Real estate developers are always looking for new and interesting ways to construct housing. From old firehouses to abandoned factories, once dead properties are being turned into something new and trendy. The newest trend is turning dead malls into apartment complexes. This latest housing trend was once an experiment that has proven to be incredibly successful:
Micro-housing Is In
For years, more space meant more worth. The more bedrooms an apartment or home had, the better it was. Nowadays, micro-housing has taken the real estate industry by storm. More tenants and prospective buyers are looking for more efficient living and opting for smaller places. In Rhode Island, a former shopping mall in was converted from storefronts into micro-apartments due to the growing popularity of micro-living. Many find this type of living to be economically stable and much more efficient. Turning an old mall into apartments is a really great way to give the people more of what they want: mico-housing.
Recycle and Remake
One of the largest initiatives taken by the public is going more green. In a world that now strives for sustainability, it’s important to recycle whenever possible; this goes the same for real estate. This is why turning dead malls in apartment complexes has become so popular. By working from property that has already put down the foundation to get developers started, there is no need to tear down or make way for a new development. As the need for more housing begins to arise, the answer is not to find new land, but instead, recycle older properties. This also leaves no need to reach out to potential renters because the property will already be where they are.
The setbacks and challenges
Although the brilliant idea is already trending in housing markets across the country, there are some setback and roadblocks in the way. The first being limitations with location. Malls are typically adjacent to traditional single-family neighborhoods and therefore designed to accommodate residents driving to the nearby stores on wide-open streets. This can also heavily affect traffic in these areas. Cities are also in fear of losing tax revenue by turning an entire mall into apartment units. Adding new residents can also increase costs for school systems and public safety.
While turning dead malls in apartment complexes does present some challenges, it’s also an amazing opportunity to combat the rising need for housing. The loss of retail spaces will continue to increase and it’s better to find new ways to preserve these properties with this housing trend.