Renters have gravitated toward larger apartments as they have spent more time at home over the last year, a trend that is beginning to influence the way developers think about unit sizes in their future projects.
Before the coronavirus pandemic, new apartment projects had been trending toward smaller units, as many renters wanted more affordable options and cared more about neighborhood amenities than unit size. But now those neighborhood amenities have been closed or limited for nearly a full year, and between working from home and staying in at night, renters have spent much more time in their apartments than they did before the pandemic.
“Micro-units was the buzzword. It’s never going to happen again,” Morgan Properties principal Jason Morgan said Jan. 28 on the Bisnow Multifamily Annual Conference digital summit. “That really has shifted, and now it’s more about space.”
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