Rental Rates in Royal Oak – The Cost Breakdown
Spring/Summer is truly the busiest time of the year for Royal Oak Real Estate. With all the medical residents moving to our area, along with our beloved professional athletes, movie industry types and the general masses the typically low inventory is in even higher demand. We will see a slight increase in rental rates during the 2013 Spring and early Summer move-in period, especially if the inventory remains low. The best advice I can give when looking for a space to lease is to become aware of price ranges, in other words: What can you get for the money.
$700 - $1,000 Price Range
If this is your price range you will likely find a 1-2 bedroom apartment or duplex with square footage ranging from 500SF - 1,000SF ( if you're lucky!) Residential leases are also available if you don't mind some lawn maintenance. Tenants will tend to get a bit more space for their money when choosing to lease a free standing home as opposed to an apartment.
$1,000- $1,600 Price Range
In this price range you are entering into a more updated home or condo. Spaces which would be likely to lease in the range are 700SF-1000SF and have been updated in the last 8-10 years. These spaces likely come with either a garage space or in-unit washer and dryer. If you are comfortable living closer to 13-14 Mile there are a number of updated apartments which fit this price range, along with cute Bungalow style homes throughout the area.
$1,600 - $1,850 Price Range
If you're preference is to be in downtown Royal Oak this is your entry level pricing for a condo, town-home or loft. The downtown units are typically 2 bed and 1.5 or 2 bath. These are the more updated units and are around 1,000SF. Complexes that accommodate this price range are Maryland Club Condos and Station 3 Lofts.
$1,850 - $2,700 Price Range
This is a very realistic price range if you are looking for the Loft Living Experience. While there are 1 bedroom units to be found in this price range the most common loft is a 2 bedroom, 2 bath unit around 1,000 SF with one or two assigned garage spaces and in-unit laundry.
Buildings within this price range: The Fifth, Skyloft, Skyloft Market Square, Main North Lofts, Main Street Lofts, Center Street Lofts, Troy St Lofts and 614 Troy Street Lofts.
$2,700 - $4,000 Price Range
This is a fancy fancy Price Range! These will be the highest end and updated penthouse units. You'll likely have a private entrance along with multiple balconies and possibly a furnished unit.
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