It’s a popular refrain among mall dwellers, but in the case of mall apartments, they’re also more common than you might think.
“A lot of people say that I’m crazy to have a space in the mall,” says Anna Ehrlich, the co-founder of the online retailing website Storey.
“And when you’re in the process of making a move from the suburbs to downtown and you’re thinking about how you want to live your life in a space that’s close to a shopping center, it’s hard to say ‘oh, I’m just going to go to the mall.'”
Ehrlich is also the founder of a nonprofit called Mall Place that helps mall dweller with moving-and-living issues.
“I think there’s a lot of misconceptions about what a mall is,” she says.
“For me, it was a big step to move to a mall and to be able to walk down a lot that was designed by the developers of the city, and I had the privilege to walk through the mall, and then the next day I could walk through another mall.
So I’m always interested in things like that.”
As for how much it costs to live in a mall apartment, it varies.
“It varies depending on what you have,” Ehrliches says.
For example, if you’re renting a two-bedroom condo in the city and you have an additional bedroom, you might have to pay about $400 per month.
“And you could live in an apartment in a shopping mall,” she adds.
“There’s some different things you need to do to do that, but I think there are a lot more things you can do that are a little more affordable.”
So what’s the catch?
Mall living isn’t for everyone.
But if you do it right, it can pay off.
Here are 10 tips for living in a mega-mall apartment.1.
Buy a homeIn some places, a mall-style apartment can be considered a luxury lifestyle, especially if you have a home-ownership license.
“You’re not going to be living in the same home that you lived in for a long time,” Erslich says.
If you’re moving in a condo, the lease is one year.
“That’s pretty standard,” she explains.
“It’s just that you might want to make sure that you get your taxes filed on time.
If they don’t, you’ll be looking at a higher interest rate.
If the home you live in is worth a lot, and you can afford to put in a $50,000 down payment, it might be more affordable to live there.”
The big advantage of living in an area that’s a hub of business, like New York, is that it’s much more accessible, says Ersliches.
“If you’re going to move from New York to Los Angeles, you’re probably going to do a lot longer than you would if you were just going into your new city.”
In the meantime, Ehrloches recommends a home near a shopping area, and if you don’t live near a mall, then she recommends renting in the suburbs or elsewhere.
“There are plenty of options in places like New Jersey and Connecticut and Pennsylvania that are going to let you live with a little bit more freedom, but it’s also kind of a riskier lifestyle,” she continues.
“So you’re more likely to want to try to do it in an urban environment or somewhere where you can find people that you know and you know what they like and they like what you like.”