As the price of living in major cities like London continues to rise, an interesting new trend has been emerging. Tiny apartments, many of them consisting of just a single room offering less than 500 square feet of space, are being created and promoted by developers in cities throughout the world. They are often marketed as a more affordable way of getting a foot in the door of competitive housing markets, or as an alternative rental option to pricier large homes.
Although families and buyers looking for a long-term home are unlikely to be interested in these kinds of tiny apartments, young professionals and students are flocking to rent them, as they tend not to spend much time at home and are happy to trade space for proximity to local amenities, nightlife, work and university. As an added advantage, the smaller the home, the lower the bills and living costs tend to be, leaving even more money for fun with friends.
A study carried out by Knight Frank showed that 54% of young people aged 18 to 24 would seriously consider living in a studio flat if it meant they could afford to live in an exciting city centre location. Many people are also simply looking to live a simpler life with fewer possessions, and downsizing to a tiny home is seen as one way to achieve this.
Whatever the reasons for moving into tiny homes, this is a trend that’s on the rise. If you’re looking for investment properties in Redbridge, Camden, Islington, Kensington or other sought-after areas of London and are looking to target a younger and more financially independent market, small studio apartments are the way to go. As long as they are kept in excellent condition and well managed, they can offer an outstanding and affordable solution for those who prioritise a city lifestyle over living space.
We can not only advise you on when and where you should be investing in these small apartments, but can also provide full marketing, letting and management services to help keep your tenants happy.