent article from Multi-Housing News, there is a new trend in the rental unit market that involves a high demand for so-called micro units, or rental properties that offer less space with greater amenities. The article states that renters are willing to sacrifice square feet for desirable locations, such as city centers, and more affordable prices. Despite ranging in size from 250 to 500 square feet, many micro units also entice renters with better amenities, including large closets, balconies, and high ceilings.

The article explains that micro units have grown in popularity due to a widespread rental supply shortage and greater demand for affordable units in urban locations. Along with supply-and-demand-driven interest, micro units appeal to renters who want to reduce their environmental impact and live in housing that is space-efficient, creative, and multifunctional. The article notes that smaller units have become more prevalent in cities across the United States.