7 hidden secrets to getting the lowest apartment rates

By Ashley Grimaldo

Apartment hunting can beat you down. Just try a casual online search for apartments in your target area and you’ll be snared into a web of locators who will poach your inbox and cell phone with reckless abandon. No, apartment hunting is not for the faint of heart, and if you don’t know your way around the industry you’ll pay for your ignorance.

Renting is an attractive option right now if you are short on cash and need a place to stay. Sure you’d like to buy with housing prices so low, but unless you have a healthy 15 percent or more for a down payment you may be safer to rent and build up wealth first.

Apartment prices have not tanked, at least in most cases, but they have become more competitive. It’s much easier to qualify for a lease now, even if you’ve broken leases or declared bankruptcy in the past. The current economic climate has encouraged a more lax approach to accepting tenants; so don’t assume that some bruises on your financial history will keep you out of a nice community.

Although the following list is not exhaustive, it will give you a good idea of what you can negotiate when signing a lease. Most apartment owners have complicated systems that issue different prices for available units each day. It’s not like buying a car—the leasing agent and manager can only do so much. These perks and discounts may or may not apply in your area, but it can’t hurt to check them out.

1. Look and Lease Specials

The most important piece of information is to do your research well in advance before setting foot on property. Do your own drive through (if you can sneak through the gate), look at floor plans online, research apartment ratings, and call for availability ahead of time. One of the deals you can sometimes score is a 24-hour look and lease special—the leasing agent shows you the property and will offer it below market rate if you sign a lease within a day.

2. Shop Around

Take your floor plans and pricing sheets with you to compare places. After seeing half a dozen they all blend together. The bottom line rent may not be the whole picture. Find out what is included and what is extra. Does the community have a functional gym that can save a $40/month membership fee? Are all bills paid? What cable company and electric companies are allowed on site and how do they compare? How much are the initial fees? Keep a spreadsheet to organize your information.

3. Free Move Locators

Depending on your area, apartment locators can have a tremendous impact on your up-front costs. Some of my favorite locators are ones that provide an additional service for you, like a free move. I have moved twice with an apartment locator service that offers complimentary movers and truck and it has saved up to $300 each move. You might have to enlist your buddy with the pickup for some extra valuables and furniture, but it is well worth it. To take advantage of it you must tell the leasing agent who referred you upon showing, since the locator service is only paid when they are listed as the referring locator.

4. Fees Negotiable

Administration fees, pet deposits/pet rent, and other initial fees can add up to $500 or (much) more. For additional bargaining power, know that management can curtail many, if not all, of them. Some fees will be waived as part of a special, but it’s always good to inquire if you present yourself as having to choose between several communities.

5. Renewal Tips—renewal party, money off 1st month

After you’ve lived in your pad for the entirety of your lease you may notice that Average Joe walking in from the street can get a better deal on a unit than you, a proven, reliable tenant who pays early each month. This will infuriate you and make you feel like a number. Apartment owners assume that you’re willing to pay a bit more the following renewal period since moving is such a hassle. Be proactive and find out what specials the new move-ins are getting. Request the same deal and threaten to jump ship if they don’t honor it. Also stop by the renewal parties, if your community offers them. Many give away one month free of rent, washer/dryers, or even flat screen TVs (plus you get a free meal out of it).

6. Unit Location

Not crazy about a fourth floor walkup or the brick wall view? Depending upon availability and occupancy rates, you might be able to get an identical unit in a more desirable location for the same price. The least expensive units (in the hot months) are east and north facing—they don’t catch the painful direct sunlight in the afternoon.

7. Free Storage

If you’re on the fence with deciding between two communities, let each leasing agent know it. If they’re in a pinch and need to raise occupancy percentage they’ll throw in extras like storage or a garage. Parking spaces are likewise negotiable. Know you live in a culture that doesn’t value bargaining and wield the little power you have to get the best deal—it can’t hurt to ask.

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Monday, Oct. 05, 2009

7 hidden secrets to getting the lowest apartment rates

By Ashley Grimaldo