How much is a one-bedroom apartment?

Prices for one-bedroom apartments range widely and depend on many factors, like the location for example. In the US, the median rental price is 1.216 dollars per month in 2019. This increases by 1.5% per year on average. In general, there are three drivers of apartment prices.

  • Supply and demand can make housing prices fluctuate over the years
  • Location is a determining factor as well
  • Home improvements and decoration

Supply and demand can make housing prices fluctuate over years

This makes sense, when more people are interested in buying a house than there are willing to sell than the home-owner has the ‘luxury’ to drive up the price. Obviously, this works the other way around as well when there are little interest and a lot of availability. Many things influence this supply and demand and almost account for all price variety. Economic growth, for example. drives how much people can spend, and demographics drive up demand through divorces and immigration for instance.

Location is a determining factor as well

Although this is also explained by the supply and demand principle in the aforementioned part. If more people want to live in one particular neighborhood or at a popular beach, than there are houses available, the price goes up. Often, you will find apartments in the city center to be more costly than the suburbs, and houses next to a calm park more expensive than those next to a factory

Home improvements and decoration

With completely renovating and refurbishing the house, you can drive up the price significantly where again, the demand for a turn-key, fresh apartment is much higher than for those in bad condition

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