Real Estate Market: Tiny House Becoming A Trend In New York and Other Major Cities

At 360 square feet or less, the apartments in one of the most expensive cities in the work, in Manhattan, has little balconies, tall ceilings, dishwashers and storage space.

They call it micro living and may yet be seen more by New Yorkers and foreigners flocking into the city. CNBC reports that planning officials are proposing to remove the limit on how small an actual apartment could be, which could mean opening more doors to the growing "micro apartments' suitable to an even growing number of single people.

The city's first experiment in decades with super-small dwelling is at Carmel Place and the pitch is that it can just be enough, regardless of the little space. The place is due to open early next year and it would feature 55 apartments ranging from 265 to 360 square feet. The closest comparison to be had is a typical single-car garage with an area of about 200 square feet.

"An efficiently designed micro-unit," says developer Tobias Oriwol, "is just a nice apartment."

Since it is an experimental project, CNBC continues, Carmel Place acquired a city land and a waiver from New York's 400-square-foot minimum on new apartments, that was set as far back as 1987.

Christopher Bledsoe of Stage 3 Properties, which designed the interiors and amenities at Carmel Place says, "For us, it was really important to demonstrate how small space could be an enhancement to quality of life."

Small apartments are not new in New York City as apartment with an area less than 400-square-foot minimum are already in existence. There are about 3,000 of them, in fact. Smaller apartments are most sought after by young professionals just to be near their work place without the hassle of living with a roommate.

Even cities from San Francisco to Boston have approved smaller apartments and it is becoming a trend.

"People are spending $1,800 a month renting a room that's 10-by-10 and living with strangers that they met on Craigslist" in New York, said Sarah Watson, deputy director of the Citizens Housing Planning Council, an advocacy group. Hence, smaller spaces with more privacy are more than welcome. However, critics say that it is just as pricey, only with little space.

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