Attics Become Apartments in Scarce Housing Markets

Apartment demand has increased since the Great Recession, and many younger renters can’t afford the multifamily properties that are being built. As a result, landlords are converting unused spaces – such as attics and basements – to accommodate demand.

Karla Mina with Coldwell Banker in Chicago said there has been a surge in attic apartments. She says Millennials are especially attracted to them because of their affordability.

Mina also said people coming out of foreclosures and short sales are entering the renter’s market. University of Chicago economist Allen Sanderson also pointed out that Millennials are more willing to “choose the Starbucks and live in an attic,” rather than having a nice apartment and no Starbucks.