In order to tackle the lack of affordable housing, micro housing units are popping up all over South Florida. Rent officially rose 50% YTD in Brickell, Coconut Grove and Miami Beach just this week. With this trend and Miami becoming the most unaffordable living space in the US, cheaper 300-400 SQ FT units and studio apartments are becoming more popular. Real Estate developer The Estate Companies is turning the Ramada Inn Hotel in Hialeah into “the One”, a multi-family unit apartment complex with units that are all micro. With future tenants already lining up, their results are better than they originally anticipated.
Wynwood is another location that the company is targeting due to its scalability, walkability and the recent migrations of renters to the area. The fashion company “Diesel” announced the launch of a Diesel condominium in Wynwood. It is expected to have 159 units, 65 of which are micro-sized with some units as small as 300 SQ FT. They have added large balconies to even the micro units to give it a larger feel. “Wynwood is probably the perfect match when you’re thinking about the Diesel brand, and it is the first Diesel building” stated CMO Patrick Pires.