According to a recent article published by RentCafe, the average size of U.S. apartments has been on the rise in 2023, with an average of 916 square feet compared to 899 square feet in 2022. This increase can be attributed to developers meeting renters’ demand for more space by offering larger two- and three-bedroom units.
One major trend driving this shift is the rise of hybrid work policies, as people continue working from home and need extra space for their work equipment. Additionally, limited supply and rising prices in the single-family housing market have led younger generations to rent longer.
Interestingly, many of these larger apartments are being built in secondary and tertiary markets due to more available space and less restrictive zoning laws. These areas also tend to attract residents with affordable housing costs and a high quality of life.
However, smaller studio and one-bedroom units are still popular among young professionals starting their careers or downsizing baby boomers. The future demand for larger apartment units will depend on various factors such as interest rates, construction costs,and shifting demographic needs.
Overall,the pandemic has highlighted the importance of having comfortable living spaces that can accommodate both workand leisure activities within one’s own home.This trend towards bigger apartments is likely here stay until there is significant improvementinthe availabilityof affordable houses.The post Large Apartments Make a Comeback appeared first on Connect CRE .
