Many millennials have not been able to buy houses. This is a big reason why apartments in the U.S keep getting bigger. In fact, RENTcafe recently did an analysis on 92 cities regarding floor plans on buildings under construction. The findings? 36% of them are aiming towards bigger apartments than they had built in the last five years.
One bedroom apartments in the U.S averaged at 752 square feet over the last half a decade. However, right now they average around 28 square feet larger. For three bedroom apartments, they used to average 1,462 square feet. Now, they average at about 105 square feet larger.
Right now, the real estate market all over the country is hot. In fact, sales of existing homes increased by 23.6% in May YoY. In addition, inventory is down 20.6% from one year ago. This lack of supply and increase in price have been huge factors that have affected millennial buyers.
These buyers are starting families and are generally interested in buying larger spaces. However, because there is a lack of inventory on single-family homes, many builders have gotten creative and that is why apartments are getting bigger.
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