Real Estate Marketing 101: “Alcove” vs. “Studio” Apartment

Is an “alcove apartment” easier to rent than a “studio?”

Apparently, at least one Twin Cities developer seems to think so.

So far, the term only seems to be a feature of the rental market: out of almost 1,000 condo’s currently for sale on the local (NorthStar) MLS, only five use the term — and not as a synonym for “studio,” but as a substitute for “nook” (e.g., “gas fireplace, alcoves for cabinet, 10′ ceiling, etc.”).

P.S.: the vast majority of the building cranes evident in the Twin Cities now appear to be for apartment (rental) buildings, not “For Sale” condo’s.

Someone (read, “lenders”) seems to think that’s the better bet right now . . .

 



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