New apartments in Miami are larger than the national average

Data: RentCafe analyse of Matrix Yardi data; Note: Analysis includes US metropolitan areas (defined by Yardi Matrix market boundaries) with most apartments located in multi-family buildings of 50 or more units; Map: Kavya Beheraj/Axios

Newer apartments in the Miami metro area are on average larger than those in many cities across the country.

Why is this important: The size of the apartments is contraction nationwide, a turnaround in the rental market that saw units get bigger during the first part of the Work at home time, Reporting by Sami Sparber and Kavya Beheraj of Axios.

By the numbers: The average size of new apartments in Miami is 912 square feet, nearly 3% larger than the 2022 national average of 887 square feet, per a new report of the RentCafe registration service.

  • But that pales in comparison to our neighbors in Tallahassee, with its average of 1,182 square feet — the largest of 100 U.S. subways analyzed.

The big picture: Across the country, newly built apartments have shrunk 30 square feet on average compared to 2021, according to the report.

  • The steep drop was fueled in part by more studio and one-bedroom apartments coming onto the market, the researchers found, analyzing the 100 metropolitan areas with the highest-density units.

Rollback: In 2020 and 2021, demand for more space has driven larger unit configurations across the United States, RentCafe analyst Adina Dragos told Axios.

  • “Fast forward to 2022, demand for more apartments encouraged developers to incorporate more units into their projects,” says Dragos.
  • Example : 57% of apartments completed last year were small units across the United States

To note : At the local level, the researchers considered new apartments to be units built between 2013 and 2022.

What we are looking at: Apartments under construction. As the market continues to fluctuate post-pandemic, their size could indicate whether Miami’s growth trend rentals will remain.

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