Because a 400sf apartment in NY is not 1/2 of the cost of a 800sf apartment in NY.
OP here. This is true, but given its flaws this measure is still the industry standard for benchmarking various markets in rental housing. We actually seek to rectify this problem by creating market rent estimates based on a rental's detailed attributes in our product.
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OP here. This is true, but given its flaws this measure is still the industry standard for benchmarking various markets in rental housing. We actually seek to rectify this problem by creating market rent estimates based on a rental's detailed attributes in our product.