A couple of weeks ago I was showing a co-op to one of my favorite clients and we had a very insightful conversation about the rising rental costs on Capitol Hill. My Diva Dweller lives on the hill in a studio. Overnight they are raising his rent by almost 10%. And if you have a furry four legged pet expect there to be an unexpected fee to top your rent. Reason – aPodments/Micro-Housing. A new aPodment just opened on his block and his landlords are noticing that there are people who are willing to pay more for less.
But wait – we all thought that aPodments/Micro-Housing was affordable?
Think about it —> The aPodments offer a small space at an affordable price per month. Now let’s take a step back and really look at the square footage costs of what you get for the money. Neighboring apartment buildings see that folks are willing to pay more per square footage. So why wouldn’t they raise their rents on their studios? And it just keeps going on up to the one bedrooms and two bedrooms.
Here is a quick breakdown of two buildings within walking distance of each other on the Hill.
aPodments Alturra on Summit $600 / 150 sf = $4/sf
1718 Summit Apartments $850 / 350 sf = $2.42/sf
That is a 40% increase in prices between the aPodments and a good old fashioned apartment building. How is this affordable?
Team Diva does believe strongly in affordable and well thought out housing. You cannot have a vibrant and arts driven neighborhood if you chase everyone out of the hood with soaring rents. At the same time you don’t be pulling the wool over this Diva’s eyes with your so called affordable housing that is a blight in our hood. Create real housing for singles, artists, and families. Make this hood the best it can be and not a place for people stopping over as they transition cities or a party destination for the bridge and tunnel crowd.Â #JustSaying