Madrona Ridge offers apartment spaces in different price range depending on the number of bedroom and bath. The price of each apartment unit corresponds to the type of market whether for a family or individual residence. However, the price range of the apartment units in Madrona Ridge is also a result of demand. For instance, a one bedroom, one bath apartment costs from $1,125 to $1,512 (onthegreenhp.com). This price is highly attractive for most individuals living alone that makes a 1 bath and 1 bedroom apartment a highly in-demand unit for bachelors and frequently traveled working population. The increase or decrease in demand for apartment units has a direct effect to the price. The aforementioned price is similar to the price range with other property management companies. If the Madrona Ridge would like to like to take a step ahead of the competition, it is recommended to offer price advantage such as lower deposit of $250 instead of an outright deposit amount equal to the price of the apartment rent.
For two bedrooms and one bath apartment unit, the price ranges from $1,234 to $1,535 depending on the total square foot of space. This price on the other hand is more reasonable and needs not to be changed because it is low enough to be afforded by middle-income tenants. In addition, the demand for a two bedrooms unit is quite lower as compared to 1 bed and 1 bath apartment. It is because two bed apartments are normally popular among couples with no children and or individuals sharing apartment to save cost (Tolhurst). On the other hand, The three bedrooms and two baths units are priced between $1,497 to $2,365 and still depends on the size of the apartment space. This price is reasonable enough for families of five. Furthermore, the price of the apartment units in Madrona Ridge with two beds and two baths is very reasonable and does not need changing. The price range is just right for the target market and is even more competitive as compared to prices offered by the other property management companies.
Works Cited
Onthegreenhp.com. "1, 2 & 3 Bedroom Apartments in Mukilteo, WA | Floor Plans." Harbour Pointe Golf Course Mukilteo Apartments | On The Green in Mukilteo, WA 98275. Madrona Ridge, n.d. Web. 1 June 2014. <http://www.onthegreenhp.com/p/apartments/floor_plans_8051/mukilteo-wa-98275/on-the-green-8051>.
Tolhurst, Chris. "Why one-bedroom apartments are better." Smart Investor Premium. afrsmartinvestor.com.au, 26 May 2012. Web. 1 June 2014. <http://www.afrsmartinvestor.com.au/p/howto/property/why_one_bedroom_apartments_are_better_mj2t8Rxp0XfnYmJDHIqHsJ>.
