AUSTIN, Texas — Apartment hunters in Austin may be finding newer units that are smaller than they used to be, and the trade-off isn’t always a better deal.
Doug Ressler, manager of business intelligence with Yardi Matrix, said the average new apartment in Austin is now 871 square feet, which is 45 square feet, or about 4.9%, smaller. While shrinking floor plans might suggest renters are paying more for less space, Ressler said the picture changes when comparing what a set budget buys.
“You’ve seen a tremendous rent decline in the Austin area, because of the supply that’s come in, in terms of the stock that was previously available,” said Ressler…