The average apartment size in D.C. is 746 square feet, the eighth smallest among large metro areas. And the average D.C. rent is now more than $2,400, among the highest in the nation.
For renters on a tight budget, RentCafe researched how far $1,500 a month would go in the 50 largest metros. In D.C., it would be enough to cover just 464 square feet, a small studio.
That is not a lot of space by any measure, but in D.C., the demand for small apartments is more than enough to justify developer supply.
“What we’re seeing is that millennials are being replaced by Z-type renters. And Z-type renters are looking for studios or one-bedrooms, fresh out, wanting to leave mom and dad and get a place of their own,” said Doug Ressler at RentCafe.
Nationwide, renters get an average 729 square feet of space with a monthly budget of $1,500, but in 62% of the largest cities, apartment renters get more space than the national average.
More renters are renting longer, with many would-be first-time buyers either priced out of the market or waiting for interest rates to come down before they buy their first home. But the growth of developers who are building houses specifically to rent means many millennials are finding houses, just not ones they are buying.
“Millennials tend to look for either larger apartments or the niche market that is fast developing, called BTR, or built to rent. Usually, BTRs start at about 1,400 square feet, about the same as a starter home,” Ressler said.
In the largest cities, that $1,500 a month budget goes the farthest in Wichita, Kansas, enough to afford an apartment that is 1,359 square feet. In Boston, it is enough for just 315 square feet. At the bottom of the list is Manhattan, where $1,500 a month would be enough to rent just 288 square feet.
RentCafe’s full list of where $1,500 gets the most and least space is online.
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