Everywhere you look, the population in major cities like New York seems to be exploding, putting the squeeze on the housing market
The city’s population came in at 8,622,698 in July 2017. The total population was 8,175,133 in April 2010. That’s an increase of 447,565 people!
Many of the apartments are old, in need of repair, and do not fit the needs of the current residents of New York.
So what is the solution to this housing problem?
As the population booms, more people are choosing to downsize and renovate their apartments. Read on to learn how the downsizing trend is affecting the apartment renovations market today.
Reduction in Subdividing
Not only is the general population of New York expanding, but the number of single or two-person households is increasing as well.
In 2013, there were about 1 million studio/one bedroom apartments in New York and approximately 1.8 million one or two-person households.
This shortage leads to more people renting bedrooms and living with too many people per house. Often these situations are unsafe and, perhaps, illegal.
With the increase in New York downsizing, more people are renovating their apartments and reducing the number of bedrooms. This can allow for larger spaces that better fit the residents’ needs.
Increased Interest in the Apartment Renovations Market
Since more people are buying apartments that do not fit their needs, they are looking to renovate and update their property. This is helping to add more single and double occupancy homes to the New York market. The renovated apartments are also worth much more on the market if or when the family chooses to sell.
Another side effect of the surge of interest is the increase of agencies and companies that provide the related services. This benefits the homeowner because they can usually get a better price when more companies are competing for the same project.
New Creative Designs
Typically, apartments in New York have very small square footage. Even if you are moving from a home with the same number of rooms, chances are that some downsizing will be necessary.
Downsizing to fit into these apartments can be very difficult and choosing what items can go can be stressful. Things like furniture and other items with only one purpose may cause clutter in a smaller space.
New York downsizing leads to a need for creative home and furniture designs that have many uses and a small footprint. One such creative design is a Kaidan Dansu, otherwise known as a staircase that also doubles as storage, allowing for space underneath to be used.
Getting Started on Your Renovations
The increase in architects and other in the apartment renovations market can be overwhelming. Look for a good company that has experience renovating apartments in New York and is familiar with all the building permits and requirements.
If you are ready to jump in and renovate your apartment, give us a call. We have worked on about 120 apartments in New York and would love to transform yours into your new home.
Located in the Greater New York area, Jeffrey Jordan Architect specializes in the design of high-end projects such as luxury apartment and townhouse renovations, schools, churches, temples and offices.