Large, New Multifamily Developments Have the Highest Rent

by | Jan 13, 2015 | Renting 101 | 0 comments

Zillow has some interesting research on the rent charged in newer and larger multifamily communities, as well as the income of the residents that live in those different developments.
Large Multifamily Buildings tend to have higher rents than smaller multifamily buildings.  Also the newer a building is, the higher the rent tends to be, especially in the larger buildings.  For the multifamily developments built in 2010 or later, the median rent was $1,100 for the large buildings, but only $740 for the small buildings.
Another result from the Zillow Research is that residents in new buildings tend to have make more.  The same with those who live in larger buildings.  On average, they have higher incomes than the residents in the smaller communities.  The median income of those who live in the newest large developments was $52,200 in 2013, nearly .5 more than the median household income of the tenants in the oldest large buildings, which was $35,000.
Even with the increased rent, renters in large buildings spend a smaller percentage of their income on rent.  They spend about 23 percent of their income on rent, compared to residents of a small multifamily development who tends to spend 26 percent of their income on rent.
Looking for an apartment community that is the perfect size for you?  Give Apartment Experts North a call today at 512-339-4411!

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