Making a decision about getting your next apartment is an important one, and it's not just about cost. You have to consider various factors like location, apartment amenities, commute, access to schools, shopping, and restaurants, and a host of other aspects that will play a role in your living situation.Another factor to consider is the size of the apartment, or the number of bedrooms you want. Unless you're single and want to cut down on costs, you probably don't want a one-bedroom. So, if you're tossing around the idea of whether to go with a two- or three-bedroom apartment, there's a lot to think about. Before you choose, you should be aware of rental rate increases, but that's not the only thing you should think about. Here are some things to consider.
The Case for a Two-Bedroom Apartment
If you need space, but you want to keep costs down, a two-bedroom apartment is probably your best bet. Even if you're living along, the added space will give you more options. You can use one bedroom as sleeping quarters, and you can easily make the second bedroom a guest rooms, a workout room (be kind to your neighbors below!), or as an office or a hobby room. If you think about how you use your apartment currently, and your bedroom and living room are cluttered with stuff, think about getting an extra bedroom.
The average cost of rent for a one-bedroom as of 2022 is $1,129, while the average for a two-bedroom is $1,295 (a difference of $166 per month or $1,992 per year. That's actually not that big of a jump, and you get quite a bit more living space. If you have a lot of possessions or you're looking to expand your living quarters, you might want to consider the change and budget accordingly. A two-bedroom also gives you peace of mind, added versatility, and the option to do work at home if needed without having to use your sleeping quarters as your office.
If the costs somehow become unmanageable for you down the road, a two-bedroom apartment gives you the option of getting a roommate, whereas a one-bedroom really doesn't (if you treasure your sanity or don't want to relive your college days). A two-bedroom provides more versatility in more ways than one, and you can always claim that space back if things don't work out with the roommate. What a two-bedroom apartment provides is worth more than the rental increase, itself.
The Case for a Three-Bedroom Apartment
Three bedrooms as compared to a one-bedroom might seem downright palatial, and that's a good thing. Even going from two bedrooms to three is a big jump, but the cost jump from a two-bedroom is less than you might think. As of January of 2022, the cost of monthly rent for a three-bedroom is $1,509, which is only $214 extra per month, or $2,568 per year. You probably spend more dining out than you would on this rent increase.
This option should especially be a consideration for those with kids. If you have two or three kids and you and your spouse crammed in a two-bedroom apartment, things can get nuts. What you lose in terms of additional rent, you surely gain by providing an atmosphere that's more peaceful by virtue of more space. If you're just a married couple who's looking to grow, a three-bedroom might work if you plan on having children. You can have your own bedroom, a study, and a room for your new baby, and you won't have to consider moving because things won't get too cramped. A third bedroom also gives you peace if one spouse needs some peace and quiet if there's a sick child in the home.
Keep in mind that a three-bedroom might have more wear and tear than a two-bedroom because there's typically more foot traffic due to more occupants. Take the time to inspect the three-bedroom apartment you're considering renting and ask the landlord to fix whatever might need repair or replacement.
If the cost increase seems too significant for you, there are ways to reduce costs overall, which would make the idea of having more space much more palatable. Take a look at your current spending and see where you can make cuts that you might really not miss all that much. In the end, whether it's a two or a three-bedroom rental, the more space, the better.