Newer apartment units in the Miami metro area are averaging larger in size than those in many cities across the country, according to a new report from listing service RentCafe. The average size of newer Miami apartments is 912 square feet, nearly 3% bigger than the 2022 national average of 887 square feet. This is in contrast to the nationwide trend of shrinking apartment sizes, with newly built apartments shedding 30 square feet on average compared with 2021. The decrease was fueled in part by more studios and one-bedroom apartments entering the market. While in 2020 and 2021, demand for more space resulted in larger unit configurations across the US, the trend seems to be shifting back to smaller units. Developers are accommodating more units in their projects to meet the demand for more apartments, resulting in 57% of apartments completed last year being small units across the US. RentCafe analysts suggest that as the market keeps fluctuating post-pandemic, the size of apartments under construction could signal whether Miami’s trend of bigger rentals will stick.

Click here to read the full report.

(source: rentcafe.com, axios.com)