Real Estate Investment 101: Getting Started

Signs You Need to Downsize to a One-Bedroom Apartment for Rent

One-bedroom apartments for rent are often cheaper to rent than apartments with two or more rooms because you're often paying for less square footage or you're getting the same square footage but not the added benefit of a second room. This isn't the only noticeable benefit of downgrading to a one-bedroom apartment when you're accustomed to renting units that have several private living spaces.

If you're ready to sign a new lease on your apartment, but you're wondering if you should just change out for a one-bedroom apartment instead of your current multiple-bedroom dwelling, use this guide to assist you. Here are just a few signs you need to downsize to a one-bedroom apartment for rent.

You don't use the space you have

Are you already just using the extra space in your apartment for storage or for an unused guest room? Why rent on unused space when you can look for affordable one-bedroom apartments for rent locally? Determine how much square footage you really need and whether a new apartment might be best for you.

You need to save money

If you want to save money on rent, downsizing to one-bedroom apartments for rent is the way to go. In some areas of the nation, two-bedroom apartments cost an average of 34% more to rent than their single-room counterparts. For example, if you're paying $2,000 for a two-bedroom apartment and downsize to just a single-bedroom apartment, your new rent could potentially be $1,360 per month, which is a savings of over $600. Prices vary for apartments in all areas, so this example is for illustrative uses only, but you get the idea: downsizing can save you a lot of money.

You don't need a roommate

Are you wanting to live on your own and no longer need to have another room to share with a roommate? Consider making the switch by only looking at one-bedroom apartments for rent or studios in your area. In getting rid of that second room, you can have more space to call your own and you can always make the change back to multiple-room apartments later should you choose to get a roommate again in the future.

A real estate agent can help you find one-bedroom apartments in your area. Set some time aside to look at a few different apartments so you can compare them to one another for easier selection in the end. Be prepared to apply to any apartment you look at right away so you don't miss out.