Rent for as much as $3,400 a month.
According to Square Foot Research, about three quarter of the estimated 150 projects comprising shoebox units are currently located in the Central Region.
Out of the 50 projects completed since 2012, 38 of them are located in the Central Region whereas the remaining are located outside of the CentralRegion,it addded.
Based on the total rental contracts signed in the past 6 quarters, Square Foot Research also said that the Central Region saw a higher rental take‐up rate compared to Outside of Central Region.
"The rental take‐up rate for new projects with shoebox units in district 9 and 10 is strong.
Vivace saw a 91% take‐up rate based on the number of rental contracts signed versus the estimated number of shoebox units available," said Square Foot Research.
The research firm also said that it is interesting to note that the number of rental contracts signed within a year for RV Suites exceeded the number ofshoebox unitsin the project. This, it said, may be due to rental contracts that areshort‐term in nature (6 months) that have expired or early termination on rental contracts.
Whichever the case may be, Square Foot Research said that the high replacement rate is yet another indication that rental demand for such units is strong.
Do you know more about this story? Contact us anonymously through this link.