Jul 1, 2024 - Business
Apartments are getting bigger again
Add Axios as your preferred source to
see more of our stories on Google.
Bigger apartments are back.
Why it matters: Developers nationwide are catering to people who want more space while they postpone house purchases or spend time working from home.
The big picture: The average U.S. apartment built in 2023 measured 916 square feet, a 27-square-foot rebound from the previous year, per a recent report from RentCafe, a rental listing website.
Flashback: Apartment sizes shrank in 2022 to the smallest on average since at least 2014, according to the report.
- The downsizing came as strong rental demand spurred developers to pack more units into buildings, researchers say.
State of play: A flood of new, typically pricey apartments have been built in recent years.
- More two- and three-bedroom rentals hit the market last year, pushing up the national average size, but one-bedroom floor plans continue to dominate, RentCafe found.
