Blog with the Condo 1's New Agent

Thursday, March 11, 2010

Think living with a lot of people will make the rent cheaper? Think again!

Many roommates have this mindset that if they live with 3-4 people in a 3-4bedroom rental, the price per person will be cheaper. Although this reasoning makes sense, it is not always the case. Most of the time, the price per person is higher, and there are many less options than if you were looking for a smaller rental.

Arlington is full of investment properties, where owners will buy and rent out a property. They take into consideration what is in most demand, and buy accordingly. Usually 1 or 2 bedroom condos are easiest to rent out. Most owners who buy 3BR+ properties buy it for themselves to live in. In this sense, there are not that many 3+ bedroom rentals available. Also, most people who live in Arlington want the convenience of the Orange line. Because of this, buildings in the immediate metro area are all high rise buildings, which usually don't hold many 3 + bedroom units. Most rentals with numerous bedrooms will be further out from the metro, in a townhouse or an actual single family home. Because townhomes and single family homes have land, are taller, usually more spacious, these properties are very expensive, and in turn have a high rent price.

So, in short, if you think you are going to save money having 3 or 4 roommates in a rental close to the metro, think again. You will find your options are VERY limited, and although you will be looking at nice townhouses or penthouses (these usually have more bedrooms), you'll be paying a premium. If you're thinking about roommates, I would stick with 2 people at most. You'll be able to find many more options.

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