Micro Flats

In recent years, the cost of purchasing housing in many global cities has risen to untenable levels, with the required household income multiples often significantly exceeding lending availability. However, this is, of course, predicated on traditional notions of the home, which are now being challenged. With people choosing to stay single (or at least childless) for longer, eating out more and working longer, the role of the home for a segment of young, urban professionals is increasingly somewhere to sleep and have downtime. In this context, previously core elements such as a kitchen become either optional or shareable. As a recent report from Development Economics states, ‘greater numbers of people are choosing location over space’ and, in doing so, they create wealth in the local economy. This is clearly not a model which will suit everyone, and there is political disagreement on the approach. Some point to a race to the bottom on spatial standards; however, others note that the provision of new housing models to suit new ways of living, adds to customer choice rather than removes it.