Renters: You’re paying more for less space

If you feel like the walls are closing in on you, you might be right. New apartments hitting the rental market in 2016 are 8% smaller than they were 10 years ago, according to a recent report from online rental marketplace RentCafe. Meanwhile, rents for all apartments on the market have risen 7% in the last five years. This year, the average square footage of all new apartments, including studios, one-bedroom and two-bedroom apartments, was 934 square feet. Just a decade ago, the new units coming online offered an average of 1,015 square feet. The national average for rent this year is $1,296 compared to $977 in 2011. Rent Affordability: A record number of Americans spend half their income on rent The report analyzed data from buildings in the 100 largest U.S. cities that have at least 50 units. The biggest losers were new studio apartments, which have shrunk by nearly 18% since 2006 to an average 504 square feet this year. Read more.