Markets & EconomyRentals

Developers focus on smaller apartment units

Census Bureau data shows renewed focus on units smaller than 1,000 square feet

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Multifamily developers are delivering more sub-1,000-square-foot units and reducing the number of three-bedroom units in projects, according to data provided by the U.S. Census Bureau. Of the 264,000 units completed in 2014, 36 percent, or 96,000 units, were less than 1,000 square feet. This being the case, it’s no surprise that one-bedroom dwellings accounted for 42 percent of all rental units delivered last year. Two-bedroom units account for 41 percent of all rentals built, and the median size of all units built in 2014 stood at 1,080 square feet. The West led the nation’s four regions when it came to building units smaller than 1,000 square feet. According to the bureau’s Characteristics of New Housing statistics, 29,000 of 68,000 units built in the West fell in this category. In the Midwest, units ranging in size from 1,200 to 1,399 square feet accounted for the largest percentage of units built, 36 percent. Of the 264,000 multifamily units completed in 2014, ...