Miami’s real estate market might be in constant growth, but their size definitely isn’t.
According to a recent RentCafe.com report, Miami has some of the smallest new apartments in the nation.
An Miami apartment now averages less than 900 square feet, shrinking 28 feet within the past decade. Conversely, the average apartment size on a national level has grown by 13 square feet.
The downsizing has come naturally as developers have prioritized building a larger quantity of smaller apartments, with one-bedrooms now making up almost half of new supply. Three-bedroom units are becoming increasingly rare, decreasing from 13% to just 7% of new construction.
And as Miami apartments are shrinking, other cities in Florida are balancing the tills. Three Florida states made the top five markets in the nation with the largest new developments.
Tallahassee and Gainesville took the first and second-place spots. The college towns totaled well past 1,000 square feet each.
Tallahassee still came in first place despite a decrease in 27 square feet since 2016, now averaging apartments that measure 1,156 square feet. Gainesville apartments are an average of 1,126 square feet.
Fort Myers came in at number five on the list, with apartments averaging 1,032 square feet.
Interestingly enough, all but three of the cities among those with the largest apartments in the nation have seen a decrease in their average apartment size over the last decade.
The pattern points to a larger trend within the national market–the pool of potential renters is getting bigger, and units are getting smaller.
To read the full report, click here.
As Miami apartments shrink, these Florida cities are building some of the largest.