According to apartment-search site RENTCafe, apartments under construction are larger on average in 36 percent of U.S. cities, and the size gains in new apartment complexes in Arlington County, Virginia, are among the largest.
In 36 percent of U.S. cities, apartments under construction are larger on average., according to apartment-search site RENTCafé,
In Arlington County, Virginia, the size gains in new apartment developments are among the largest. In Arlington County, the average size of an apartment unit under development is now 905 square feet, up over 100 square feet from five years ago.
One reason developers are adding additional space to entice new renters is because of the COVID-19 pandemic and the resulting increase in working from home, but giving apartments more wiggle room was a trend that began before the pandemic. One reason is the exorbitant costs that potential property purchasers must contend with. However, city records reveal that over 3,500 units of affordable housing have been developed or are under construction in the last five years, the majority of which is located outside of downtown. newark apartments In 2020, it sold nearly twice as many abandoned plots at auction as it did in 2019, and the average price of land — none of it downtown — was about 30% higher. Major crimes such as murder, robbery, and assault decreased by 40% between 2015 and 2020.
“Right now, the millennial renter who would be buying a home is unable to do so due to affordability, therefore they remain in rental units.” And they’re frequently starting families, so they’re looking for larger apartments,” said Doug Ressler, RENTCafé’s manager of business intelligence, who based his study on data from Yardi Matrix, the company’s sister company.
The coming of Amazon’s HQ2, and the high pay that those jobs bring, is also altering the size of newly created apartments in the Arlington market.
“It’s a pretty busy neighbourhood.” So, because of the zoning and regulatory laxity in that area, as well as the economic diversity, you’re seeing a greater demand for larger apartments since you have a much more affluent population,” Ressler explained.
The average increase in square footage in metro regions where developers are currently creating larger units is 48 square feet. That may not seem like much to someone who lives in a huge suburban home, but it’s enough space for a modest home office, an extra bathroom, or another form of living space.
Developers are increasingly addressing “renters by choice” and “digital nomads,” or those with high earnings who want to rent rather than own to maintain their mobility options, according to Daryl Spradley, senior vice president of Charles Wayne Consulting.
“The number of people earning more than 10 million dollar per year is far larger than it was two or three years ago. They are renters, but they are tenants by choice because they have the option of purchasing a home,” he explained.
The District of Columbia is an exception to developers creating larger apartment units in the D.C. region.
In D.C., new rental units are on average 25 square feet smaller than they were five years ago. The average size of new rentals in the District will be 721 square feet, making it one of the smallest cities in the country. In exchange for amenity-rich building features, developers in D.C. are squeezing more rental units out of existing footprints.
