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Tiny apartment means big savings

August 7, 2009 12:00:00 AM PDT
With people trying to cope with both the economy and the housing crisis, a Seattle developer thinks he has a solution.Dirk Mulhair is building smaller apartments that are no bigger than 168 square feet.

They come with a built-in bed, refrigerator, and bathroom. There's a communal kitchen in central areas of the building.

Some may say the best part is that they are very inexpensive. The apartments are being rented out for $425 per month, and they're going fast.

Mulhair says not everybody needs or wants a big apartment. They would rather save money instead.

Mulhair says he got the idea after staying in traveler hostels in Europe.

CNN contributed to this report.

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