As Rents Increase, Average Apartment Size Decreases

Printer-friendly version
July 01, 2016

Compared to 10 years ago, new apartments just coming online are an average of 8 percent smaller, but, conversely, have seen rents become 7 percent more expensive, CNN Money reports.

As rent climbs to a national average of $1,296, the average square footage for all new apartments including studios, one-bedroom, and two-bedroom apartments has dropped to 934 square feet.

New studio apartments have been hit the hardest, shrinking by almost 18 percent since 2006. One-bedroom apartments, meanwhile, have decreased in size by 5 percent while two-bedroom apartments have actually remained pretty steady, increasing by 1 percent.

As developers have to deal with higher construction costs, decreasing the size of units in order to squeeze more of them into a building is one way for them to get a higher return on investment.

Read more

Comments on: "As Rents Increase, Average Apartment Size Decreases"

July 2017

This Month in Professional Builder

Products
Features

Ashton Woods launched Starlight Homes to target entry-level home...

Overlay Init