Rent a condo or hotel?
A 900 Sqft 2BR in new condo PARC and a 750 Sqft 1BR in new fancy hotel/condo OLIVE 8 cost about the same to purchase. Which one do you think will command higher rent?
The concept of a hotel/condo is fairly new in Seattle and some investors wonder if they would be better off going with a classic condo or hotel/condo hybrid given that you can get a bigger classic condo for the same price as a smaller hotel/condo – not to mention lower dues.
Currently, there is not enough data to test the market response on condo/hotel rentals so I posted a poll to ask readers which type of residential living they think will command a higher rent, a classic condo or hotel/condo hybrid. I used a 2BR in The Parc in Belltown and 1BR in Olive 8 as an example.
The result was quite interesting. 62% of the readers believe that a one bedroom in Olive 8 will command a higher rent.
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