Renting an apartment is a substantial financial commitment beyond just monthly rent. Move in specials typically reduce the upfront costs associated with signing a new lease, making the apartment more affordable from the start. In this post, we’ll break down what apartment move in specials are and how to find them effectively!
What are apartment move in specials?
Apartment move in specials are incentives, discounts, or promotions designed to attract renters. These limited-time offers, such as free rent or waived security deposits, help reduce initial move in costs and make it easier for renters to secure a desirable apartment.
Move in specials provide renters with a financial break while helping landlords secure new tenants. These promotions not only make renting more affordable initially, but also incentivize renters to choose a particular property over others in a competitive rental market.
When do apartments have move in specials?
Apartments strategically offer move in specials at various points throughout the year for a multitude of reasons and circumstances. These may include:
The current rental season
During different seasons of the year, landlords strategically adjust their rental promotions to optimize occupancy rates. For instance, in off-peak seasons like winter, when demand traditionally dips, landlords may increase incentives to fill vacancies and sustain occupancy levels. Conversely, during peak seasons such as spring and summer, when rental demand is typically higher, move in specials might be less frequent or competitive.
Understanding timing gives renters the opportunity to secure favorable deals based on seasonal fluctuations in the rental market. By being aware of these seasonal patterns, renters can plan their apartment search methodically. This can potentially save money on move in costs or help secure desirable amenities that might only be included in specials during certain times of the year.
Competition in the market
In densely populated areas with numerous rental buildings, landlords may use move in specials as a competitive strategy to differentiate their properties and attract tenants amidst a crowded market.
Prospective renters can take advantage of this by comparing various move in specials offered by different landlords or property management companies. Not only can renters secure a better deal, but they may be able to negotiate for additional perks or upgrades by leveraging the competitive environment.
New development
Promotions and specials are routinely offered to attract renters to newly built or renovated properties, encouraging occupancy from the start. Leasing in a new development offers a significant advantage: renters can capitalize on introductory rental rates and incentives that are often exclusive to early occupants. It is very likely these opportunities will diminish as the property becomes stabilized and more established in the rental market landscape over time.
Building performance
Move in specials might be introduced if the building is experiencing higher vacancy rates or slower leasing activity than desired. By leveraging these promotions, landlords can swiftly fill vacancies, stabilize occupancy levels, and potentially enhance the overall appeal and reputation of the building within the rental market.
Understanding when apartments are likely to offer move in specials allows renters to strategically navigate their apartment search. By recognizing these patterns, prospective renters can capitalize on opportunities to secure favorable deals, negotiate for additional benefits, and potentially save on initial move in costs!
Types of move in specials
Apartment move in specials come in many forms and are largely based on location, the apartment building’s performance, local market conditions, and other various factors. Nonetheless, here are the common types of promotions you’ll likely encounter!
Free rent
Many apartment complexes offer incentives such as one month of free rent, often applied at the lease’s commencement. This promotion can sometimes extend beyond a single month, particularly in new developments. Understanding the financial impact of this incentive is key! For example, if your monthly rent is $2,500 on a 12-month lease with one month free, your net effective rent becomes $2,292 over the lease term.
This financial incentive proves beneficial to renters by reducing their overall housing costs. It effectively lowers their monthly expenditure and provides immediate savings that can be allocated towards other essentials or savings goals.
Pro tip: While this promotion can be enticing, it’s important to remember that the free rent offer typically only applies to the initial lease term. When this lease is up and you’re considering a renewal, be prepared for the possibility of returning to the regular rental rate, if not more. It’s crucial to budget accordingly and ensure you’re comfortable with any future financial increases after the initial promotional period ends!
Another pro tip: Many lease agreements include provisions regarding breaking the lease, which may require tenants to repay any concessions or incentives received at the start of the lease. Therefore, it’s important for renters to carefully review and understand these clauses before signing to avoid any surprises or unexpected financial obligations later on!
Reduced or waived security deposit
Security deposits can vary significantly in amount, ranging from a standard fee to as much as three months rent. Completely waiving or reducing the security deposit is uncommon due to its critical role in protecting landlords. However, some move in specials may provide alternatives such as half-off deposits or discounted options.
This type of promotion may reduce your upfront cost, but do consider the implications. By reducing or waiving this deposit, landlords may face increased financial vulnerability if tenants cause damage beyond normal wear and tear or fail to fulfill lease obligations. Therefore, verify in your lease agreement if there are clauses or terms that outline how damages or unpaid rent will be addressed without a full security deposit in place.
Waived application fee
Waived application fees are another common move in special offered by landlords. While it may not result in substantial savings, it can still save you up to one hundred dollars in some cases (sometimes more). It’s worth noting that in some states, application fees are completely waived and landlords are not allowed to collect them by law. Therefore, in order to gauge the value of this incentive, it’s important to verify the regulations in the state you’re considering moving to.
Preferred employer program
A P.E.P. is when an apartment complex collaborates with local employers to provide special benefits for their employees. This initiative aims to encourage workers from these partner companies to become residents. The incentives offered to preferred employers are determined by the apartment community. However, the common promotions we have seen are: a significantly reduced security deposit and a fixed dollar amount off the second full month’s rent.
Pro tip: If an apartment community offers a P.E.P and they are running a move in special simultaneously, it is highly unlikely you will be able to gain the benefit of both specials. Instead, the landlord will typically allow you to choose between the better incentive! Verify this with the property management team or landlord when considering an apartment.
Look and lease
A look and lease promotion encourages prospective renters to sign a lease within 24 hours of their apartment tour. While the specifics can vary by apartment, common incentives include: waived application fees, a free first month’s rent, reduced amenity fees, or gift cards. If you’re looking to lease quickly, this is a fantastic opportunity to take advantage of!
Prospective renters will likely encounter some iteration of these move in specials. However, always be on the lookout, as each apartment community may offer its own unique and creative incentive.
How to find apartment move in specials?
Prospective renters can find apartment move in specials from a variety of sources. Below are some invaluable resources to find the best deals:
- Listing sites: Apartment listing websites like Zillow, Apartments.com, and Rent.com frequently feature promotions in their listings, making it easy to spot great deals. Even better, you can filter your search to only display apartment communities currently offering specials.
- Apartment’s website: The official websites of apartment complexes can reveal exclusive offers and discounts directly from the source. In our experience, the apartment’s website is usually the most accurate and up to date.
- Real estate agents: Local real estate agents are also valuable resources, as they often have up-to-date information on available specials and can provide personalized assistance in your search.
- Social media: Following apartment communities on social media platforms can provide timely announcements and access to limited-time deals, ensuring you don’t miss out on any attractive offers.
If you have a flexible move in timeline and really like an apartment complex that isn’t currently offering a special, ask about their typical promotions and when they usually occur. The more you know, the better positioned you’ll be to secure a great deal.
Leasing lessons
Staying informed and proactive is key to maximizing savings and securing favorable terms during the apartment hunting process. By understanding when and how to find move in specials, renters can effectively navigate their apartment search and potentially save money upfront. Keeping an eye on seasonal fluctuations and competitive market conditions further enhances the chances of finding the best possible deal! Good luck!