1 bed apartment OR Studio? Which is better?

[Nicholas Morgan]

Hi Everyone, 

I'm looking to convert a 425sq.ft storage area into a 4th unit in a small multi-family property. 

Do you think I could get higher rent if it was a 1 bedroom apartment (i.e. bedroom with 4 walls and a door) or if I made it a studio apartment (i.e. one large living space)? 

Any other pros/cons of each I should be aware of? 

Doing a studio would definitely improve heating/cooling as I could put in a ductless mini split and it would work well for the entire area. I feel that a 1 bed apartment would be more desirable though from a renter's perspective. 

Thanks!

Nicholas