“New apartments hitting the rental market in 2016 are 8% smaller than they were 10 years ago, according to a recent report from online rental marketplace RentCafe.
“Meanwhile, rents for all apartments on the market have risen 7% in the last five years.
“This year, the average square footage of all new apartments, including studios, one-bedroom and two-bedroom apartments, was 934 square feet. Just a decade ago, the new units coming online offered an average of 1,015 square feet.
“The national average for rent this year is $1,296 compared to $977 in 2011…”
Read more from CNN here, or read the quoted report from RentCafe here.
If you’re thinking of buying a home instead of renting (especially after reading about this), then please contact me to see how I can help!
John A Silva | (619) 890-3648 | Email