Microstudio in NYC: Some people are willing to put up with difficult circumstances in order to afford the goal of living in New York City. A microstudio that rents for $1,200 has gained notoriety for its amenities—or lack thereof—which helps to offset the cost.
On February 18, real estate broker Omer Labock posted an Instagram slideshow showcasing a microstudio in Manhattan’s midtown neighborhood. The residence is a very small 115 square feet and lacks an in-unit kitchen and bathroom. The tenant would have to coexist with other tenants in the building in order to share the necessities of home.
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One window, a closet area, and a common bathroom down the hall are all provided to qualified renters. Within the unit, there was no kitchen. Situated on the third level of a walk-up building is the apartment.
The cost, which is similar to larger, fully furnished apartments elsewhere, is a sign of the terrible state of the NYC housing market. The most populous city in the country is notorious for its outrageous rents; according to Zillow, the average price of a studio is just over $3,000.
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According to NerdWallet, rental costs are rising across the country and are currently 29.4% higher than they were before to the pandemic. The magazine also ranked San Jose, California, as the most expensive rental market, with New York City coming in second.
Due to the growing demand for studio and one-bedroom apartments, the tendency toward living alone, which has been steadily increasing over the past few years, has also resulted in higher rent prices. Fortunately, a glut of empty homes is predicted to drive down prices, particularly in Texas hotspots like Austin and Dallas where remote workers have fled in search of cheaper housing.
However, tenants will have to put up with living arrangements like the microstudio as the new standard of affordable housing until this trend is felt throughout the nation.
