What you need to know when finding a micro apartment in NYC for sale – If you come from a small town, NYC will be overwhelming. Even if you are coming from a big metropolis area such as San Francisco, Philadelphia or Los Angeles, NYC will feel larger than life.
With an array of skyscrapers, the city is a concrete jungle. The concrete landscape of NYC comprises both historic buildings and new-built modern sky-high complexes. Most of the city’s architectural landscape comprises apartment buildings.
From luxury apartments in the Upper East side to affordable condos downtown, there are plenty of options. Micro apartments are an increasing trend in the US housing market right now but New York has been a step ahead. Micro apartment in NYC provides the citizens of New York with affordable housing right in the city’s heart.
Let’s talk about what a to expect while looking for a micro apartment in NYC that’s for sale.
Price of Micro Apartments in NYC
The city that is always busy attracts new residents every day. Therefore, the influx of people moving in makes it one of the densest cities in the whole country. Thus, the demand for housing is always high in NYC. But New York is filled with extremes and contradictions, ranging from the micro-climates to the economy.
Multi Million dollar apartments sit right next to affordable lofts. What’s interesting is that a micro apartment in New York can be both affordable and expensive depending upon where it is located. With that being said, micro units are more affordable than NYC’s town homes and full-sized apartments.
High Demand For Micro Apartments NYC
The demand for micro apartments in New York is at an all time high. Due to the decreasing availability of space, developers are building more micro unit complexes. Micro units are 50-400 sq. ft. apartments with a basic living/bedroom space, a kitchen and a bathroom. Sometimes, the bathrooms are shared with other tenants or the floor you’re in.
Micro apartments have become quite the trend over the past few years. After observing the latest housing trends in the real estate market, New Yorkers are now inclined more towards small and cozy accommodation. Why? – Because people appreciate design, functionality and quality of life as oposed to square footage.
Plus, micro apartments also offer many other benefits such as shorter commute, easy access to public transport and communal amenities. If you compare and analyze the merits and demerits of living in micro-apartments, it becomes pretty clear that it is not a bad deal at all to have a micro-apartment in NYC. They are the perfect abode for minimal living. Plus, small living units are much cheaper and low maintenance.
Legal Micro Apartment Size in NYC
There is no actual legal minimum square footage size for a micro unit. However, there is a legal bedroom size in NYC. The bedroom should be at least 80 sq. ft. with a minimum specific width, and a height of 8 feet with at least one window. Now, this means that the smallest micro apartment can be no less than 80 sq. ft. in size. When you add kitchen and bathroom, the size of a micro apartment in NY is 100 sq. ft. on average.
Finding Micro Apartment for Sale in NYC
Micro apartments are thriving in NYC and are popular among millennials. They are suitable for single adults looking for accommodation near their job or school’s location. Here are three basic things to keep in mind when looking for micro apartment for sale in New York:
- The Right Neighborhood and Location
Pick the right neighborhood that you like. It should be located close to your work/school. Also, if you do not like the hustle bustle, avoid downtown and look for a micro apartment in one of the city’s quieter and peaceful neighborhoods.
Moreover, you should be able to walk to the nearest grocery store and cafes without an issue. However, remember that your dream neighborhood could also be out of your budget. So, you have to be very strategic about where you want your apartment to be located.
- Know the Limitations
If you have never lived in a micro apartment there are certain limitations you should know about beforehand. Limitations of a micro apartment:
- Size – micro apartments are so small that they may lack enough storage space.
- Disability – Micro apartments are not convenient for disabled people.
- Choppy – sometimes the layout of such apartments is very unconventional with inconvenient structures or walls that may be in the way.
- Fixed Budget
You must have a fixed budget for how much you are willing to spend. Homes in New York typically cost a lot and the median price listed in real estate markets is over $700,000! The median price for homes in Manhattan is $1.6 million. So, talk to a listing agent and know the rates to set a reasonable budget.
Should You Buy or Rent a Micro Apartment in NYC?
Buying an apartment in New York is an overwhelming and daunting task, especially when you look at the numbers. Therefore, most people in New York rent apartments because of the high purchasing costs.
However, if you want to live in New York long term it is better to buy an apartment, instead of renting one – especially given the high cost of rent in NYC.
Moreover, there are many different neighborhoods in New York City such as the East Village, Kew Gardens and West Harlem, which have more affordable apartments. But ultimately you can choose any location that suits your financial position and personal preferences.
Did you know? – Rental micro units make around 63% of the real estate stock in NYC.
When Is the Right Time to Buy a Micro Apartment In NYC?
The best time to buy an apartment in New York is the end of the summer season. Spring and Fall are also great times in the real estate market but it is usually more competitive. This means that buyers have more options to choose from as spring has new developments.
In Fall, buyers get better discounts and more affordable rates as there is a surplus of apartments in the real estate market. Thus, sellers get more supply that lower prices.
In short, the worst time to purchase an apartment is winter months i.e., through December to February. This is because there are fewer listings on the markets and the buyers don’t get much discount.
Pros and Cons of Micro Apartments New York for Sale
Pros:
- Low maintenance due to small size
- Low cost of living due to reduced energy consumption (Low utility bills)
- Closer to city center and downtown New York
- Most apartment buildings have communal amenities for residents
- Offers easy access to public transportation
Cons:
- Most NYC micro apartment complexes lack a parking space
- Can become easily cluttered and messy
- Low to no storage space
Summing Up
A micro apartment in NYC that is for sale is easy to find after doing what we suggest. They come with some merits and demerits but they are high in demand. The demand for micro apartments in New York is growing at an accelerated rate. So, if you want to buy an affordable house in NYC, look into a micro apartment in your desired location. All you have to do is set a budget and find a reliable listing agent or view the reputable listings online. This should help you get ready to get a cozy micro apartment in the Big Apple.