Imagine living in a space the size of a 1-car garage—and paying $3500 a month! You can have this experience right now in New York City at Carmel Place, a 55 unit development of “micro apartments” that range in size from 250 – 360 square feet. In order build such small studio apartments, the developer had to agree to make 40% of the units “affordable” –reducing the rent to about $1500 a month. Who would want such a small living space? So far 60,000 people have placed their names into the lottery for the “affordable” units. Because of the demand, critics are concerned that smaller may not turn out to be cheaper going forward.
Watch for the trend for micro apartments to spread to other large cities. Already, there is a proposal for tiny studios in Logan Square targeting young singles who are looking for an affordable place without having to share it with a roommate. It will likely be unaffordable for most people.
Tongue on Fire 