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A new study by RentCafe highlights a few very interesting data points about New York's real estate market.
Firstly—and unsurprisingly—three local boroughs are home to some of the smallest apartments in all of the country.
With an average size of 659 square feet, new Seattle homes top that specific ranking, followed by our own Queens and Portland (681 square feet, respectively) at spot number two, Brooklyn (692 square feet) at number three, Detroit (739 square feet) at number 4 and Manhattan (740 square feet) rounding out the top 5.
Although the figures certainly sadden us—all we'd love to have is one more closet!—we can't stop thinking about another data point that the website's analysis sheds light on.
Turns out, in fact, that Manhattan apartments are actually bigger today than they were a mere decade ago. Whereas rentals in Brooklyn have become about 7% tinier in the last ten years, those in Manhattan have increased in size by an average of 19 square feet—a pretty shocking 3% growth.
We suspect that the changes are mostly due to the development of luxury residential buildings all over Manhattan, which tend to consist of two or more bedrooms.
Alas, despite shifting sizes, average rent prices are still insanely expensive. Last month, the median price for an apartment in Manhattan climbed to $4,097 a month, a record high. Just a year prior, the same figure clocked in at $3,550 month.
Although we doubt the upwards trend will change any time soon, we'd like to remind you that you live in New York after all—where we must take the bad (high rent prices) with the good (just about everything else).