Ever wonder who rents Boston's newfangled micro-apartments? The Herald's Paul Restuccia deep-dives into the leasing at Fort Point's relatively new Factory 63 and comes up with one 25-year-old Newton native who "didn't just want an apartment, but a place to live, work, play, innovate and create" and whose "idea is to live small and think big." Yup, exactly who'd you think. And good for them, too, because The Herald also once again illumined the Micro-Apartment Paradox.
Micro-apartment rents at Factory 63 range from around $1,200 for a 337-square-foot unit to $2,450 for a 597-square-footer, suggesting that the tenants are doing O.K. financially. Because that's pricey—above the market rate, in fact, for even larger apartments in Fort Point, the Seaport, et al. Still, as The Herald puts it, the higher-than-normal rents are "a way to keep young professional people in the city." We'll give you a second.
Really high rents for less space—that's a strategy for making it easier to live in Boston proper. As paradoxically bizarre as it reads, it's apparently working: Factory 63's micro-apartments are fully leased and there's a waiting list. The market hath spoken and we shake our heads.
· Micro-Units Perfect Fit for Young Pros [Herald]
· Boston Pushing Micro-Apartments or Something Like Them [Curbed Boston]
· Are Boston Micro-Apartments for Real? [Curbed Boston]
· Hub Micro-Apartments: Follow the Money and the Rest Is Noise [Curbed Boston]