Too bad a Batman signal can’t be displayed in any of the high renting cities across the country.
According to recent data from the U.S. Census Bureau, median asking rents have risen from $450 in 1998 to just over $1,000 this year.
But that’s not all! Not only are rent prices rising, but apartment sizes are falling; the average size of a new apartment completed in 2018 measures around 941 square feet – 52 square feet smaller than the size of an apartment 10 years ago.
In combination with data from RENTCafé – a nationwide internet listing service – the research shows that the largest group of apartments (one-bedroom apartments) have shrunk in size from 790 square feet in 2008 to 757 this year.
The only area in the country that hasn’t been impacted by rising rents and smaller spaces seems to be the Midwest; this region of the United States has seen an average apartment size increase by 1% in the last 10 years.
Which city has the smallest apartments, you ask? It seems first place goes to Seattle – where apartments average just 711 square feet. Tied for second place: Manhattan and Chicago with 733 square feet.
RENTCafé suggests that builders could be adapting to what renters are wanting now – the largest share of apartment renters, millennials, prefer to live in city locations – which means smaller space allowed. Regrettably, it looks like that just means having to pay more.
Subscribe to AmeriTitle’s Blog to stay in the loop for all things real estate.