If the average renter is feeling a greater sense of claustrophobia coupled by fewer dollars in his or her wallet, that’s because their residential spaces are shrinking while their rents are increasing.
According to a data analysis by RENTCafé of the top 100 cities with the largest rental stock, the average apartment has seen a 52-square-foot reduction over the last 10 years. Today, an average apartment measures 941 square feet. The smallest apartments are found in Seattle (711 square feet), Manhattan and Chicago (both at 733 square feet), while Florida’s capital city of Tallahassee boasts an average apartment size of 1,038 square feet.
Alas, renters are getting less bang for their buck: rents in newly-built apartments have increased by 28 percent, but their size is five percent smaller compared to 2008. Not surprisingly, the most expensive housing markets saw the greatest rent hikes: Denver’s apartment rents skyrocketed by 84 percent in the last 10 years while the average size of apartments decreased by 11 percent. Other notable price hikes include Seattle (rents up by 74 percent in 10 years) and San Jose (rents up 63 percent in 10 years).
National Mortgage Professional magazine celebrates the accomplishments of the top originators.
There’s no doubt 2021 was a good year to be an originator. But for some outstanding loan officers it was a great year. National Mortgage Professional magazine celebrates the accomplishments of the top originators by total dollar volume who shared their success with us. It’s ...
Embrace the family, be nurturing, and understand the cash mentality
We have witnessed the tremendous buying power of Hispanics as their homeownership rates skyrocket. And yet, many Spanish-speaking customers run into roadblocks when it comes to financing. According to the National Association of Hispanic Real Estate Professionals, Latinos ex...
The legal battle between REX Home Loans (Real Estate Exchange, Inc.) and NAR continues to heat up, even though REX is reported to have shut down operations.
Sustainable Communities Innovation Challenge seeks ideas to advance racial equity in housing, focusing on addressing supply, funding and credit barriers.