20 August 2018

This battle between the two cities for a title of the most expensive rental market is caused by the lack of supply. Danison offers a solution, although it may be somehow limited.

“We need a new approach to new rental buildings, like in case of Manhattan. The square footage has to be reduced, so that we could include more units into one building. Why live in a 900 square foot apartment with extremely high rent, when you can cut it by decreasing the square footage to 650?”

Danison admits that it’s not a perfect option, but so isn’t a growing rent. Moreover, buildings with smaller units often have better amenities.

In addition to it, this scheme is not brand new – in Danison’s opinion, we can learn from Montreal’s example.

“The average square footage in Montreal is about 500-600 square feet,” –he noted.