New York just eased zoning requirements, opening up for more tiny apartments, which could be the answer to combating ever-rising rent costs nationwide.
In New York, around half the population is single, yet studios make up just 7% of the housing supply. With this new law, New York legislators hope developers will build more micro apartments (defined as units of less than 400 SF).
"You can’t deny the data," deputy director of nonprofit organization Citizens Housing and Planning Council Sarah Watson says. "This mismatch causes all sorts of economic distortions."
As rents continue to climb, other cities are catching on to the micro-unit trend. According to reports, Indianapolis' tiny apartment market is "hotter than ever before."
Meanwhile, in Cincinnati, developer Village Green is converting one historic downtown building into a mixed-use space, complete with luxurious micro units, which will be the first of its kind in the market.
In New York, the zoning changes would relax the limit on the number of units allowed to be constructed inside buildings 12 stories or higher, which could lead to 15% more apartments than currently allowed.
The other change would be to waive the density rule, limiting apartments to no less than 400 SF. This would allow developers to cram more apartments into buildings in an attempt to meet the market need. [Crain's]
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