Apartments are getting smaller but costing more. What gives?

Depending on which report you to believe, rents are either slightly falling or just hit another all-time high. Regardless of whether rent is still going up nationwide, one thing is certain: Rents have gone up significantly over the last 10 years. According to data from the U.S. Census Bureau, median asking rents have risen from approximately $450 in 1998 to just over $1,000 in the third quarter of this year. The average rent for new apartments is on the rise too. New data from RENTCafé and Yardi Matrix shows that the average rent for a new apartment has risen by 28% since 2008.