SEATTLE, April 11, 2019 /PRNewswire/ -- It's not just
your imagination; renters are getting less bang for their buck
these days. U.S. renters have to squeeze into homes 15 percent
smaller than they would have five years ago to keep their monthly
payment the same, according to a new HotPads® analysis.
That's 225 square feet less space – equivalent to losing a
14-by-16-foot living room, or nearly two 10-by-12-foot
bedrooms.
The median U.S. rent is currently $1,530 and the median size of a rental unit is
1,260 square feet. In 2014, that same $1,530 monthly rent payment would have on average
secured a rental that was 1,485 square feet, providing 225 square
feet of extra space.
Rent affordability has improved marginally over the same time
period – the share of income spent on rent fell from 29.2 percent
in early 2014 to 27.7 percent in late 2018, according to Zillow's
rent affordability data. But while incomes have grown fast enough
to allow the typical renter to better afford their rent payment,
the space available to them at that price has decreased over the
past five years.
"Cities across the country have seen incredible rent growth in
the past five years while new construction has gotten smaller,
leading renters to look for units with less and less space to stay
within their budgets," said HotPads Economist Joshua Clark. "With space at such a premium,
it's no wonder that minimalism and decluttering practices made
popular by Marie Kondo have grown
such a large following among today's renters. Taking advantage of
amenities offered in the common areas of many newer buildings can
help ease these space constraints – for example, entertaining
guests on the rooftop deck or exercising in a fitness center if
space is tight in your bedroom or living room."
This shrinking effect was the most pronounced in Sacramento, San
Francisco and San Jose,
Calif., among the 50 largest rental markets in the country –
these markets also experienced the biggest rent price appreciation
over the past five years. A renter paying the current median rent
payment in each of these markets could have found a unit with at
least 475 square feet more space in 2014, more than the size of a
typical studio apartmenti.
Typical renters in Baltimore,
Virginia Beach, Washington, D.C.,
and Oklahoma City would have had
to downsize the least. Renters in these areas lost less than 100
square feet, little more than the size of a small
kitchenii.
A previous HotPads analysis found that renters in Las Vegas and Raleigh can expect to get the most space for
their money, while Denver and
Boston renters were at the bottom
of that list. Price per square foot typically tracks closely with
rent prices, which experienced years of growth after the economic
recovery and are once again on the rise, according to the HotPads
Q1 2019 Rent Report.
HotPads is a Zillow® Group-owned apartment and home search
platform for renters in urban areas across the United States. For more information on the
U.S. rental market, visit HotPads.com.
Metropolitan
Area
|
Median Rent –
2019
|
Median Square
Footage –
2019
|
Potential
Square Footage
– 2014iii
|
Square Footage
Lost
|
United
States
|
$1,530
|
1,260
|
1,485
|
225
|
New York,
NY
|
$2,375
|
1,115
|
1,270
|
155
|
Los Angeles-Long
Beach-
Anaheim, CA
|
$2,955
|
1,250
|
1,630
|
380
|
Chicago,
IL
|
$1,785
|
1,105
|
1,255
|
150
|
Dallas-Fort Worth,
TX
|
$1,685
|
1,460
|
1,795
|
335
|
Philadelphia,
PA
|
$1,685
|
1,215
|
1,370
|
155
|
Houston,
TX
|
$1,585
|
1,520
|
1,715
|
195
|
Washington,
DC
|
$2,175
|
1,220
|
1,315
|
95
|
Miami-Fort
Lauderdale, FL
|
$2,030
|
1,205
|
1,445
|
240
|
Atlanta,
GA
|
$1,485
|
1,490
|
1,890
|
400
|
Boston, MA
|
$2,420
|
1,070
|
1,295
|
225
|
San Francisco,
CA
|
$3,535
|
1,220
|
1,710
|
490
|
Detroit,
MI
|
$1,300
|
1,090
|
1,285
|
195
|
Riverside,
CA
|
$1,980
|
1,550
|
1,960
|
410
|
Phoenix,
AZ
|
$1,515
|
1,500
|
1,935
|
435
|
Seattle,
WA
|
$2,245
|
1,145
|
1,545
|
400
|
Minneapolis-St Paul,
MN
|
$1,695
|
1,100
|
1,300
|
200
|
San Diego,
CA
|
$2,730
|
1,160
|
1,505
|
345
|
St. Louis,
MO
|
$1,205
|
1,080
|
1,200
|
120
|
Tampa, FL
|
$1,485
|
1,255
|
1,555
|
300
|
Baltimore,
MD
|
$1,745
|
1,215
|
1,290
|
75
|
Denver, CO
|
$2,120
|
1,015
|
1,370
|
355
|
Pittsburgh,
PA
|
$1,110
|
1,200
|
1,345
|
145
|
Portland,
OR
|
$1,945
|
1,195
|
1,605
|
410
|
Charlotte,
NC
|
$1,400
|
1,365
|
1,685
|
320
|
Sacramento,
CA
|
$1,995
|
1,385
|
1,880
|
495
|
San Antonio,
TX
|
$1,390
|
1,350
|
1,570
|
220
|
Orlando,
FL
|
$1,540
|
1,420
|
1,775
|
355
|
Cincinnati,
OH
|
$1,240
|
1,215
|
1,410
|
195
|
Cleveland,
OH
|
$1,210
|
1,250
|
1,415
|
165
|
Kansas City,
MO
|
$1,260
|
1,150
|
1,350
|
200
|
Las Vegas,
NV
|
$1,440
|
1,530
|
1,900
|
370
|
Columbus,
OH
|
$1,460
|
1,200
|
1,455
|
255
|
Indianapolis,
IN
|
$1,240
|
1,290
|
1,450
|
160
|
San Jose,
CA
|
$3,710
|
1,200
|
1,675
|
475
|
Austin, TX
|
$1,755
|
1,245
|
1,470
|
225
|
Virginia Beach,
VA
|
$1,485
|
1,395
|
1,485
|
90
|
Nashville,
TN
|
$1,510
|
1,300
|
1,610
|
310
|
Providence,
RI
|
$1,780
|
1,175
|
1,440
|
265
|
Milwaukee,
WI
|
$1,385
|
1,150
|
1,265
|
115
|
Jacksonville,
FL
|
$1,405
|
1,380
|
1,615
|
235
|
Memphis,
TN
|
$1,050
|
1,430
|
1,560
|
130
|
Oklahoma City,
OK
|
$1,125
|
1,245
|
1,340
|
95
|
Louisville-Jefferson
County, KY
|
$1,140
|
1,080
|
1,270
|
190
|
Hartford,
CT
|
$1,665
|
1,225
|
1,345
|
120
|
Richmond,
VA
|
$1,460
|
1,290
|
1,490
|
200
|
New Orleans,
LA
|
$1,450
|
1,200
|
1,340
|
140
|
Buffalo,
NY
|
$1,295
|
1,510
|
1,795
|
285
|
Raleigh,
NC
|
$1,485
|
1,535
|
1,785
|
250
|
Birmingham,
AL
|
$1,055
|
1,280
|
1,420
|
140
|
Salt Lake City,
UT
|
$1,625
|
1,125
|
1,385
|
260
|
HotPads
HotPads is an efficient rental search platform
for urban areas across the United
States, with features designed for competitive markets such
as map-based search, real-time notifications and detailed
information on landlords and property managers that help renters
spend less time searching and more time feeling excited about their
next home.
Launched in 2005, HotPads is based in San Francisco and is owned and operated by
Zillow Group, Inc. (NASDAQ:Z and ZG).
HotPads is a registered trademark of Zillow, Inc.
i Source:
https://www.yardimatrix.com/About-Us/Our-Methods/Terminology
ii Source:
https://www.homeadvisor.com/cost/kitchens/remodel-a-kitchen/#small
iii Calculated using the 2019 median rent price and 2014
price per square foot in each area
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content:http://www.prnewswire.com/news-releases/get-cozy-walls-are-closing-in-on-todays-renters-300830573.html
SOURCE HotPads