The Medellin real estate market has been on the rise during the past decade, whose notable growth now directly supports its economic growth. Among the variety of developments that are changing the landscape of local living in Medellin, where do micro homes fare?
Check out if Micro Homes can become the hot-selling or top-rented property in Medellin in the 2030 decade!
Micro Homes - Where do they belong in the Estratos Scale?
The socioeconomic level of an area or property decides its Estrato level in Colombia. Between Estrato 1 being the lowest and the highest at Estrato 6, properties aren't themselves the self-determinants. Additional factors also play a role in measuring the Estrato level, like the location, connectivity to services or infrastructure.
Based on this fact, the micro homes on the Estrato scale can vary the same as the apartments and condos in the Medellin real estate market. Therefore, the micro homes' size or design isn't enough to gauge their prospective market value for renting or selling.
However, regardless of the Estrato scale in which the micro homes belong, they certainly possess the opportunity to solve the growing real estate needs.
Micro Homes - Solving the Bustling Tourism & Local Living Needs
Since over a decade ago, the influx of foreign investments in Medellin real estate has been soaring the charts. Even with early real estate investments being the prime reason for high investments, at present, the Medellin real estate market is resultantly heavily showcasing the trend of renting local properties.
Due to expats owning private properties and an increasing number of students renting them to complete their studies, finding good homes on a budget may become challenging. Altogether, it has created a lucrative market for renting properties, and on holidays, the cost can soar as high as $2000 per month for Estrato 3-6 properties.
Here, developing blocks of societies of micro homes can fix a number of challenges and still reciprocate the desired incomes. However, such results face the bold competition from apartments, which can be solved as follows.
Better Affordability
In comparison with apartments in Medellin, renting micro homes will be cheaper and, therefore, cost-effective. For students who share apartments together, it's easier to rent a micro home, which also provides them with enough personal space.
Simultaneously, the singular tenants who rent apartments due to scarce availability reasons can alternatively choose to rent micro homes. In this manner, two of the major demographics in Medellin can meet their real estate rental needs without leaving the city limits.
Convenience of Flexibility
A micro home may not look easy to manage, but it's quite the contrary. Likewise, it's also easier to upgrade a micro home as required, as opposed to remodeling an apartment or the entire building.
For specific tenants who want particular living conditions, micro homes can better cater to their needs without costing the owner a hefty sum in upgrades.
Environmentally Ideal
Micro homes can be made using all types of sturdy materials, which are incidentally also recyclable. A completely recyclable micro home can be both lucrative and supportive of green initiatives. Furthermore, such homes can be all the more ideal to house parking spaces, helping professionals rent and own their commute at their convenience.