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Updated about 5 years ago,
How much to add to rent for a private bathroom and a semi kitchen
I'm going to be managing a rental in a high demand area. It's a small bedroom and under normal circumstances such bedrooms are charged as if the tenant would be sharing a bathroom and a kitchen with other tenants also sharing a room, while also using a shared entrance.
Assuming it would be the case here, the price for my room based on the location and size would be between $722 and $920, with the average being $845. Let's assume the base for mine is in the middle or closer to the upper scale since the condition is good and the location is top notch.
In this case, however, the bedroom is actually a mini studio since it has a special entrance that other tenants would not use.
On top of that the bedroom has a small private bathroom (shower, toilet, sink, excellent cabinet with a mirror), with a slide door separating it from the room.
Finally the bedroom has a built in kitchen, including a stove, a fan, microwave, refrigerator, freezer and cabinets and drawers with plenty of space to prepare food.
The room still has space for a large TV and a coach or a desk or a table or whatever the tenant desires to place there. It also has a very nice window. Sure, the place is a bit crowded but it's well structured.
I can't seem to find a straightforward answer to my question which is:
How much more can I reasonably charge based on these extra features that other bedrooms in the area do not have that I have to figure out the local prices? I.e. private bathroom, private kitchen area (small within the bedroom though) and a private entrance.
I understand that It comes down to supply and demand but hopefully you can give me an idea of in which direction I can go when pricing the bedroom / mini studio.
I asked a similar question recently that only addressed a private bathroom and while it helped somewhat I'm a bit stuck here.
Thanks in advance!