It’s no secret that New York City has one of the most competitive real estate markets in the world. The available inventory is low and the demand is high, which means constantly rising purchase prices and outrageous rental rates. When you break it down to price per square foot, the numbers are truly shocking.
According to Realtor.com, the median listing price for a home in NYC in 2021 was $1.3 million, and the median price per square foot was $1,500.
When it comes to rentals, RentCafe claimed the average rent for a Manhattan apartment this year was $4,072 per month with an average apartment size of 702 square feet. However, they noted that “the cost of rent varies depending on several factors, including location, size, and quality.”
The Smallest Apartment In NYC
With rental rates being so high in the Big Apple, Mayor Bill de Blasio introduced a plan in 2015 to use rezoning as a way to create thousands of new apartments that could be rented for below market value.
This led to a surge in micro-apartments, which are tiny spaces that are smaller than 350 square feet. Micro-apartments are designed for the single person who is almost never home.
According to YouTuber Erik Conover, the smallest apartment in NYC is a 60 square-foot micro-apartment that rents for $1100 per month. It’s located on St. Mark’s Place, a “fun neighborhood” near New York University.
Taking A Tour
The micro-apartment is located in a nice building with an impressive entrance. After going up a set of stairs, Conover found the unit and stepped inside with rental agent and YouTuber Cash Jordan.
By the door was a sink with a mirror, a mini-fridge with a microwave set on top, and a corner shelf. Hanging above these items was a flat-screen TV. The other side of the front door featured a small closet and two shelves on the wall.
“This can’t be legal,” Conover said as he entered.
Once he passed the sink, fridge, and microwave–which takes up half the apartment–there is a ladder going up to a twin-size loft bed. The loft bed, which is positioned up against the opposite wall from the front door, is simply a bunk bed without the bottom bunk. The area underneath the bed is the apartment’s “living space.”
The micro-apartment also featured two fluorescent lights, a window with an alley view, and a few wall outlets. The bathroom is shared with other renters on the floor, and is located in the hallway.
For those who have always dreamed of living in the big city, micro-apartments are an affordable–and slightly claustrophobic–option. “If you’re looking to move to the city, it’s definitely possible–don’t say the rent is too high,” said Conover.