Perfectly said! Should be our motto 
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One set of guests good, two sets baaaad. 
Points to anyone who recognises the vague literary reference.
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I’m sensing a new topic and a possibility for a poll !
Edit: I just created the new topic 
.
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Nope. But legs is close
To respond to these comments, we have no plan to make it a shared space. Our question is whether or not to turn it in to a 1 or 2 bedroom apartment? If it’s a 2 bedroom apartment, you would rent both rooms at once. Obviously you can charge more for a 2 bedroom, but does a 1 bedroom place get more traction. Does that overcome the price difference? Thanks for all your thoughts!
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It depends on if you want families / groups or a couple. Different types of guests with their own sets of challenges. I would rate a couple easier than groups, but groups may be more lucrative in your market. To be honest you’re going to need to research your local market to determine what will work best.
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Glad to see folk pointing out issues with having two sets of separate guests sharing a space. I’d overlooked the potential for these issues. Learn something everyday.
So revising my own take on this, I’d now be inclined towards the 2-bedrooms one-listing option, with the second bedroom costed additionally. Say it’s available for bookings of 3-4 people and (perhaps) locked up otherwise.
And @johnk0411, if you’re not comfortable about a person or couple who’s booked at any time, you could even present it as though you’re staying in the second room on-and-off, that way they’re likely to behave.
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Having 1 or 2 full bathrooms would make a big difference.
Two couples who are strangers, probably arriving at different times and days, sharing a bathroom in a basement apartment, where there may be sound, ventilation, cleanliness and even personality issues, would be unappealing at best. Can there ever be a good review from such a dreary situation? Think of it from the guest view.
Very good point. This could be the make-or-break.
The rooms would rent together vs. two different parties renting them.
No interest in two sets of guests. The question is whether one set of guests in a 1br or 2br is more beneficial.
It totally depends on your market. You should probably do your homework in your area. This forum has members from all over the world and what works in Poughkeepsie is not going to be beneficial in Glasgow.
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You misunderstood me.
A group of 2 adults and 2 children is one set of guests. A group of four adults is also one set of guests. A group of 2 adults is also one set of guests.
I could labour the point further if necessary.
The defining factor is the amount on the booking; i.e. the total amount of people you want in your property at any one time.
My point stands. It depends on if you want families / groups or a single couple. Different types of guests with their own sets of challenges. I would rate a couple easier than groups, but groups may be more lucrative in your market. To be honest you’re going to need to research your local market to determine what will work best.
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I think you’re splitting hairs here. If you are targeting guests who are traveling together, with a maximum occupancy of probably 4, what’s the difference if you’ve got 1 oversize or 2 bedrooms to offer. You may be of the school that if a couple wants to sleep in separate rooms, it’s available but it would be wise to increase the rate for such situation. Otherwise, what’s the point.
You could also lock off the second bedroom if you didn’t want to allow both to be used by just a couple or utilize it as a storage room. The practicality of having two rooms is definitely there but the noise factor should not be discounted. That, to me, would govern (and quash) any desire to have more than two in the basement. I have lived in a basement apt. and know first-hand how sounds echo and carry - upstairs and downstairs.
You keep using the word more “beneficial” but when pinned, I believe you specified you meant moneywise. Whether you are renting to a couple or a family, I think the price difference by having a large bedroom with additional sleeping areas would be negligible from having a second bedroom. After all, it’s all coming out of the same pocket.
It’s apparent no one on the forum has a similar situation but you have been given lots of food for thought.
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I do have somewhat of a similar situation as OP and posted. Two couples or 2 platonic friend are frequently splitting the bill in half.
In my market, a centrally located 2 br apt can rent from anywhere from $165-250/night. A similar quality 1 br apt is $130-180. So a very updated 2 br apt can bring in quite a bit more than a 1 br apt. (although I only charge 35-45 more a night for the 2nd br)
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Your rentals are probably more the “norm”. The OP’s situation is more unique because the space to be renovated is a basement, without ingress/egress and I’m assuming windowless. There are significant negatives to be considered, not the least being code violations.
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My apt is also in the basement of our single family home. There are several front windows, however, and even windows in each bedroom although those rooms are quite dark.
“Garden” apts in Chicago means basement and they are below street level and a very common form of apt housing in the city.
I should add that basement apartments in my city are generally cheaper than 1st, 2nd, 3rd floor units but it’s not that simple. My basement unit has a higher nightly rate than a few “non-basement” apts around the block since my apt is newer with more amenities. Since Chicago has an abundance of 3 level housing units that are mostly walk-ups, the garden level apt is sometimes considered a benefit for older guests (or those with young children) who don’t want to walk up and down too many stairs.
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I love garden apts., mother-in-law suites and the like. They have direct access to the outdoors and is a great home feature for possible rental.
The OP’s potential investment is a house with the usual enclosed basement with no mention of any outside access. It is not at all comparable to a unit like yours and is unlikely to generate anywhere near the rental rates you noted.
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Garden apartments at ground level are a different thing than basements located under ground. I would imagine those would get rather musty.
I think if you are going to convert a basement, please make sure it meets code for safety issues.
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