I have always steered away from 1 bedroom units, mainly because the turnover rate I anticipated would be high. Now I am looking at an opportunity to hold on to a 4 unit, all 1 beds, and a rented garage that I bought for cheap earlier this year with the intention of flipping. I’ll post the details of the deal if I keep the property as it is a good story. Just wanted to get a general feeling right now from those who have owned/managed 1 br units.
Thanks,
Keith
One bedrooms are popular in college towns. For many years we had a 54-unit complex near the Virginia Tech campus with 22 or so 1-BRs. They always rented first, and we raised the rent every year. They are especially popular with graduate students, who are the best sub-set of the student housing market.
I’ve noticed 1-BRs seem to be in demand in urban downtowns. Rents are priced at the top of the scale, paired with more common-area amenities. Not sure if this is an isolated market thing, or a larger trend.
Population demographics indicate that one-person households are increasing, this generation is marrying later, and tend to change jobs more frequently. As the homeownership percentage continues to decrease I suspect a number of new trends may surface in how rental housing is consumed and delivered.
ray
Keith,
I would not expect a 1 bedroom unit to be any more of a problem than a 2 bed.
Ray highlighted how the type can attract a niche or sub-market. You need to consider the specific property and what is near by. It could be the 1bd will be a winner if the demand is right in the area.
Interestingly, in two very different markets, finding it easier to rent one bedrooms. Location, as always, plays a significant role.
Hope it works out best for you!
Christy