Nashville apartments are getting smaller
It isn't your imagination. Nashville apartments are shrinking, and they're smaller than the national average, according to a new report from the rental listing service RentCafe.
Why it matters: Apartment sizes are getting smaller nationally, a reversal in the rental market that saw units get bigger during the early part of the work-from-home era.
Zoom in: The average size of newer Nashville apartments is 836 square feet, 6% smaller than the 2022 national average of 887 square feet, per the report.
- At the local level, researchers considered new apartments to be units built between 2013 and 2022.
- The average size of all of our apartments, older units included, is a roomier 883 square feet.
The intrigue: Knoxville is bucking the trend, with apartments there getting bigger over time.
- The new apartments in Tennessee's flagship college town are among the biggest in the country, averaging 1,075 square feet — a whopping 21% above the national average.
The big picture: Nationwide, newly built apartments shed 30 square feet on average compared to 2021, per the report.
- That sharp decrease was fueled in part by more studios and one-bedroom apartments entering the market, researchers found, analyzing the 100 metro areas with the most high-density buildings.
Flashback: In 2020 and 2021, demand for more space resulted in larger unit configurations, RentCafe analyst Adina Dragos tells Axios.
- "Fast forward to 2022, the demand for more apartments prompted developers to accommodate more units in their projects," Dragos says.
What we're watching: Apartments under construction. As the market keeps fluctuating post-pandemic, their size could signal whether the trend of smaller rentals will stick.
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