Updated Oct. 1, 5:46 p.m.: The rental information that Banker & Tradesman reported was incorrect. This post has been updated significantly throughout. Apologies.
Everyone knows that micro-apartments (a.k.a. micro-units, micro-condos and micro-homes) are the greatest meta-trend in Boston real estate since transit-oriented development. So it comes as little surprise that the almost-open Watermark Seaport at 85 Seaport Boulevard in the Seaport (seaport!) offers micro-apartments amid its 346 units. Here's the thing, though: The micro-apartments are asking more than traditional units there.
Thanks to the number-crunching of John A. Keith and the reporting of Steve Adams at Banker & Tradesman, we know that there are 426-square-foot studios in the Watermark Seaport renting for $2,400. Yet the micro-apartments (a.k.a. innovation units) that are only 26 square feet bigger smaller are going for $2,300. Why the discrepancy? Is that square-footage difference really worth that much more per month total? We should point out that on a per-square-foot basis, the micros are actually a little bit cheaper than the traditional studios, but—stay with us—the traditional studios are, again, smaller. Shouldn't they be the ones cheaper? Anyway ... per Keith's breakdown:
$2,400: 426 square feet = $5.63 a foot
$2,300: 400 square feet = $5.76 a foot
It turns out that, yes, the thinking is that the pricier micros should be worth more in total to potential tenants and here's why: They're on the same floor as the Watermark Seaport's souped-up, plugged-in "innovation lounge." It seems now that micro-apartments and innovation go hand-in-hand. Let's see if micro-apartments "take" under these conditions. The complex is expected to open in January 2016.
· What, Exactly, Makes a Home a Micro-Home in Greater Boston? [Curbed Boston]
· How to Talk About the Innovation District [Curbed Boston]
· The Transit-Oriented Apartment Complex Pitched for Brighton [Curbed Boston]
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