Real estate developers like Spilytus are building micro-apartments in desirable neighborhoods, like Ebisu and Nakameguro. This explains their popularity among young people, who like to live in prime locations at reasonable rents, said Keisuke Nakama, president of the company.
Spilytus, which has been developing these shoeboxes for a decade, has recorded a 99 percent occupancy rate in more than 100 properties, with a majority of tenants under the age of 30.
Designed specifically for singles, these micro-apartments generally allow stays of around two years. But for Hirata, four years later, he has no plans to move unless it’s prompted by marriage or a major job change.
MILLENNIUM DREAMS IN MANILA
With its modernization project, Permalino feels less inertia but still faces the problem of housing affordability in Metro Manila, where a new house costs on average more than double the square meter value in outer areas .
WATCH: Savings and side hustles to realize the Filipino millennial’s condominium dream in Manila (7:17)
