- How would you define a studio?
- Whhat would you say is the common buyer profile for each and how does it vary between the two?
- Typically, how much more is a 1-bedroom worth than a studio?between the two?
1. How would you define a studio?
A studio apartment is a single large room; a self contained unit that houses everything in the single room space except the bathroom. Residents usually set up different areas of the room for varied uses. For example, a corner of the room may be designed as a sleeping area, a corner may be designed as a dining area, and the space in between may be designed as the “living room space.” Residents may use of partial walls or dividers to separate the spaces.
The distinct difference between a one bedroom apartment and a studio apartment is that the one bedroom apartment features separate spaces for the bedroom area, living room area, and the kitchen area. The only similarity between both of them is that they feature a separate space for the bathroom.
Something inbetween would be an alcove studio, which usually means there is an extra little nook for a “bedroom space” but it doesn’t usually have a door unless the owner has installed a partition.
2. What would you say is the common buyer profile for each and how does it vary between the two?
Studio buyers are usually single and are OK with a single room space.
Most couples however would not want to be in a studio space. Relationship fights alone demand a second space aka a bedroom so that two parties can be in separate space to cool off! Having worked with many couples, I can tell you from experience that a studio is a non-starter. They’d rather rent a 1BR and then wait to buy.
Most studio buyers are younger, have smaller downpayments saved, and don’t mind getting a “starter” apartment.
A 1BR buyer could be a single person, a couple, a couple who want to have a baby, or even a couple who already have a baby. Sometimes 1BRs can be divided into a smaller 2BR so this possibility can work well for those couples who might need a separate space for an office or nursery.
Most buyers always prefer more space, so unless limited by budget, they will seek out a 1BR over a studio. This is not a hard and fast rule per se. If a studio had an amazing renovation, or a private roof deck or terrace, or was very large with big windows, or the right location — a buyer may accept the tradeoff of no bedroom space for a feature they really want.
3. Typically, how much more is a 1-bedroom worth than a studio?
It’s tough to gauge generally across the board as each property is unique and each neighborhood and offering different. But overall, I would say 1BRs have a 25% premium over studios as they cater to more buyers. More demand always means higher price.