New York Mayor Michael Bloomberg recently announced a competition for architects, challenging them to design apartments measuring between 275 and 300 square feet.

These designs could help remedy a lack of units suitable for the growing number of one- and two-person households living in the city. Those households may find most currently available apartments too large and expensive for their needs, making it difficult for them to live in the metro area. Bloomberg wishes to encourage them to come to and stay in the city by starting a push to meet their housing needs, Reuters reports.

"People from all over the world want to live in New York City, and we must develop a new, scalable housing model that is safe, affordable and innovative to meet their needs," the mayor said in his announcement of the "adAPT NYC" competition.

In order to facilitate construction in the city, which multifamily industry stakeholders have noted has few areas available for further development, Bloomberg indicated the city will waive zoning requirements at a city-owned lot to allow developers to build micro-units. City officials report a substantial disparity between the 1.8 million households of this size and the one million apartments of suitable dimensions.

Rental property management firms may wish to appeal to these renters if possible. Those who cater to this demographic should prepare for competition, assuming the contest and subsequent construction move forward as planned.