Ever heard of the saying three’s a crowd? Well, the same goes for the three bedroom apartments in Houston. These are not wanted by any of the residents and so builders have stopped building them. Ryan Epstien, who is the Senior Vice President with Multi-Housing Group at the CBRE Group real estate firm agreed with this fact, and stated that no one is interested in renting three bedroom apartments anymore.
Stats show that almost 80 percent of apartment units that have been built in recent times comprise of only a single bedroom. Today, the real estate market is being dominated by single individuals, which is why the demand for 3 bedroom units has suffered a decline. Couples can also be found in the market. Though their numbers are less than the single people, they also disregard a three bedroom house and prefer one or two bedroom units.
Epstien states that a probable reason behind this could be that people now prefer to live alone instead of having roommates or other individuals under a single roof.
There are other reasons as well as to why single room units have become so popular, such as single women. Compared to the old days, a lot of women have graduated and are also employed. Most of these prefer to live alone and so they choose to rent a single room apartment instead of buying a house.
Another factor is inflation, which has affected the real estate market to a certain extent. With prices rising high, everyone is interested in bringing down their expenses. Since a large number of someone’s income is devoted to rent, many individuals are now trying to reduce it so as to decrease their overall monthly costs. Single bedroom units can be rented at a fairly lower price when compared to two and three bedroom units. Thus, they serve as a great budget controlling tactic.
The only exception for three bedroom units are families who move to Houston on short notice periods. Since these families are now in the region, they often consider renting a three bedroom apartment for a year or so until they can afford a single family home. The Woodlands is a popular community for these types of people. Though these individuals do exist, their percent is very low, and the overall demand for three bedroom units has reduced.
