The Rise of Co-living Spaces in New York City

 Joshua “Josh” Weisfeld is a communications and rhetorical studies graduate from Syracuse University. He is an asset manager at W Brothers Realty, LLC in New York. As a commercial real estate professional, Joshua Weisfeld is interested in new trends in real estate, especially in the New York market.

One of the popular real estate trends in New York City is co-living spaces. They are popular for their reputation as cost-effective and community-oriented housing alternatives. They feature shared facilities like kitchens, workspaces, and lounges. They can also help people searching for social interaction, such as new city inhabitants, find what they seek.

According to the New York Times, more co-living companies have emerged in the city. The largest operator, Common, has over 20 locations throughout the boroughs. The NYC Department of Housing Preservation and Development reports that creating co-living spaces is encouraged as a part of its affordable housing initiative.

However, not all co-living spaces are affordable. While some locations might prioritize affordability and easy access, others might provide more opulent amenities like rooftop terraces and gyms.

The combination of affordability and community has made co-living spaces a popular housing option in New York City. As the city evolves, co-living spaces will likely remain ideal for many New York residents.

Apartments in the US Getting Smaller

 Joshua “Josh” Weisfeld is an accomplished real estate manager based in New York City. An asset manager with W Brothers Realty, LLC, Joshua Weisfeld develops and leases commercial assets including multifamily apartment complexes.

Apartment sizes in the United States are getting smaller. A report by RentCafe showed that, in 2022, the average size of new apartments was 887 square feet, a decrease of 30 square feet from the average size in 2021 of 857 square feet. This was the largest single year drop in a decade. One of the reasons for this big decline was an increase in the number of studios and one-bedroom apartments that entered the market in 2022, accounting for 57 percent of new units.

The average sizes of apartment types in 2022 also fell. The average size of studios fell to 464 square feet in 2022 from 477 square feet in 2021. The average size of a one-bedroom unit in 2022 was 727 square feet, down 12 square feet from 2021, and that of a two-bedroom unit was 1,097 square feet, also down 12 square feet from 2021.

Tallahassee, Florida, was the city with the largest average new apartment size in 2022 at 1,182 square feet, while Seattle, Washington, had the smallest new average apartment size at 659 square feet. Three New York City boroughs ranked among the top five cities for smallest new apartment units in the country. They were Queens with 681 square feet, Brooklyn with 692 square feet, and Manhattan with 740 square feet.

How Interest Rates Impact the Current NY Real Estate Market

 Residing in New York City, New York, Joshua Weisfeld earned a bachelor's degree from Syracuse University with a focus on communications and rhetorical studies. Joshua "Josh" Weisfeld then became the asset manager at W Brothers Realty, LLC, where he helps negotiate real estate transactions in the New York City area while putting his client's needs and goals at the forefront of every deal.

According to Norada, the striking increase in inflation and mortgage rates in New York has slowed sales and the amount of inventory on the market. Data shows that with the volatile economic market, buyers are waiting to buy a home as their financial situations may have changed, or they may be waiting for the real estate market to reset.

Closed sales in New York were down 23 percent (pulled in November 2022) from the previous year, and new listings have decreased by 9.2 percent. That could be why the median price of a home has gone up 2.7 percent.

However, as the interest rates on mortgages rise at any given time, the value of cash flow futures is diminished, thus lowering the value of real estate property. This causes investors to seek higher returns even though the property is the same. The relationship between rising interest rates and inflation in real estate is even more complex, so it helps to have a solid real estate agency on its team that can help buyers and sellers navigate the nuances of the current market.