The average size of new apartments in the U.S. saw substantial growth in 2023, bouncing back to 916 sf after a steep decline the previous year. That is according to a recent RentCafe market insight report released this month.
The growth in average apartment size can be attributed to the influx of two- and three-bedroom units coming on the market. In cities like Jacksonville and Orlando, Fla., large apartments lead the pack, while metros like Seattle, Wash., lead the top 100 metros in smallest unit sizes.
10 Year History of Average Apartment Size Changes
For the past 10 years, the average size of multifamily housing units have been steadily shrinking. This is driven by one-bedroom apartments that dominate the landscape, comprising nearly half (48%) of all apartments built in 2023.
Studio apartments have shrunk by 54 sf over the last decade. One-bedroom unit sizes have decreased by 7 sf over the last ten years—a trend we’re familiar with seeing—to an average of 733 sf in 2023.
RELATED: Average size of new apartments dropped sharply in 2022
On the other hand, two- and three-bedroom units continue to grow in size on a 10-year average. Two-bedroom apartment sizes rose seven sf last year, reaching 1,099 sf. Three-bedroom units dipped to an average size of 1,347 sf in 2023, but are still 19 sf larger than they were ten years ago.
Average Apartment Size by Region in 2023
Which cities have grown to become home to the largest apartments? According to the report, sunbelt destinations cater best to renters looking for spacious living. The top state? Florida.
Top 10 Cities With Largest Size of New Apartments
- Gainesville, Fla., boasts an average new apartment size of 1,173 sf. This is a 10-year percentage increase of 19.7%—the largest increase of all top 10 metropolitan areas.
- Tallahassee, Fla., has an average new apartment size of 1,159 sf in 2023. This marks a 10-year increase of 15.4%.
- Baton Rouge, La., increased its apartment size average to 1,068 sf, a 17.6% increase over the last decade.
- Knoxville, Tenn., has an average apartment size of 1,057 sf in 2023. This is 18.1% greater than its apartment size average ten years ago.
- Marietta, Ga., while having the lowest growth of the top ten metros, saw its average unit sizes increase to 1,055 sf. This is a 2.9% growth over the last 10 years.
- Lubbock, Texas, has grown its average apartment size to 1,037 sf last year. This is a 10-year increase of 17.3%.
- Greensboro, N.C., increased its units to an average of 1,035 sf, a 13.2% increase over a ten year period.
- Henderson, Nev., grew its apartment size to 1,021 sf, an 8% increase over the last decade.
- Columbia, S.C., has an average unit size of 1,019 sf, a mere 3.7% growth since 2014.
- Louisville, Ky., has reached an average apartment size of 1,017 sf. This size is 15% greater than it was ten years ago for the metro.
Click here to read the full RentCafe report: National Apartment Size Rebounds as More 2- & 3-Bedroom Rentals Are Built
Related Stories
MFPRO+ News | May 20, 2024
Florida condo market roiled by structural safety standards law
A Florida law enacted after the Surfside condo tower collapse is causing turmoil in the condominium market. The law, which requires buildings to meet certain structural safety standards, is forcing condo associations to assess hefty fees to make repairs on older properties. In some cases, the cost per unit runs into six figures.
Mass Timber | May 17, 2024
Charlotte's new multifamily mid-rise will feature exposed mass timber
Construction recently kicked off for Oxbow, a multifamily community in Charlotte’s The Mill District. The $97.8 million project, consisting of 389 rental units and 14,300 sf of commercial space, sits on 4.3 acres that formerly housed four commercial buildings. The street-level retail is designed for boutiques, coffee shops, and other neighborhood services.
Adaptive Reuse | May 9, 2024
Hotels now account for over one-third of adaptive reuse projects
For the first time ever, hotel to apartment conversion projects have overtaken office-to-residential conversions.
Mass Timber | May 8, 2024
Portland's Timberview VIII mass timber multifamily development will offer more than 100 affordable units
An eight-story, 72,000-sf mass timber apartment building in Portland, Ore., topped out this winter and will soon offer over 100 affordable units. The structure is the tallest affordable housing mass timber building and the first Type IV-C affordable housing building in the city.
MFPRO+ News | May 8, 2024
Multifamily rent growth approaches peak levels in April 2024
In its latest multifamily report, Yardi Matrix finds that the national average rent has increased for the second month in a row.
Senior Living Design | May 7, 2024
Living community opens for seniors seeking affordable housing
San Diego-based nonprofit affordable housing developer Community HousingWorks (CHW) celebrates the opening of Puesta del Sol Apartments, a new development with 59 apartments for adults 55 years and older.
MFPRO+ News | May 1, 2024
On the Domino Sugar refinery site, new Brooklyn condominiums offer views of the Manhattan skyline
In Brooklyn, New York’s Williamsburg neighborhood, the new One Domino Square is the first condominium development and the third ground-up residential building on the site of the Domino Sugar refinery. The 700,000-sf project is adjacent to Domino Square and anchors a new 11-acre public park.
MFPRO+ News | Apr 29, 2024
World’s largest 3D printer could create entire neighborhoods
The University of Maine recently unveiled the world’s largest 3D printer said to be able to create entire neighborhoods. The machine is four times larger than a preceding model that was first tested in 2019. The older model was used to create a 600 sf single-family home made of recyclable wood fiber and bio-resin materials.
Adaptive Reuse | Apr 29, 2024
6 characteristics of a successful adaptive reuse conversion
In the continuous battle against housing shortages and the surplus of vacant buildings, developers are turning their attention to the viability of adaptive reuse for their properties.
MFPRO+ New Projects | Apr 16, 2024
Marvel-designed Gowanus Green will offer 955 affordable rental units in Brooklyn
The community consists of approximately 955 units of 100% affordable housing, 28,000 sf of neighborhood service retail and community space, a site for a new public school, and a new 1.5-acre public park.
