Rentcafe says the rising demand for rentals is affecting the size of newly built apartments in a negative way. They point out that in 2022, the average apartment size was 887 square feet – which is 54 square feet less than 2012. Interestingly, the sharpest drop took place in 2022, when the average size went from 917 to 887. One of the reasons they give for the drop in sizes is that more studios and one-bedroom apartments entered the market in 2022, reaching a historic market share of 57%.
“Notably, last year’s decrease comes after the two pandemic years, 2020 and 2021, when the average size of new apartments actually increased. Once again, this confirmed the developers’ quick response to the need for more space during the pandemic, as they adjusted floorplans in order to accommodate large enough configurations to fit a home office. Yet, 2022 presented a different story: With one of the highest levels of construction in half a century, the year was marked by the need for more housing all across the country.”
Click here to read the full report at Rentcafe.com.
