Micro Apartment: The Latest Trend in NYC Real Estate Market

Let us confront the fact that if you already live in NYC or are about to move to the city, NYC is costly to a point that you have to trade off certain things to make sure your stay in the city. Another angle to look at this is that more and more people are coming to the city yearly. The state can arrange everything but land cannot be created.

To address this issue, the idea of a micro-unit apartment was floated. In buying a micro-apartment you have to decide if the apartment is comfortable enough and does the price is worth it?

What is a Micro Apartment?

The idea gained currency after the cherished project by Mayor Michal who invited builders to put forward a proposal for small apartments than the standard ones in 2013. The apartment built under that umbrella was smaller than 400 square feet. Since then the micro-apartment is in vogue.

The project was initiated to cater to both the demand for more homes due to the larger flux of immigrants to the city as well as with the aim to provide affordable housing.

Carmel Place came forth as a model building containing 55-units. It proved an extremely successful model that kicked a revolution in the real estate sector of NYC. It was a work of art as the basics requirements of a home were efficiently met.

What does the Law recommend?

Before 2013, the authorizes has set a limit of a minimum of 400 square feet for home but since that project, there is no such minimum limit set by the law.

However, there are guidelines for a room in law. The apartment has to has at least one bedroom of standard dimensions i.e. 80 square feet. Besides, an apartment must have a separate bathroom.

Limitations of a Micro Apartment:

• First thing first, they are small
• Not convenient for disabled people.
• It attracts a specific class of people
• Tenants keep on changing such apartments.
• Given the small and inconvenient structure, maintenance is hard and costly.

 

Merits of a Micro Apartment:

• It makes it possible to build more houses thus beneficial for the city.
• They provide residency on a much cheaper and affordable budget.
• It has a higher occupancy rate.

 

What Qualifies as a Comfortable Living?

If we observe the latest trends in the market, we notice that New Yorkers are inclined toward cozy and small apartments. The question to ponder over is how is it becoming possible? It has become possible due to design. Given more people are moving to NYC, it is the need of the hour. Communal spaces make allowance for the micro apartments as there are shared amenities in the building.

Another reason is people like to compromise given they have other benefits such as public transport and less commuting between home and office. If we do the analysis of both merits and demerits of a micro-apartment. It becomes pretty clear that it is not a bad deal at all to have a micro-apartment in NYC.

Legal Bedroom Size in NYC:

Though there is no minimum size recommended for a micro-apartment. The following are the specification to qualify for a room.

• A minimum of 80 square feet space is mandatory
• The minimum width for a room has to be 8 feet.
• 8 feet applies to the ceiling as well.
• There has to be at least one window in the room.

The Modern Trend in NYC Real Estate:

The challenge faced by the authorities in the past was to provide enough accommodation to the immigrants fast moving into the city. The issue was addressed by introducing the micro-apartments in the real estate sector and builders were encouraged to build them swiftly. At one end, it was addressing the issue of enough space for everybody and on the other hand, it made the land more productive.

However, if we look into how did it became possible? The answer is due to the sheer work of art. Architects invested their best minds to make room for every basic requirement for a home e.g. bedroom, kitchen, and bathroom in the minimum area.

In big cities all around the world, this idea is gaining currency as people move in there due to better career opportunities and at one point city feels humbled to provide more than the required space to its citizens.

NY Rent Own Sell

NY Rent Own Sell is an established real estate firm in NYC that delivers services par excellence. We have built a team of market experts with technical skills so that we can provide an efficient and customized solution to the quarry of our client.

If you already looking to purchase or sell the property or plan to do it in the future, do not hesitate to talk to us. We believe we will always live up to your expectations.

Final Words

Micro apartments are a smaller version of studio apartments. One can argue about the merits and demerits of micro-apartments but the truth is there is both the need as well as the demand for micro apartment in NYC. The city has to follow the trend to welcome more people who dream to live in NYC.

It makes a highly comfortable equation for New Yorkers to get a micro-apartment home for themselves.