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Three Cents Worth: Manhattan Unit Sizes No Small Change

[This week, real estate appraiser, Curbed graph guru, blogger, and podcaster Jonathan Miller considers the shrinking rental apartment.]

After last week's rental market report release, I thought I'd take a look at the average size of a sale and a rental over the past 20 years. Sales (blue line) represent co-ops and condos that closed during each period. Rentals (pink line) represent rentals that closed during each period.

The chart shows continued decline in the average size of rentals over the period with a weird blip around the collapse of Lehman. The sales market showed less variation. While size fell over the first decade, likely as sharply rising prices pushed shift towards smaller unit sales, the trend began to rise again as the market peaked in 2007-08.

With the micro-unit phenomenon seemingly gaining traction (anecdotally), I'm not sure we'll see the average size of rental units grow in the near future despite the strength of the current luxury rental market.
· Matrix []
· Three Cents Worth archive [Curbed]