1 bedroom house apartment available

Magnumst · Dec 17, 2014

I just finished building a 775 sf. 1 bedroom apartment in a buddies house. ( On 25 acre farm)Private entrance, covered porch Full kitchen, utilities included( not cable) $1050 a month.

PS. Less the 5 miles from AGC

Vile Shadow · Dec 17, 2014

He may have a tough time renting that at that price.

Shemp · Dec 21, 2014

Sling Blade said:
He may have a tough time renting that at that price.

Why, may I ask

Vile Shadow · Dec 21, 2014

Just my opinion, but that price for a 1 bedroom apt seems WAY high.

Name Taken · Dec 21, 2014

Sling Blade said:
Just my opinion, but that price for a 1 bedroom apt seems WAY high.

Depends on location.

And if it includes utilities it's not bad at all if it's in the right spot.

Most apartments in the better parts Baltimore County are going to be 800-1000 and that's before BGE.

If it's a newly renovated location in a nice location it seems about average.

Drew1340 · Dec 21, 2014

in the burbs some one bedroom apartments are hitting the 1300 to 1500 range... and you don't have a farm...

Name Taken · Dec 21, 2014

Drew1340 said:
in the burbs some one bedroom apartments are hitting the 1300 to 1500 range... and you don't have a farm...

5 years ago before we bought our house we were paying 970 for a 1 bedroom in a complex. I'd guess that rent is well over 1,000 now. Still had to pay BGE, water, and cable.

And we had to deal with loud and annoying neighbors/children and at times bad parking.

Straightshooter · Dec 21, 2014

Had a friend check rates in the area four years ago when I put a 2 br brick rancher on the rental market. She concluded that the average rent is about $1/ sf. I get $1550/more not including utilities. A tenant can run you broke with utilities included.

SRD · Dec 21, 2014

I know a few people who are happy to rent for equal or more than what a mortgage would be,less headaches and out of pocket expenses.

bkuether · Dec 21, 2014

I wrote a lengthy reply, essentially saying "You're crazy".

But then, I remembered that I do in fact have an Urban Geography degree, and was trained in GIS.

I took a look at comparable properties in the area, and there are none. That means supply is low. Low supply can drive higher prices depending if any meaningful demand exists. From AGC, Columbia MD is not that far, just down Marriottsville Road to 70. Heck I commute to Columbia and I am on the Sykesville/Marriotsville boarder. Owings Mills is not that far and Eldersburg isn't out of the commuting question either. It is not inconceivable that some demand could exist for this property. I think it still has to be the right person, as it is attached to another dwelling, and basically out in the middle of nowhere.

My guess is, given enough time or the right person, that price isn't out of the question, especially with utilities included.

Anotherpyr · Dec 21, 2014

It sounds crazy, but I believe that is actually a good price when you look around.

Ganegrei · Dec 21, 2014

That price is the mortgage payment for my whole house.

Name Taken · Dec 21, 2014

Ganegrei said:
That price is the mortgage payment for my whole house.

Yeah...and when something breaks who has to fix it?

I have a separate savings account for our "house items". I put a considerably amount of money out of each check into that fund. At the end of the year it's surprising how much you spend in repairs of up keeps.

No 2nd mortgage or home equity loans for us thankfully.

fabsroman · Dec 21, 2014

Name Taken said:
Yeah...and when something breaks who has to fix it?

I have a separate savings account for our "house items". I put a considerably amount of money out of each check into that fund. At the end of the year it's surprising how much you spend in repairs of up keeps.

No 2nd mortgage or home equity loans for us thankfully.

Depends on whether one can do the repairs. Things are a lot cheaper when it you only have to pay for materials.

Also, if you can buy a house and have the same mortgage payment, including taxes, that it would cost to rent, at least a portion of every month's mortgage payment goes toward principle. Of course, there is the down side risk of the value of the property depreciating.

End of the day, renting is alright for some, and not the best move for others. It really depends on a lot of factors.

Doctor_M · Dec 22, 2014

Not out of line for rent if it is a nice place (perhaps a bit higher than average, but not by a lot). Am putting a small 2 BR townhouse in Westminster out for about the same... no utilities, but I'm covering the HOA fee. If you are looking for a place to rent below 1K, there are pretty slim pickings... the few places you can find in the 600-800 range are generally not places you would want to live. Just my observations.

GTOGUNNER · Dec 22, 2014

There is an old saying. "You buy the place you live in." You may not be buying it for yourself. But you are definitely buying it for your landlord.

bkuether · Dec 22, 2014

Ganegrei said:
That price is the mortgage payment for my whole house.

And that is where I was going. However there are certain realities. One is that we have an artificially low interest rate environment, causing exceptionally reduced house payments. (a good thing if you can afford a house). The other, is that the housing crash drove a lot of folks to walk away from their mortgage, when the rates started moving up. (ARMs). Guess where they went? Apartments. So that had the effect of driving demand, which we all know, can and will increase the price.

I suspect, among other factors, that price elasticity plays here as well. My suspicion is that apartment rents (in this geographic area anyway) are in-elastic, due to overall higher demand and limited supply. No scientific study done, just gut feel.

fabsroman · Dec 22, 2014

bkuether said:
And that is where I was going. However there are certain realities. One is that we have an artificially low interest rate environment, causing exceptionally reduced house payments. (a good thing if you can afford a house). The other, is that the housing crash drove a lot of folks to walk away from their mortgage, when the rates started moving up. (ARMs). Guess where they went? Apartments. So that had the effect of driving demand, which we all know, can and will increase the price.

I suspect, among other factors, that price elasticity plays here as well. My suspicion is that apartment rents (in this geographic area anyway) are in-elastic, due to overall higher demand and limited supply. No scientific study done, just gut feel.

The reduced interest rate results in increased house prices. If interest rates go up, those selling homes will have to reduce their prices because people just will not be able to afford the monthly payments. Let's face it, most people look at how much house they can "afford" based upon what the monthly payment is going to be over the remainder of their lifetime. As interest rates go up, so does the amount of the monthly payment, unless home prices go down.

Magnumst · Dec 27, 2014

This is a brand new (from the ground up) ground floor apartment with a large covered front porch (8'x20'), new kitchen with all new appliances, carpet, ceramic tile in kitchen and bathroom on 25 acres with no ground maintance. And if you figure in the cost of utilities at about $300 for gas and electric, $750 rent is a resonable price. And as others have said there are people that walked away from there mortgages and don't have a choice but to rent. Anyone interested I can get pics.

BlackBart · Dec 27, 2014

OK............ once you let him in how do you get him OUT if he decides to be a dead beat squatter? :sad20:

1 bedroom house apartment available

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