Ever wonder why apartment sizes seem to have shrunk in recent years? New data from Axiometrics and RCLCO explain the reasons contributing to this decrease.
Apartment size has mostly decreased in studios and one bedroom units across the country and Boston is no exception. At the same time, the number of these units on the market have continued to increase.
The data shows that the average unit size across the country has shrunk by 70 SF, around 7% in apartment units that were built in the last six years. This is compared to those built in the previous nine years.
One of the reasonings behind this decrease is a shift in what residents want from their home. They determined that residents are more focused on a good location and the ability to live, work and play in the neighborhood that they are in, rather than focusing on the square footage of their apartment.
Boston was included in the high-cost markets that shaved off the most square feet in their new developments at 9%. Across all markets, the total units that are under 600 SF have doubled from 2010 to 2016 and now make up 15% of the units on market today.
The other reasons behind the decrease in size don't just have to do with resident desires. Concrete and other development costs are at an all-time high, so developers are seeking ways to reduce their construction costs as much as possible.
Landlords are also feeling the pressures of the market and are attempting to maximize income by building more units while at the same time not increasing space.
What's more important in your home search: size or location? Let us know!
Contact us for more expert advice on the housing market and finding your new home today.
.PNG)
