From chocolate bars to apartments, shrinkflation is real.
The latest analysis of apartment size in the 100 largest U.S. cities shows that America’s newly built apartments hit a 10-year low, after a sharp 30-square-foot drop in size last year.
Charlotte renters may feel like the walls are closing in on them, as they have to make do with 9 square feet less than what they used to rent a decade ago. However, apartments in the city are far from smallest in the country.
Here are more highlights:
- The average Charlotte apartment measures 929 square feet, less than what renters get in Greensboro, Winston-Salem or Raleigh. Still, that’s significantly more than the national average of 887 square feet, placing the city on the 35th spot nationwide for its apartment size.
- New rentals in Charlotte offered 938 square feet in 2013, but lost 9 square feet by 2022. The shrinkage is the 2nd most significant in the state, with Durham taking the lead after a 27-square-foot drop.
- Apartments in Charlotte are expected to shrink further in the future, as units under construction are estimated to average 923 square feet once completed.
- Nationwide, the average size of new apartments contracted by 54 square feet in the last decade. Notably, 2022 showed the largest year-over-year decrease, down 30 square feet. The drop in size can be attributed to more studios and one-bedroom apartments entering the market in 2022, among other factors.
To get a complete overview of apartment size evolution across the nation, check out our complete sudy: https://www.rentcafe.com/blog/