Why are so many big-city condos sitting empty? | About That (12:18 video)
Why are so many big-city condos sitting empty? | About That (12:18 video)
Just to make things easier for people.
The video talks about the glut of micro units having issues selling due to how undesirable they are for people actually living in them and not aligning with a more realistic price.
The numbers on why a lot of people can't hold onto these investments:
Shrinking units, the ones discussed in the video is around ~300sqft:
Substantially less of newer units are owner occupied:
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TLDR: Nobody wants to spend 2 grand to live in a closet.
I wonder how easy it is to reconfigure floor plans in condos? Surely there will come a time where we just have so many small and undesirable units that the building owners need to consider making livable size units again. I don't know a single person whose lived in one of these micro sized units and not talked about how horrible that living situation is for their mental health, yet in my city we just keep building thousands of these units every year now.
If you're referring to combining units I don't think it'll really be practical. The 300sqft mark is on the lower end of what is technically okay for people with some heavy consideration into functional design and lifestyle. Essentially a single person who probably spends a lot of time outside.
This is a pretty good video(13:03) on the topic .
Just price it right and people will rent. For a single person this is all they really need.