Study: Apartments Growing Smaller and Pricier – NMP Skip to main content

Study: Apartments Growing Smaller and Pricier

Phil Hall
Nov 27, 2018
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

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).
 

 
Published
Nov 27, 2018
Online Brokerage REX Pursues Litigation Against Zillow & NAR

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.

Industry News
May 16, 2022
Fannie Mae Seeks Innovative Housing Ideas

Sustainable Communities Innovation Challenge seeks ideas to advance racial equity in housing, focusing on addressing supply, funding and credit barriers.

Industry News
May 16, 2022
BSI Financial Hires Execs To Drive HR, Investor Reporting

Sean McGowan will lead HR, training and company culture; Shannon Clay to head investor reporting, reconciliations, and cash management initiatives.

Industry News
May 16, 2022
Home Point First Quarter Earnings Down Significantly

Net income down more than 90% from a year ago.

Industry News
May 13, 2022
New FHA Head Approved After Lengthy Delay

Vice president breaks tie vote for Julia Gordon nomination confirmation.

Industry News
May 12, 2022
Rocket CEO Predicts A Recession

He's seeing consumer spending decline through their TrueBill system

Industry News
May 12, 2022