We’ve noticed a “downsizing” trend in the urban core areas where most of our properties are located. People are moving away from the multi-thousand square foot monster pads located far away, and trading them for smaller units where they want to live. Part of this is the increasing cost of fuel. But the bigger driver is people wanting to live closer to work and play.
This trend is backed up when looking at most of the new construction in our favorite neighborhood: Montrose. Many of the new units are much smaller than you’d expect. This trend is being repeated all over the country, with some cities offering contests to developers to make the best small unit.
(photo credit goes to the linked story)