The first answer is that it is a matter of demand and supply. There is a great demand for one-bedroom apartments in major cities and towns that do not match the supply. Also, their amenity prices are higher because there is more space to cool, illuminate, and heat. They also have a larger space that requires furnishing and decoration, making it pricier than smaller apartments like a studio apartment.
What Is A One-Bedroom Apartment?
A one-bedroom apartment features a separate bedroom from the main living space and kitchen area. Unlike a studio apartment, the bathroom and all other rooms (kitchen, bedroom, and dining area) come in a separate part. Depending on its size, a living space may combine with a kitchen and dining place in an open floor concept. Larger one-bedroom apartments may come with a separate dining area. As a general rule of thumb, a one-bedroom apartment is more spacious and offers high privacy levels than studio apartments.
Why Are One-Bedroom Apartments More Expensive Than Studio Apartments?
First, they are bigger, making them generally more expensive to live in than the studio apartments. They require more furnishing and decorations, making them pricier. Additionally, their large space will require more energy to heat, cool, and illuminate, not the case with the studio apartment, which has everything in one-floor space.
When it comes to privacy, studio apartments do not allow much of it. Having people in a studio apartment makes them interact with almost all your items since there isn’t enough space to move around. On the other hand, when paying for a one-bedroom apartment, you pay for all the benefits that come with it, including privacy.
Some people who work from home prefer one-bedroom apartments due to their large space meaning that they can easily set up a home office at any point in their house. For a studio apartment, this may not be possible, and it would cause you fatigue if you eat, work, and sleep in the same room all the time.
What Factors Should You Consider When Getting A One-Bedroom Apartment?
If you want to rent or buy a one-bedroom apartment, there are some important factors you need to consider. Some of them include;
Most one-bedroom apartments are centralized within CBDs and are within 5km to 10 km from the major cities and towns. People who go for a one-bedroom apartment give up their chance of having so much space to get convenience and closeness to their workplace. You should also check out for amenities and how close they are to the apartment.
A large demographic from studies have shown that individuals interested in one-bedroom apartments prefer to be close to restaurants, cafes, and dry cleaning services. Since the kitchen, laundry room, and living room of these apartments tend to be small. It is only natural for you to have a place you can visit to make a difference and have your needs fulfilled.
Some one-bedroom apartments are found in buildings within overdeveloped areas with generic high rises. These areas tend to serve an oversupply of the apartments, making them affordable for rent. On the other hand, areas with older and smaller boutique apartment complexes are undersupplied, making them more expensive than larger apartments. Such an area is suitable only if you want to invest or buy one-bedroom apartments. Before renting, consider getting as much information about the popularity and desirability of the whole building complex to avoid paying too much. In contrast, you could get a similar apartment at a lower price.
A balcony in a one-bedroom apartment and size are among the most desirable features most renters look for. A single and young person does not need so much space, and unless you have a family or living with a roommate, do not go for the very large one-bedroom apartments to save some dollars.
If you do not have a car, renting an apartment with a parking lot will only cost you so much for a space you are unlikely to use. However, some people go for them and later rent their parking space. Renters should avoid apartments with amenities that aren’t useful to them to prevent paying extra money for services you don’t receive. Instead, find an area which is well serviced with efficient public transport. If investing, a one-bedroom with a parking lot is easier to sell and rent out. Some people use the parking space as extra storage, making it convenient for small families.
One-bedroom apartments are no longer found at the bottom of a building complex, as was the case earlier. Due to the high numbers of young professionals in major cities and towns, there has been tremendous improvement in furnishing and general construction and making of one-bedroom apartments. Ones that come with a great view and face steep entry points like in Sydney’s inner suburbs are the perfect option if you want a place to cool and relax your mind. They are away from the noises in the busy city streets, providing an ambient atmosphere for you to work and relax.
Which Cities Have The Most Expensive Rent Rates For One-Bedroom Apartments In The US?
San Francisco has always been on the top-notch list of cities with the most expensive rental rates, but the average rents have not increased over the years as they previously used to. The reason is because of limited space in the city, leaving no room for further apartment constructions. Most populated cities tend to have the highest rent rates as they remain attractive to people who have no land to settle down. There have also been reports on an increase in people living with roommates or friends hence attracting more tenants to the popular cities. Some of the cities with high rent rates include;
San Jose, CA
San Jose is located in the heart of Silicon, with the average rent of a one-bedroom apartment being about $2,490 in 2019. Last year the rent prices went up by 3%. The main reasons for the high rent prices in San Jose are population growth and advancement in the tech industry.
It is another Bay Area adding to the list of the most expensive rents for one-bedroom apartments in the US. Their rents are slightly higher than in San Jose, with a one-bedroom apartment going for $2,500. Comparing these rental rates to 2019, Oakland has had a tremendous increase in rent from $2,350, which is likely due to increased demand associated with increased job growth. It is also due to limited space in the city.
Boston, the East Coast city, is also among the cities with high rent rates. A one-bedroom apartment in Boston goes for about$2,590. It is surprising that while rental rates for one-bedroom apartments are constantly increasing, two-bedroom apartments are experiencing a slight decrease. A report written by Zumper’s Nationals indicated that their rent dropped by about 7% over the year. However, despite the drop, Boston remains among the cities with the most expensive rents.
It is surprising to learn that New York is not the city with the most expensive rental rates in the United States, though it is close. In the year 2020, the average rent for a one-bedroom apartment was $3,000, which has increased by one percent over the year. This 1% increase is a trend that real estates predictions will continue with time.
At the top of the list for years, San Francisco, a California city, has an average one-bedroom rent at $3,500, which is very high. It has for the longest time been the most expensive city on rental markets in the US, and there are no signs of going down. Despite the less than one percent increase in the rental rates, it has consistently become costlier for renters over recent years.
Other cities with high rent rates include Miami, Seattle, San Diego, Washington dc, and Los Angeles. Some cities like Miami take advantage of the white sand beaches and the lifestyle mostly by the tourists, making accommodation very expensive. The continuous rise in general rent rates of one-bedroom apartments in major cities calls for you to look into other secondary cities where they are not as high.
In recent times, one-bedroom apartments have gained popularity due to the increase in young professionals in major cities and towns. An increase in demand with low supply is among the top reason for high rent rates for one-bedroom apartments. Their high prices are linked to the furnishing and maintenance such as cooling and heating, which is slightly higher than for the studio apartments. In some places such as Boston, one-bedroom apartment prices are slightly higher than a two-bedroom apartment, which is surprising even to the real estate.