The average size of new apartments in the U.S. is shrinking, and that trend is playing out in the Research Triangle where it’s expected to continue. But here in the Triad, square footage is on the rise.
A new report from RentCafe shows the average size of new apartments in Greensboro is just over 1,000 square feet — a 12% climb over the last decade. That puts the Gate City ranked seventh in the nation for largest apartment size.
The shift goes against the national narrative where increased demand for rentals has led to the construction of more, and smaller apartments — averaging just under 900 square feet — a nearly 10% decrease in size over the same time period.
North Carolina Agricultural and Technical State University Economics Professor Cephas Naanwaab says in Greensboro, where affordable housing is at a premium, builders are dealing with low supply and rising construction costs in a different way.
"You know, we have been seeing the prices per square footage going up," says Naanwaab. "And so as a result, home builders are taking advantage of that and trying to increase the square footage per homes that they are putting on the market again to capitalize on the rising price per footage."
Three of the top 15 U.S. cities for largest apartments under construction can be found in the Tar Heel State: Wake Forest, Asheville, and Wilmington.