The New Rental Market: Get Less for More
"Apartments are getting smaller in much of the U.S., even as rents are rising," Diana Olick, sharing data from a new study by RENTCafe.
"The average size of newly built apartments in 2018 is 941 square feet, which is 5 percent smaller than it was a decade ago. For studio apartments, the change is more pronounced — they’re 10 percent smaller. Rents, on the other hand, have jumped 28 percent during the same time period," adds Olick.
RentCafe explains the trend by claiming millennial renters are looking for savings from expensive housing prices by renting smaller units.
The article also shares details of the size trends by geography, as well. "California saw the biggest size decrease for newly built apartments, an average decline of 12 percent over the past decade," according to Olick. "The Pacific Northwest as well as the Northeast are next, seeing 10 percent decreases."