Renting: One-Bedroom Or Two – Which Is Easier?

are 1 bedrooms or 2 bedrooms easier to rent

When it comes to renting, there are several factors to consider, including budget, location, and personal circumstances. One such factor is the number of bedrooms, with one and two-bedroom apartments each presenting their own advantages and drawbacks. While a one-bedroom apartment may be more affordable and suitable for individuals or couples, a two-bedroom space offers extra flexibility and opportunities for savings. This is especially true in city centres, where the demand for two-bedroom apartments is rising among young professionals, graduates, and friends sharing accommodations.

Characteristics Values
Cost 1-bedroom apartments are cheaper to rent and furnish than 2-bedroom apartments.
Demand 2-bedroom apartments are in high demand in the UK market, especially in city centres.
Rental Yield 2-bedroom apartments achieve higher monthly rents and are seen as longer-term rentals.
Space 2-bedroom apartments offer more space and privacy, which can be useful for guests, hobbies, or an office.
Tenants 1-bedroom apartments appeal to single occupants, couples, and young professionals. 2-bedroom apartments appeal to a wider range of tenants, including friends sharing, couples, and young families.
Investment 2-bedroom apartments are easier to sell than 1-bedroom apartments and are more desirable to owner-occupiers and investors.

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Cost

When it comes to the cost of renting a one-bedroom or a two-bedroom apartment, there are several factors to consider. Firstly, the location plays a crucial role, as the cost of renting varies significantly depending on the city and specific area within it. For instance, in prime city centres like Manchester and Birmingham in the UK, rental prices tend to be higher due to high demand.

The number of bedrooms is also a key factor in determining the cost. Generally, a two-bedroom apartment will be more expensive to rent than a one-bedroom apartment. The extra bedroom provides additional space and flexibility, which can be advantageous for various reasons. For example, it can be used as a guest room, a home office, or even rented out to a roommate to help offset the cost. However, it's important to note that the increase in rent for a two-bedroom apartment compared to a one-bedroom can be substantial, ranging from a few hundred to over a thousand dollars per month, depending on the location.

Another cost-related consideration is the target demographic. For example, a one-bedroom apartment might appeal more to single occupants, young professionals, or graduates, while a two-bedroom apartment could attract couples, friends sharing, or young families. The demand for each type of apartment can vary based on the demographic, which can impact the rental price. Additionally, the availability of similar properties in the area can also influence the cost, with higher demand and limited supply potentially driving up prices.

It's worth noting that, while a two-bedroom apartment may have a higher monthly rent, it can also offer cost-saving opportunities in other ways. For instance, having a roommate to share the rent and utility costs can significantly reduce expenses. Similarly, if you plan to work from home or pursue hobbies that require dedicated space, a two-bedroom apartment can provide the necessary space without the need for an additional office or studio rental.

Lastly, it's important to consider your budget and financial situation when deciding between a one-bedroom and a two-bedroom apartment. Experts generally recommend spending no more than 30% of your take-home pay on rent, with some suggesting sticking closer to 20% to allow for savings or unexpected financial hardships. Therefore, while a two-bedroom apartment offers more space, it's crucial to ensure that the additional cost does not strain your finances or hamper your lifestyle.

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Space

The amount of space you need will depend on your personal circumstances. If you are a couple, you may be happy with a one-bedroom apartment, but if you are planning to start a family, a two-bedroom apartment will give you more space. If you have hobbies such as painting or playing a musical instrument, you may want a spare room to pursue these interests.

Two-bedroom apartments are also attractive if you work from home and need a quiet, designated space for work. They can also be useful if you have family or friends who come to stay, or if you want to take on a lodger to save on rent and utility costs.

If you are a landlord, you may be able to charge more rent for a two-bedroom apartment. However, you will also need to consider the potential for higher utility costs and the possibility of high tenant turnover if you rent out rooms individually.

If you are a tenant, you may be able to save money by taking on a lodger, but you will have less privacy and may find it annoying to share a kitchen or bathroom with others.

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Location

Prime City Centres: If you're looking at apartments in prime city centres like Manchester or Birmingham in the UK, or other popular cities like New York City, two-bedroom apartments tend to be in high demand. This is due to the rising trend of people sharing apartments to save on rent and energy bills. In these locations, two-bedroom apartments often appeal to a wider range of tenants, including friends sharing, young professionals, and couples.

University or College Campuses: If you're renting an apartment near a university or college campus, consider that a two-bedroom apartment could provide the opportunity to rent out the extra bedroom to a student. This can help save on rent and provide someone to split utility costs with.

Family-Oriented Areas: If you're looking in an area with good schools and family-oriented amenities, then a property with more than two bedrooms might be a better option. Families tend to require more space, and having additional bedrooms can command higher rents in these locations.

Cost of Living: Consider the cost of living in the area you're looking to rent. In expensive cities, the extra cost of a two-bedroom apartment might be a significant factor to consider. Weigh the benefits of the extra space against the potential increase in rent and utility costs.

Local Rental Market: Research the local rental market to understand what type of tenants are prevalent in the area and what their needs are. For example, an area with a high number of young professionals might favour one-bedroom apartments, while an area with many students could have a higher demand for two-bedroom apartments to allow for roommates.

By considering these location-based factors, you can make a more informed decision about whether a one-bedroom or two-bedroom apartment is the right choice for your rental needs.

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Demographics

When it comes to renting, there are a variety of factors to consider, and these differ depending on the demographic of the person or people looking to rent. For example, a couple might be looking for a good-sized apartment, whereas a family will be looking for a family home.

For couples, the decision on whether to rent a one-bedroom or two-bedroom property will depend on their personal circumstances and budget. A one-bedroom apartment is more affordable, but a two-bedroom property will offer more space and privacy, which could be beneficial if one or both partners work from home.

For those looking to rent who are single, a one-bedroom apartment might be more suitable. However, if they are looking to save money, taking on a two-bedroom property and renting out the second room to a friend or student is an option. This could be particularly appealing to those who live near a university or college campus.

For families, a property with two or more bedrooms is likely to be the best option. This gives children their own space and provides a separate room for parents.

There is also a growing trend of people sharing to save on energy bills, so landlords may find that two-bedroom properties are in high demand. This could be friends sharing or young professionals cohabiting, as well as couples.

Overall, the demand for one or two-bedroom properties will depend on the demographic of the local rental market.

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Investment

When it comes to investing in property, there are a multitude of factors to consider, and no one-size-fits-all solution. The number of bedrooms you opt for will depend on your budget, the location, and your target rental market.

Studios and 1-Bedroom Apartments

Studios are a great entry point for investors, with a lower capital cost, reduced furnishing expenses, and strong yields in city centres. They are an attractive option for students, graduates, and single occupants. However, their lack of space may lead to higher tenant turnover as tenants may outgrow the space and seek larger accommodations or choose to move in with others.

Moving up slightly in terms of size and cost, 1-bedroom apartments are still an affordable investment option, appealing to a wider market, including couples, young professionals, and graduates. They achieve higher monthly rents and are seen as a longer-term rental option than studios.

2-Bedroom Apartments

2-bedroom apartments are currently the most popular investment choice in the UK, particularly in city centres. They appeal to the widest rental demographic, including friends sharing, young professionals, couples, and young families. The demand for this type of property is high, and it is seen as a longer-term rental option, leading to fewer void periods. Additionally, 2-bedroom apartments can drive higher rents and are more pet-friendly, another priority for today's rental market.

3-Bedroom Apartments

While 3-bedroom apartments can be lucrative due to their size and potential for higher occupancy, they are in shorter supply and may limit your target market. They are a good option for investors targeting families or groups of friends.

Location Considerations

The location of your investment property is key. For example, in prime city centres like Manchester and Birmingham, there is a rising demand for 2-bedroom properties due to the trend of young professionals, graduates, and friends sharing an apartment. On the other hand, a family home in an area with good schools may be more desirable if it has more than two or three bedrooms.

Other Factors to Consider

When investing in property, it's important to understand your target demographic and cater to their needs. Consider the local rental market and the type of tenant you want to attract. Additionally, think about the amenities you can offer, such as communal workspaces, cafes, gyms, and cinema rooms, which can enhance the appeal of your property.

In summary, while there is no definitive answer on the number of bedrooms, 2-bedroom apartments are currently the most popular investment choice due to their wide appeal. A diverse portfolio with different property sizes, types, and locations is ideal for savvy investors.

Frequently asked questions

This depends on several factors, such as your budget, the local rental market, and your personal circumstances.

1-bedroom apartments are ideal for couples, young professionals, or graduates living alone. They are generally cheaper, easier to furnish, and have lower council tax.

2-bedroom apartments offer more space and are ideal for friends or couples sharing, young families, or those who work from home. They are also in high demand and can be easier to sell.

Consider your budget, the potential uses for the extra room, and whether the additional cost is worth it for you.

Renting out a room can bring in extra income and help with utility costs. This is a good option for tenants who want to save money and landlords who want to maximise their rental income.

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