In real estate, one fact remains true to this day—the bigger the home, the bigger the mortgage. That’s why many people rent apartments instead of buying homes.
Of course, you can’t say that renting an apartment isn’t a major expense—especially in California, which has the second-highest rental rates according to research firm KQED. What’s more, the U.S. Census Bureau says that apartment size has been decreasing in the last couple of years, with the average square footage now at just 982 square feet.
This is why cities like San Francisco have latched onto the “micro-apartment” trend. This article from The San Francisco Chronicle written by Carolyn Said provides more details:
“Kayla Smith, 35, has been out of college for years, but she’s returned to dorm-style living in an apartment the size of a one-car garage in a brand-new building in San Francisco’s Tenderloin.
“It’s the price you pay for living in San Francisco,” she said. She winnowed her possessions to the bare minimum when she moved into the 279-square-foot space in September, paying $1,850 a month for the convenience of living blocks from work amid the emerging Mid-Market area.
Urban planners and San Francisco leaders say smaller units help tackle the city’s housing shortage and rising rental costs.”
Such a tiny space might be fine for some people, especially those who prefer to live alone or don’t want a huge place to clean and maintain. However, those who have families will certainly take issue with these cramped quarters.
Fortunately, not all areas in California are experiencing ballooning rental prices along with shrinking square footage. One example is the Sycamore Terrace Apartments, which leases spacious apartments in Temecula. The smallest floor plan it offers is 725 square feet, which already includes a bedroom and a bathroom. This goes all the way up to a 1,093 square feet apartment that features two bedrooms and two bathrooms. Residents can also enjoy amenities such as a clubhouse, a fitness center, tennis and basketball courts, two pools, and a playground for the kids.
Apartment living has a lot of benefits to offer, both financially and in terms of convenience and location. Thankfully, there are still roomy Temecula apartments that prove you don’t have to sacrifice space just to take advantage of those perks.
(Source: Micro-apartment developments on rise in S.F., The San Francisco Chronicle, November 11, 2013)