It is not uncommon to sacrifice your living space in order to spend less on rent or live in a prime location, but you might be surprised to find that the living space in your apartment might already be getting smaller.
Downtown apartments aren’t the only ones shrinking in size. Many newer apartments hitting the market are averaging 8% less in square footage than those built over a decade ago. The average size apartment ten years ago measured 1,015 square feet. Today they are averaging 934 square feet. While apartments are slowly shriveling, rent rates continue to climb, over 7% in the past five years.
- Studio apartments now average 504 square feet in the U.S, having downsized nearly 18% since 2006.
- One-bedrooms have shrunken by 5%, averaging 752 square feet today.
- Surprisingly two-bedroom apartments have held their space and actually increased 1% averaging 1,126 square feet today.