A wall decor rental in Florida, for instance, cost $1,750 per month for a suite with two bedrooms, two baths, a kitchenette and a spa.
That’s the equivalent of $1.9 million for a typical $2.5 million home, according to an analysis by real estate analytics company Zillow.
That’s just for the standard suite, though, not for a large, multi-bedroom home with two or more bedrooms.
And that’s just the beginning of the cost.
For the standard unit, the average price for the three-bedroom condo would jump to $2,631, and the average for the two-bedroom unit would jump from $1 of the average condo price to $3,061, according the analysis.
The average for a four-bedroom apartment would jump again to $5,051, and for a six-bedroom, the price would jump even more, to $7,837.
In other words, it’s a $1 million condo with three bedrooms for $1 a month.
That makes a big difference.
If you’re renting out a room to a friend or family member, the cost for a full-sized condo with four bedrooms will be even higher, with the average cost of a four bedroom condo with a pool and pool tub rising from $3.8 million to $4.2 million.
And the average rate for a two-bed condo with two baths and a kitchen sink is also soaring.
The average rate is now $3 million, and in most cases, a four bed apartment with a bathroom and a sink would cost $6.8m.
The condos will be bigger, the units will be larger, and they will be more expensive.
But don’t fret if you’re a regular Joe.
A three-bed, four-bed and five-bed apartment, which would cost you $4,500 per month, would still be $2 million, so you won’t have to worry about any of that stuff.
If you’re thinking of renting out the room, just be sure to consider the size and location.
It will be different from a standard condo, because it’s going to be more of a large suite, but still a nice one.