Philadelphia's average new apartment is among the smallest in the nation — and projected to shrink even more based on the current pipeline of multifamily construction. The average size of a new apartment in the city is 764 square feet, an eight-square-foot drop from 10 years ago and the ninth-smallest average in the nation, according to a report from RentCafe. Philadelphia's typical apartment falls well below the national average of 916 square feet. That shrinkage is projected to accelerate quickly in coming years. The average size for units under construction is 573 square feet, a 25% drop and the fourth-smallest in the nation behind only Seattle, San Jose and Los Angeles, according to data from RentCafe's sister company, Yardi Matrix. Read more in the Philadelphia Business Journal.
Source: Philadelphia Business Journal; 6/24/2024