One-bedroom units were the preferred option for developers in 2024, accounting for 48% of all newly built apartments, according to recent RentCafe data.
The research also noted that the sizes of two-bedroom and three-bedroom units have decreased over the last decade. As developers strive to meet the demand for housing, units in some locations may be becoming smaller. However, in positive news, the average apartment size increased to 908 square feet in 2024.
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Recent research from RentCafe listed the top cities with the smallest new apartments based on square footage. Here are the top 10 cities with the smallest new apartments, per RentCafe, as well as the average rent for each, as sourced from Apartments.com.
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Seattle
Average size of new apartments: 649
10-year percentage change: -8%
Average monthly rent: $2,090
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Portland, Oregon
Average size of new apartments: 668
10-year percentage change: -11%
Average monthly rent: $1,519
Queens, New York
Average size of new apartments: 702
10-year percentage change: 6%
Average monthly rent: $1,500
Brooklyn, New York
Average size of new apartments: 708
10-year percentage change: 1%
Average monthly rent: $2,866
San Francisco
Average size of new apartments: 716
10-year percentage change: 9%
Average monthly rent: $2,997
Detroit
Average size of new apartments: 728
10-year percentage change: -20%
Average monthly rent: $1,097
Manhattan, New York
Average size of new apartments: 738
10-year percentage change: 1%
Average monthly rent: $3,962
Washington, D.C.
Average size of new apartments: 745
10-year percentage change: -7%
Average monthly rent: $2,298
Salt Lake City
Average size of new apartments: 750
10-year percentage change: -5%
Average monthly rent: $1,454
Philadelphia
Average size of new apartments: 759
10-year percentage change: -11%
Average monthly rent: $1,743
Which City Offers the Worst Value?
When it comes to the size of the apartment and the average rental price, it’s clear that Manhattan offers the worst value for someone looking for spacious accommodations.
LivingCost.org noted that the average cost of living in New York City for a single person, including rent, is $4,441, and it’s $10,033 for a family of four. The monthly salary after taxes is $5,544
The site noted that it’s in the top 0.1% of the most expensive cities globally. However, it’s worth noting that the data also revealed it to be the second-best city to live in the United States. With a population of 8.8 million, there’s certainly an appeal to living in New York City, even though you may not get the best value for size.
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Sources
RentCafe, “U.S. Average Apartment Size Is Increasing, With San Francisco and New York Leading the Charge.”
LivingCost.org, “Cost of Living in New York City, US.”
This article originally appeared on GOBankingRates.com: Here’s What Rent Will Cost You in the 10 Cities With the Smallest Apartments
