Average apartment size in the US drops the most in 2022
According to rental portal RentCafe, the average size of new apartments in the United States recorded the largest Y/Y decline in 2022 as more studios and one-bedroom apartments enter the market.
The average apartment size in 2022 stands at 887 square feet compared with 917 square feet a year earlier, the portal said, using data from RentCafe’s sister company Yardi Matrix. That marks a 54 sq.-ft. down from 10 years ago.
This follows two consecutive years of increases in average apartment size, in 2020 and 2021, as developers adjust floor plans to accommodate home offices amid the pandemic.
RentCafe notes: “With one of the highest levels of construction in half a century, the year was marked by more housing demand across the country.
The share of studios and one-bedroom apartments hit a historic high of 57% of total units built last year.
According to January’s Zumper National Rent Report, the decline in apartment size occurred as rent increases slowed. The national index for one-bedroom rents fell 0.3 percent month-on-month to $1,492. Meanwhile, the national index of two-bedroom apartments was unchanged in January, it speak.
The South tops the list in terms of median apartment size in 2022, at 993 square feet. But Pacific Northwest tenants have the least amount of space – just 776 square feet, according to RentCafe’s Analysis.
In terms of city, Tallahassee, Florida, had the largest apartments last year at 1,182 square feet, providing 295 square feet more than the national average.
Meanwhile, Seattle offers the smallest units in 2022, at 659 square feet. Washington’s tech hub recorded a 5% drop in apartment sizes from 10 years ago.
Apartment REIT includes: Equity Residential (EQR), Independent Estate Trust (IT), AvalonBay Community (AVB), Camden Asset Trust (CPT) and REIT Apartment Income (PLANE).
Before that, new home sales unexpectedly increased in January.