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Micro-Unit Apartments: New York's Apartments Are Getting Smaller as Rents Got Higher
As rent got even higher in New York City, developers are starting to improve innovative housing alternatives. One way to deliver affordable apartments to the markets is to utilize small spaces to save cost, and so micro-unit apartments are gaining more and more popularity in New York City.
Business Insider reported that the median rental price for a one-bedroom apartment is as high as $3,280. That makes New York City the second most expensive cities when it comes to rent. The most expensive city is San Fransisco at $3,490 as the median. The gap between the two city's medians and the third expensive city, Boston, is high, with Boston's median of $2,390.
New York City will have its first all-micro-unit building, Carmel Place, this March at 335 East 27th Street, according to Cooperator. The project aims to solve the unmet demand for studio space for New York City dwellers due to limited space and rising rent. The micro-unit apartment will be as small as 265 square feet for $2,650 and $3,150.
Even before the new place is ready, more than 60,000 have applied to be owners of the 32 apartments. The market for these kinds of apartments is exceptionally high, considering the demographic of New York City. New York City have more and more people living alone, especially young professionals, so a small and affordable space would be a great choice to continue to live in the city.
That's also considering that a one-bedroom apartment in popular neighborhoods in New York typically costs $4,000 in rent. That means families living in the city would have to pay for even more. It should also be noted that New York City also has a relatively high living cost with taxes and other necessities.
New York City's regulations stated that residential units must have a minimum space of 400 square feet. But, according to Dezeen, the regulations were waived for Carmel Place. And so the project continues with the support of the New York City Department of Housing Preservation and Development, backed by real estate company Monadnock Development.
Micro-apartments, with specially-designed collapsible furniture and rearrangeable modular designs, is already becoming a highly popular alternative for young professionals in New York. With the support of local authorities, the micro-units apartment building would be available soon to support living in the city despite surging rents. And seeing existing demands, it's very reasonable to believe that micro-unit apartments will continue to be a favorable and realistic choice.
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