America’s smallest apartments are getting even smaller
Developers are thinking small when it comes to studio apartments. The average size of studio units has shrunk by 54 square feet to 445 square feet since 2014, making them 10% smaller today than they were a decade ago, according to a new report from RentCafe. Smaller studios, which are self-contained apartments without walls between the living space and kitchen, appeal to renters and landlords.
Tenants in these apartments tend to care more about saving on cost than about absolute size, so most are willing to sacrifice a little space if it keeps the monthly charge down. Developers, meanwhile, can rent more units per building if they are smaller, which also helps cover growing construction costs. “Some people just want something efficient that doesn’t break the bank," said Gerry Ohrazda, a property manager at the Fremont Village Apartments in Seattle, which opened last year and offers studios under 300 square feet.
“A place to eat and sleep." Retailers are taking note. In January, furniture company IKEA launched a space-conscious collection of exercise products for use in small homes, including a soft-topped bench with drawers. It serves as an exercise bench, coffee table and storage space in one.
The shrink in studio apartments far outpaces the more modest contraction of 12 square feet among all apartments over the past decade. In that time, pricier two- and three-bed apartments have grown by 7 square feet and 19 square feet respectively, according to RentCafe. Matt Joblon, a developer focusing on mixed-use residential buildings, is planning to build narrower studio apartments with smaller footprints.
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