Modern Apartment
Apartment construction has accelerated significantly over the past 10 years, according to a study by StorageCafe.
Of the 10.5 million apartments built over the past 40 years, the data showed approximately 4.1 million units were built over the last decade.
"As more Americans embrace apartment living, many are trading space for comfort and location," StorageCafe said in the report. "Apartment supply has climbed to its highest level in more than four decades, yet the units coming to market have never been smaller. Developers are trimming square footage to address the housing shortage, betting that today's renters will welcome the 'smaller is better' model for the convenience it offers."
Meanwhile, more than a third of U.S. renters pack up and move into another apartment inside their metro area in under two years. According to RentCafe, renters prefer suburban living, with 41% drawn to greener, amenity-rich neighborhoods. At the same time, safety is paramount as 54% of renters call it their number one priority, followed by walkability at 39%.
"Lockdowns changed many renters' housing preferences," RentCafe said. "The need for more space to accommodate home offices or easy access to nature pushed renters to quickly find different places, even after short stays. Return-to-office mandates sometimes prompted quick moves back near jobs or required job changes in order to remain remote, thereby causing further quick moves."
The slideshow above illustrates the top U.S. cities for apartment availability as selected by StorageCafe.
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