The statistics provided in the Spring 2018 Washington State Apartment Market shows that the vacancy rate for all types of Bellingham WA apartment units is about 1.3%. It’s also important to point out that the apartment vacancy rate in Washington has decreased from 6.5% (Fall 2009) to 1.3% (Spring 2018). It’s obvious that Bellingham WA real estate market is doing well and provides property owners with great investment opportunities. Let’s now take a closer look at the studio apartment market in Bellingham.
Studio Apartments in Bellingham WA
Studio apartments are a good choice for people who prefer to live alone in a smaller place. A studio unit comes with a single room, a separate bathroom and an open style kitchen. The single room in a studio unit serves as a bedroom and a living room. Traditionally, studio apartments lack storage space. On the other hand, studio apartments give people the perfect opportunity to save money on their utility bills. Another big advantage in renting a studio apartment is the maintenance and cleaning costs given their square footage.
Bellingham WA Studio Apartments Offer Great Investment Opportunities
The rental price of Bellingham WA apartments depends a lot on the apartment building’s location, unit size, amenities and property condition. On average, you’ll be able to rent out studio apartments in the Bellingham area for about $650 – $1650 per unit.
If we take a look at the apartment summery statistics provided by the 2018 Spring Apartment Market Report, we are able to see that the average rental price of 1 bedroom apartments in Bellingham is $934 and the average rental price of 2 bedroom apartments in Bellingham is $1,105. It’s also important to note that owners of 1 bedroom and 2 bedroom apartments in Bellingham need to spend more money to maintain their properties.
It’s pretty clear that studio apartments provide real estate investors with better rental income opportunities compared to 1 bedroom and 2 bedroom apartments.
How Much Do Bellingham WA Studio Apartments Cost?
The reality is only a few studio apartment buildings are usually available for sale in the Bellingham real estate market. It’s worth noting that apartment properties of this type are usually sold very quickly. A studio apartment building near Cambridge Square that consists of 84 units and totally occupies 59,388 square feet costs approximately $10,000,000.
Where to Look for Studio Apartments in Bellingham WA?
It’s important to know that different types of apartment buildings are available in Bellingham WA – studio apartments, 1 bedroom apartments, 2 bedroom apartments, 3 bedroom apartments as well as other types of apartment buildings.
According to the statistics provided in the 2018 Spring Apartment Market Report, only about 2% of studio apartment buildings are available for sale in the Bellingham WA area. All of this means that you may find it difficult to buy studio apartments in Bellingham and its surrounding areas.
You need to know that the vast majority of studio apartment buildings are located in the central part of Bellingham. There are also studio apartment buildings near Western Washington University (WWU), Cordata, Bakerview, and other areas.
Do you need buy or sell an apartment building in Bellingham WA? Or, maybe, you are interested in other types of multi-family buildings? Our expertise is commercial real estate in Bellingham and our primary focus is multi-family and apartment building sales.