When the job market improved well enough for young professionals to start working, they became more likely move out of their parents’ homes and look for a place of their own, prompting them to look for places to rent. However, rental prices in cities are extremely high for entry-level professionals.
Still, experts say that the rental crunches in the city are largely due to greater economic factors, including a combination of positive growth in the job market with very high housing prices and increasing mortgages.
This is why many young professionals are willing to fit themselves into a tiny rental spaces, instead of buying their own properties or renting something more luxurious. Settling for a small space means they can live on their own in a downtown neighborhood that they like.
Downtown areas offer convenience for residents, because of convenient proximity to restaurants, stores, events, and transportation lines, as well as work places.