A 115-square-foot Manhattan apartment is being listed for a staggering $1,200 in monthly rent, according to an NYC real estate agent.
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Here's what passes for affordable in New York City in this real-estate market: a tiny studio apartment with no kitchen or bathroom for $1,200 per month in rent.
New York City real estate agent Omer Labock posted an Instagram reel of what he described as a 115-square-foot apartment in Midtown, Manhattan, and the shocking rent sent commenters into a frenzy.
The future tenant of this tiny apartment will get a window, a small wardrobe, and a bathroom down the hall outside of the unit. That's it.
It's unclear if there's a shared kitchen or refrigerator located somewhere in the building.
Labock referred to it as "the tiniest apartment in Manhattan," but others said it was more like a prison cell, a storage unit, or a closet than a livable apartment.
Business Insider reached out to Labock to learn more about the space but didn't immediately hear back.
Although users were outraged by the size of the apartment, it's more evidence of a challenging rental market that's thinning out the wallets of millions of Americans.
In New York City, the median price for a studio apartment is about $3,041, according to Zillow. Singles in the city hoping to live without a roommate can expect to pay an additional $20,100 annually, Business Insider previously reported.
Where some might deem the 115-square-foot unit unlivable and overpriced, others living in the city have made similar rentals work.
In September, one East Village couple said they lived in a 100-square-foot microstudio apartment and split the $1,300 rent between the two of them.
Cheap rent is becoming a thing of the past all over the US. Over the last decade, rentals available for under $1,000 a month have dramatically dropped, according to a report from Harvard's Joint Center for Housing Studies.
