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A Growing Disparity Between Apartment Types

A recent study has indicated that there is a growing disparity between one-bedroom and two-bedroom apartments throughout the United States.

 

A Growing Disparity Between Apartment TypesThe National Rent Report

 

Zumper recently compiled information from over one million active listings, asking tenants for information about their units. This information was processed to create the National Rent Report.

The study found that on a year-to-year basis, rents for one-bedroom apartments are rising exponentially faster than rents for two-bedroom apartments. The study also found that, in cities where rents are declining, one-bedroom rents are declining significantly slower than two-bedroom rents.

For example, in New York City, the average rental price for a one-bedroom unit declined 3.7% from last year. However, the average rental price for a two-bedroom unit declined 5.0%. In San Francisco, the rent for one-bedroom apartments increased by 1.5%, while the rent for two-bedroom apartments decreased by 2.9%.

Additionally, in Honolulu, the prices for a one-bedroom rental have fallen 20.2% from their March 2015 peak, while the prices for two-bedroom rentals have fallen 24.7% in that same timeframe.

 

Would You Consider A Larger Unit?

 

Rent tends to be much cheaper in Michigan than in cities such as New York and San Francisco. It’s possible that you could afford a two-bedroom, or even three-bedroom, apartment in Michigan.

Having this much space will dramatically change the apartment-living experience. Three-bedroom apartments can be shared amongst friends, allowing you to save on apartment costs even more than normal. Additionally, three-bedroom apartments are great units for families.

The added space is especially inconsequential if your property management company pays for utilities such as heat and hot water. Besides a slight increase in monthly rent, you won’t see many other changes to your bill. Why wait? Begin searching for two-bedroom and three-bedroom in Michigan today.