As society advances, we find that our world is becoming smaller and more efficient. The same is happening to the real estate market. Micro-apartments, small, single-room apartments, are becoming a popular trend in large cities around the world who face issues of a need for affordable housing in dense neighborhoods. This new shift in real estate could open a new market of renters in large cities, specifically NYC.
Early Stages
Brooklyn and Fort Greene have already implemented a new rental building that is full of micro apartments. The rental building, called Caesura, is opening its units in the fall of 2017. This building will contain 13 micro units which will be priced from $886/month to $1,482/month. With a large portion of the units lacking a lot of space, the building will offer a fitness room, roof terrace, bike storage and many other amenities for their tenants.
Mayor Bloomberg has been working with the city to begin to experiment with this new idea of affordable tiny-housing. He believes that this is a step in the right direction to accommodate the increase of young people beginning to move into New York City. Mayor Bloomberg has also been quoted with stating that he would waive certain zoning regulations that were put in place in the 1980s to avoid overcrowding in the city. His support for this new housing trend shows that the city is will to experiment and see how this new idea can influence life in NYC.
Price of Living
It is quite obvious the living in New York City is an expensive lifestyle. It is a hub for some of the least affordable housing in the United States paired with daily products at price points that are double the national average. The general cost of living in New York is above 65% higher than the national average, as well.
Renting in NYC is rooting in an insane housing market. The median rent for a two-bedroom apartment in the metropolitan area is $1,638 per month. In Manhattan alone, the average amount of rent per month for a two-bedroom apartment is $3,895. That average is about equal to the monthly income for a normal United State employee. These average also neglect the price of utilities, food, and clothing.
The future of affordable house may lie in micro apartments in order to face the increasing population of the city. It is a beginning of finding a solution to the financially draining housing market that NYC resides in today.