Rental Property Investor · MN · Member since 2020 · 22 posts · 24 votes
What is your experience with Studio and 1BR units in Multifamily. Is it easier to rent or harder to rent? More turnover or tenants that tend to stay longer?
Curious on others experiences, I come across a lot of buildings that seem to be mostly or all 1BD units and wondering if they are harder to sell because they are smaller units and that is reason they are listed longer.
I think it depends on area, my 1 bedrooms rent well with low turnover, 3-4 years. I wish I had a studio or two as well. However these are decent size 1 bedrooms.
Totally Market and price dependant. There's a huge single demographic in todays world, so that one works in your favor and another large demo for those that are co-living with their partners/spouces, but can't qulaify for their own FTHB mortgage will likely push into studios/1's to save money to get to their first home, instead of renting a two bed. If you got some demand and your priced effectivly, it'll rent. If the place is decent and your a good landlord, and the tenant doesn't have a reason to leave, they'll stay. Overall, it's a safe bet it'll rent just fine just don't be crazy expensive for the unit/market and be a good landlord for longevity.
Depends on the market, but yes, traditionally studios and 1 bedrooms tend to have more turnover, so you see others have a preference for 2 and 3 bedrooms. Doesn't mean you can't have limited turnover, and you can still make great money.