Micro-Apartments

A emerging trend in many major U.S. cities is the rise of "micro" apartments, or living spaces with a square footage of around 300 sq. ft. These tiny residences have their roots in cramped global cities such as Tokyo and Paris, but they have become popular in U.S. cities like New York and San Francisco. The idea behind micro-apartments is to cram as many amenities of a normal apartment so that the tenant can save money on rent. In bustling cities, it is assumed that many of the residents of micro-apartments do not spend much time in their abodes. Instead, it is used primarily as a place to sleep when they are not at work or busy enjoying life in the city.

http://observer.com/2013/04/new-micro-apartment-rfps-announced-at-chpc-luncheon/

The provided article discusses the development of micro-apartments in New York City. Although the first micro-apartment building in NYC has not even broken ground, the city is putting plenty of effort into creating this interesting residence concept. The adAPT NYC contest was recently held to select a proper developer for the city's first micro-apartment project. Monadnock Development, Actors Fund Housing Development Corporation and nARCHITECTS were the three developers that were selected for the project out of 33 total candidates.

Their building will be developed on a city-owned site at 335 East 27th Street in Kips Bay. It will stand 10 stories and hold 55 apartment units, with each unit ranging in size from 250 to 370 square feet. The article also states that "Forty percent of the units will be 'affordable,' in this case defined as having rents from $940 to $1,800 per month." According to a New York Times article, a one-bedroom apartment in the Village is more than $3,100 per month, and one-bedrooms in Manhattan list at close to $3,500 per month. Although the price per square foot may be higher in micro-apartments, it is clear that tenants will be saving on overall monthly rent.

Although I would not prefer to live in such cramped living areas, I see the benefits of micro-apartments. I expect that the lower cost and newness of the micro-apartment concept will draw more than enough interest to fill the soon-to-be developed complexes. Time will tell if this trend will continue for a prolonged period of time, but as of now, it appears that size doesn't matter!

New York Times article:
http://www.nytimes.com/2008/04/20/realestate/20COV.html?pagewanted=all&_r=0