Studio Apartment – An Economical Choice for FiDi Residents

Living in New York City offers a variety of options. A lot depends on your esthetics as well as your budget when deciding which option to choose. First and foremost, you should know about the available options along with major features before going home hunting.

You’re probably already aware that there are a lot of options when it comes to renting in New York if you’ve been doing your research. You can then choose a neighborhood from a list with more details. Having determined your price range, neighborhood choice, and living situation is a good place to start. Now is a good time to decide what type of apartment you want.

We have compiled a list of all types of studio apartments with technical details – including how to live in a studio apartment, studio apartment average size, and tips for living in a studio apartment – to give you an understanding of the variety of real estate in the Financial District.

What is a Studio Apartment?

In the real estate market, the studio apartment is a relatively new concept. Due to the ever-increasing property rates in NYC, studio apartments are a great option. The living space is composed of all the essential rooms found in an apartment without the use of walls or divisions. You are free to customize it according to your needs and preferences.

There is a sleeping area, a living area, and a kitchen area in the one-bedroom studio. Half-dividing walls separate the sleeping area from the rest of the house in a studio. The cost of a studio apartment is a lot less than the cost of a traditional apartment, but there are some cons as well.

Apart from being inexpensive, studio apartments are also convenient. A single light in a strategic spot can illuminate the entire unit, resulting in lower utility bills because there is less space to use.

Different Types of Studio Apartments

When shopping around for a studio apartment, it is important to determine which kind of studio you are looking for. There are three main types you will encounter, each with its own benefits and disadvantages. Below we have highlighted all three options for you to consider.

1) Alcove Studio

The features of the Alcove studio are the same as that of the typical studio, while the major distinction is an L partition in the living room. As a result of the design, there is a sense of more space and a more comfortable sleeping environment.

2) Loft Studio

The room has a high ceiling and is a single room. Usually, they are located in commercial buildings that have been converted to residential apartments.

3) Convertible Studio

The name itself implies a studio with a little more space than a typical unit, and you could build a wall to create a separate bedroom.

What is the Difference Between Studio And One bedroom Apartment?

Studio apartments are generally smaller in size than one-bedroom apartments. Studios usually have a single open space that serves as a living, dining, and sleeping area. Apartments with one bedroom typically have a separate living room and bedroom.

Flexing a Studio into a One or Two Bedroom

Some studios come with an option of “flex.” For instance, a studio can be walled off to create a bedroom or, for that matter, any type of room you desire. With this feature, you can design an apartment according to your own preferences.

Pressurized walls were commonly used to flex apartments before 2005, but an unfortunate fire that claimed two firefighters’ lives led the authorities to ban all such practices.

As a result of this incident, the New York City Department of Buildings requires prior approval. It means that you can no longer create a separate room illegally. You should contact a licensed engineer to create a plan and adhere to all the rules that qualify the room’s definition if you wish to flex the studio.

There are several alternatives to pressurized walls, including a wall that reaches the ceiling, a sliding wall or door, or a freestanding bookshelf unit. It is technically illegal if a wall doesn’t reach the ceiling, is not permanently attached, or can pass for furniture.

Take permission from your landlord or property management before taking any action. It is better not to temper the layout if your landlord does not approve of your ambition. It is worth noting that the cost of flexing is borne by the tenant in most cases.

Read Also: Studio vs. One Bedroom Apartment: Which is Best for You?

Average Rents of a Studio in the Financial District

Space is expensive in New York City, no matter what apartment or location you choose to stay in. In the wake of COVID-19, it has become even more expensive since more people are looking for studios with more space as they have been spending more time at home.

Take a look at the average rates in New York’s financial district. Compared to other parts of the city, rents are slightly higher here. You won’t be disappointed if you spend some time looking for an affordable studio.

In Manhattan, NY, the average apartment size is 703 square feet, but studios are the smallest and most affordable. The average rent for a one-bedroom studio in the financial district is $4,200. There are only 2% of studios priced below $2,000, while 98% are priced above $2,000.

How to Live in a Studio Apartment?

Living in a studio apartment can be difficult because the bedroom and living room are combined. However, there are a few tips for living in a studio apartment that can make your living more comfortable.

1. Pick Appropriate Furniture

When picking furniture for your studio apartment, be sure to choose pieces that fit your lifestyle. If you like to host dinner parties, for example, you’ll need a dining table and chairs. If you’re a busy person who doesn’t have time to cook, a kitchenette might be a better option than a full kitchen.

2. Divide the Space & Add Light

To create the illusion of a bedroom in a studio apartment, consider using dividers or screens. You can also hang curtains around your bed to make it feel more enclosed. Additionally, adding more light to your space will help make it feel larger. Floor lamps and table lamps are great options for small spaces.

3. Increase Wall Space

Maximizing your wall space is another great way to make a studio apartment feel larger. Hanging shelves or cabinets can provide extra storage space and make the room feel less cluttered.

What is the Average Size of a Studio Apartment?

The average size of a studio apartment in NYC is approximately 500 square feet. Three are some units that are smaller and some that are larger, depending on the area you are looking in. Keep in mind that 500 square feet are about 20 feet by 25 feet.

Why Do People Want Studio Apartments?

There are several reasons why people might want a studio apartment. For one, they can be quite affordable when compared to other types of apartments. Studios also tend to be smaller in size, which can make them more manageable for those who don’t want or need a lot of extra room. Last but not least, some people simply prefer the open layout and simplicity of a studio apartment.

Living in Financial District Worth Every Penny

Even though it costs more than other areas, the experience you will gain is priceless. In addition to the New York Stock Exchange, which is the largest stock exchange by capital, it is also home to the Federal Reserve Bank of New York.

Nearby are the Work Trade Memorials and the Freedom Tower, which are must-see attractions in NYC. Observing the endless skyscrapers and marveling at the pinnacle of modern civilization is one of the most incredible experiences in the Financial District.

A Studio Investment

Given COVID-19’s impact on the economy, people are struggling to make ends meet. However, property rates did not decrease proportionally. A studio that offers standard living at a relatively low price makes more sense in these circumstances. Now you know the details regarding the studio, it would be a smooth ride for you to find one. Have a pleasant experience shopping.

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