Real estate developers like Spilytus are building micro flats in sought-after areas, such as Ebisu and Nakameguro. This explains their popularity among young people, who like living in prime locations at reasonable rents, said Keisuke Nakama, the company’s president.
Spilytus, which has been developing these shoeboxes for a decade, reported an occupancy rate of 99 per cent across more than 100 properties, with the majority of tenants aged under 30.
Designed specifically for singles, these micro flats typically see stays of around two years. But for Hirata, four years on, he has no plans to move unless prompted by marriage or a major job change.
MILLENNIAL DREAMS IN MANILA
With his plan to upgrade, Permalino feels less inertia but still faces the issue of housing affordability in Metro Manila, where a new home costs, on average, more than double the value per square metre in areas outside.
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