Public | New York City
Studios vs. Micro-rentals (NYC)
Comparing annual rents per square foot.

NYC's first microapartment building is Carmel Place (335 East 27th St.) in Kips Bay. The micro-rentals there are 265-355 square feet, and the market rate units ask $2,500-2,900 per month. In the overall Kips Bay neighborhood, conventional 500sq.ft. studios ask about $2,300-2,600 per month, while 600sq.ft. studios ask $2,650-3,100.

To put these numbers into context, we looked at the annual rents per square foot across Manhattan.

Regular studio apartments in Kips Bay rent for an average of $58.29/sq.ft. per year. Microapartments at Carmel Place rent for $98-115/sq.ft. annually, or an average of $106.67 from available listings - approximately twice the price of the neighborhood as a whole. On a per-square-foot basis, these microapartments generate more rent than regular studios in the West Village, at $100.06/sq.ft.