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Average size of new apartments dropped sharply in 2022

Multifamily Housing

Average size of new apartments dropped sharply in 2022

The average new apartment size was 887 sf, down 30 sf from 2021, which was the largest year-over-year decrease.


By Peter Fabris, Contributing Editor | March 24, 2023
Average size of new apartments dropped sharply in 2022: rentCafe report
Photo: Naomi Hébert, Unsplash

The average size of new apartments dropped sharply in 2022, as tracked by RentCafe.

Across the U.S., the average new apartment size was 887 sf, down 30 sf from 2021, which was the largest year-over-year decrease, according to the apartment search service. It was also 54 sf less than the average size of a new apartment 10 years ago.

The drop in size can be attributed to more studios and one-bedroom apartments entering the market in 2022, reaching a historic share of 57%. Tallahassee, Fla., led the nation with the largest apartments, while Seattle’s apartment portfolio had the smallest-sized units.

“The post-pandemic apartment market has seen significant fluctuations from one year to another, including oscillations in the size of new apartments,” according to RentCafe. “From the need for more space in 2020 to the need for more homes in 2022, the rising demand for rentals is affecting the size of newly built apartments.”

Tracking the size of U.S. apartments, in six charts (courtesy RentCafe)

 

Rent Cafe Evolution of Average Apartment Size in the Last 10 Years


average size of new apartments in 2022


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top-15-cities-with-the-smallest-apartment-size


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