The Triple Constraint of Apartments

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Abstract

ommon-man-6face471cc0f">houses</a> as well) are:<ul><li>Price</li><li>Location</li><li>“Quality”</li></ul>Price and location are straightforward. Quality references the actual apartment unit and building itself. Is it new, clean, or spacious? Does it have new appliances? What’s the square footage? etc.Everyone’s price range will vary, but one can compare their apartment to similar-sized units nearby.And everyone’s preference will also vary; some prefer downtown areas, while others prefer to live in a quiet neighborhood.But the common theme is that only two are achievable.<ul><li>An apartment can be in a great location and of great quality, but it won’t be cheap.</li><li>An apartment can be cheap and of great quality, but it won't be in an ideal location.</li><li>And an apartment can be in a great location and inexpensive, but not good quality.</li></ul>The combinations go on, but the premise is that it is nearly impossible to find an apartment that fits all three.<h2 id="b122">

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Similar Struggles Elsewhere</h2>This concept of achieving only two out of three desired parts is not exclusive to apartments.The “fast, good, or cheap ” slogan paraphrases the Iron Triangle, PM Triangle, or Triple constraint. This idea originated and is common in business applications — most notably project management, except their three concerns are cost, scope, and time.<figure id="0f51"><img src="https://cdn-images-1.readmedium.com/v2/resize:fit:800/0*J5CY8cW6q7ovQEgb.png"><figcaption><a href="https://dev.to/pramudaliyanage/triple-constraints-the-project-management-triangle-2dk">Source</a></figcaption></figure>While this theory can apply to business or apartment hunting, it can also apply to other aspects of life. You can never have what you want, where you want it, when you want it, and for how much you want to pay.<a href="https://readmedium.com/how-to-build-generational-wealth-bc705513e3f0">There are always trade-offs</a>, one of the first and most important Econ 101 lessons.</article></body>

You’ll never find one that meets all your expectations

After some big changes in my life, I recently moved into a new apartment. The place is extraordinary, right in the heart of downtown, and can’t have any downside, right?

If something sounds too good to be true, it usually is.

Everything is great, except the price.

As I sit on my floor (I don’t have any furniture yet), I realize that there are three major components to an apartment; and none can have all three.

The Three Components of an Apartment

In no particular order, the three major items to consider when looking at new apartments (and houses as well) are:

Price

Location

“Quality”

Price and location are straightforward. Quality references the actual apartment unit and building itself. Is it new, clean, or spacious? Does it have new appliances? What’s the square footage? etc.

Everyone’s price range will vary, but one can compare their apartment to similar-sized units nearby.

And everyone’s preference will also vary; some prefer downtown areas, while others prefer to live in a quiet neighborhood.

But the common theme is that only two are achievable.

An apartment can be in a great location and of great quality, but it won’t be cheap.

An apartment can be cheap and of great quality, but it won't be in an ideal location.

And an apartment can be in a great location and inexpensive, but not good quality.

The combinations go on, but the premise is that it is nearly impossible to find an apartment that fits all three.

Similar Struggles Elsewhere

This concept of achieving only two out of three desired parts is not exclusive to apartments.

The “fast, good, or cheap ” slogan paraphrases the Iron Triangle, PM Triangle, or Triple constraint. This idea originated and is common in business applications — most notably project management, except their three concerns are cost, scope, and time.

While this theory can apply to business or apartment hunting, it can also apply to other aspects of life. You can never have what you want, where you want it, when you want it, and for how much you want to pay.

There are always trade-offs, one of the first and most important Econ 101 lessons.