Small Is Beautiful to Renters and Buyers

December 9th, 2008 by Jason Robie | Filed under Real Estate News.

Teeny-tiny housing is increasingly appealing to buyers and renters, especially when there are spacious common areas packed with amenities. Apartments as small as 264 square feet are a big draw in Legacy Village in Plano, Texas.

Developers point to these issues as drivers in the trend:
* No money. The smaller the place, the cheaper the monthly rent or mortgage. People who don’t have money find low prices appealing.

* Small is green. Smaller units consume less space, water and energy.

* Urban renaissance. “People love the social interaction associated with density,” said Steve Patterson, CEO of Florida-based Zom, developer of rental housing from Texas to the Mid-Atlantic.

The trend is here to stay, said Michael Newman, president and CEO of Golub & Co., an international real estate development and investment firm. “In this economy, people still want to be in cool places, and they’ll trade down size for location,” Newman said.

Source: USA Today, Hava el Nassar (12/05/2008)

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