You’ve heard the buzz about tiny houses, but now everyone is raving about micro apartments. That’s right! These are tiny apartments about the size of a garage.
If you’re wondering about the square footage, you’ll find that a micro apartment can range anywhere between 100 to 400 square feet. They have enough space for a small private bathroom, kitchenette, and room for a bed. Sometimes they even have a patio or balcony.
Many times micro apartments are found in very popular cities around the world. If you’re wondering about investing in a micro apartment for potential tenants or living in one yourself, we have all the details.
Be sure to keep reading for our guide on understanding the pros and cons of living in a micro apartment.
They’re Small… Extremely Small
You might be asking, “What is a micro apartment?” Micro apartments are similar to studio apartments, except they’re significantly smaller and more compact.
When thinking about micro apartment living, you need to consider how much space you will need to live and function each day. You’ll want to factor in your belongings and what you do daily.
There are tons of people who can thrive in small spaces and turn a micro apartment into a functional living space. You’ll find that there are plenty of ways to organize your items and even store them away.
One of the best types of people who should live in a micro apartment is the minimalist. A minimalist doesn’t need tons of items and can function without adding more and more things to their living space. Someone who is a minimalist enjoys a simple lifestyle and won’t need a huge space.
If you’re wanting to challenge yourself to turn a micro apartment into a thriving living space, it can be done. Especially if you have the money to invest in a loft or murphy bed, you can add so much space to a micro apartment.
Low Maintenance Costs and Association Dues
If you’re looking to invest in a micro apartment, you might be wondering about the costs that come along with it. When buying an apartment to lease to tenants, you’ll need to pay fees such as maintenance and association dues.
An awesome factor about micro apartments is that these fees tend to be lower than your average apartment or house. That’s because there is less space to work with meaning there is less maintenance that needs to be done.
For example, when you’re heating or cooling a home, you have a lot of square footage to cover. In a micro apartment, you’ll find it will either heat up or cool down with ease.
Monthly association dues are factored by the square footage of your property. That means the bigger the unit, the more you will pay.
Since you will have less to pay for in dues and fees, it means you will get a bigger return on your investments when it comes to renting out your unit. You’ll see that you can be more flexible to find the right tenant for your investment property.
Expensive Per Square Foot
If you’re looking to buy a micro apartment, something you need to consider is that they are expensive per square foot. Most micro apartments tend to be in popular areas, which can make the price go up.
You’ll find that the price per square foot can be more than a house or apartment on the outskirts of town.
Yet, when you’re thinking about your investment, you may want to factor in some other things too. You could be getting more money out of a micro apartment in a good location. In turn, this would be a great investment.
You’ll find that if you’re renting a micro apartment in a popular downtown area, it could worth your money. Micro apartments do tend to be cheaper than larger and more luxurious apartments because they have less area space meaning you will be paying less. You’ll get an interesting apartment and have the ability to live in the city you want.
Not a Party House
Even though you have a prime downtown apartment location, it does come with a few drawbacks. One of them is that you won’t have a lot of space to entertain guests at your micro apartment.
If you’re looking for a place that you can invite a few friends over for some drinks or hang out, a micro apartment is not the best place. Yet, you’ll find that in some micro apartments, you can have one or two people over comfortably.
With that being said, you are close to the downtown area, meaning you will be able to walk to plenty of cool locations. Friends can use your micro apartment as a meet-up spot before they head downtown.
You’ll find that you won’t be having a lot of gatherings or entertaining a lot of people inside your apartment, yet your micro apartment can still be useful for you and your friends in plenty of other ways.
Make Your Space Cozy
There are so many unique micro apartment pros and cons, yet one of the best benefits is being able to make your space cozy and welcoming. Micro apartments are easy to decorate because they fill up very quickly. With so little space, you will be able to have the entire place decorated in no time at all.
You’ll find out very fast that it is easier to make a tiny apartment feel like home compared to a larger unit.
Are you wondering the best ways to make your space feel cozy? You can add throw blankets, pillows, rugs, mood lighting, plants, and even photographs around your micro apartment.
These are small decor items that can change the way your space looks and feels. You won’t need to invest in large furniture pieces or anything else to change the way your micro apartment looks.
By doing these things, you will love coming back to your micro apartment after a long day. You can tuck yourself into your tiny space and get cozy for the night.
Not Many Redecorating Options
On the flip side, if you’re into redecorating your space often, you won’t be able to do that with a micro apartment. You’ll find that there are plenty of ways to change up your space with new pieces and knick-knacks.
Yet, if you’re looking to move around furniture and completely change your space, you might be out of luck. When you choose a micro apartment, the layout is going to be standard. You’ll have room for your bed and a few other tiny furniture pieces, but most other objects will be built into your apartment.
If finding a space that you can redecorate often is important to you, then a micro apartment might not fulfill that need. Yet, you do have the opportunity to get creative with the ways that you decorate.
If you’re interested in finding new ways to organize your items or want to maximize your space, you will be able to find fun projects to do. You also might be interested in getting a loft bed to get even more space in your micro apartment. There are ways you can change up your space, yet it can be very difficult if you’re not creative.
Don’t Spend A Lot of Money on Furniture
When you decorate your micro apartment, one perk is that you won’t need to spend a lot of money on furniture. With such a small apartment, you’re not going to have to get a lot of furniture to furnish it.
All micro apartments are different, yet you’ll find that there won’t be very much space to add anything besides a bed, television, and a few small organizational objects. Most micro apartments won’t be able to fit a dining table, dressers, desks, or even a couch.
When living in a micro apartment, you will have to figure out how to use the furniture you can fit in different ways. If you do have a table, you can eat your meals there as well as study or do work.
Micro apartments are very flexible, which is why so many people are enjoying them right now. Plus, one of the other perks is that with less space and furniture, you’ll spend less time cleaning!
They’re Easier to Rent Out
If you’re an investor looking for property management and someone to lease your micro apartment, you’ll find that they’re very easy to rent out. There are several contributing factors to micro apartments being easier to rent out especially compared to larger and more luxurious units.
The first is that they do tend to have cheaper rent and are in common areas that people want to live in. Many people want to live in a bustling downtown area, but don’t want to pay the costs associated with living there.
You’ll also see that micro apartments are perfect for single people or even young couples. A single person is going to need rent that is in their price range since they aren’t splitting it with anyone.
Plus, they’re going to love being in a smaller space when they’re living alone. The smaller space might make some people feel more secure compared to a larger unit. They will have much less to worry about since micro apartments are so tiny.
Another factor is that young single people will often have jobs that they leave their homes for most of the day to do. That means they will be willing to sacrifice a lot of space for cheaper rent and a prime location.
Micro Apartments Are Not Family-Friendly
If you are looking to invest in a micro apartment, you will find that they are not family-friendly. That could be a huge factor for many people.
If you already have a family, you will certainly need more space to start. Yet, if you’re looking to invest in a space that you can grow into, micro apartments won’t work either.
These types of homes are not great if you see a large family in your future. They can be great for couples who want to live together for the first time. Even then, a micro apartment can become cramped and cluttered if you’re not careful.
One factor you need to consider is how long you plan on living alone in your micro apartment if you’re looking to invest in one right now. It could be a great opportunity but not one that will be able to grow with you.
Declutter Your Life
If your someone who has collected a lot of clutter over the years, a micro apartment could be a huge benefit to you. It is obvious that if you’re moving from a larger unit to a micro apartment, you will need to do a bit of decluttering.
How is decluttering your life a pro, you might be asking?
Well, taking the time to get rid of things you don’t need is a great way to get more organized. You’ll find things that you haven’t used in years that you’ve been holding onto for no reason. It will be easier to keep your apartment clean, especially when you see how much space you have in a micro apartment.
Another reason why it’s a great idea to start decluttering is that you can make some extra cash. If you have a lot of items that are still in good condition that won’t fit in your new micro apartment, try selling them online. You might find that you can make a couple of extra bucks on things you don’t even need.
Living in a Micro Apartment
As you can see, there are many pros and cons of living in a micro apartment. If you’re deciding about investing in one to rent to tenants or living in one yourself, you need to weigh the options to see if it’s right for you.
Many people find that a smaller space can be more beneficial to them in the long run. It might be for you too!
If you own a property in the DC area and are looking for property management, we have you covered. Be sure to contact us today! We can give you a free quote on our services and even answer any questions you might have.