Even during a pandemic, summer remains the prime season for apartment hunting. Whether you're looking to relocate to a new neighborhood or move across the country, there are plenty of renters in the same boat. This year, with the aftermath of COVID-19, many are seeking ways to save money. Luckily, more property managers are offering move in specials, even in luxury complexes.
If you've been patiently waiting for the opportune moment to upgrade your rental situation without breaking the bank, now is the time to take action. You could find your dream apartment and save a significant amount of money in the process.
Finding Move In Special Apartments
Move in specials are a common strategy used by properties to increase demand and attract new renters. These specials are usually limited-time offers available during the first month of your lease. Some renters may be skeptical, thinking that a move in special must be too good to be true. However, during periods of low demand, such as the current coronavirus pandemic or an economic downturn, move in specials become more prevalent. They give landlords the leverage they need to attract the best tenants and fill vacancies.
What Are Move In Specials?
Move in specials can vary depending on your city, apartment complexes, and the state of the market. Here are a few of the most common move in specials you may encounter while apartment-hunting:
1. Waived Application Fees
Application fees can quickly add up, especially if you're applying for multiple apartments in a competitive market. They usually range from $50 to $74, with an average of $51. Fortunately, many move in specials include waived application fees. While this is a nice perk, it's important to note that there are often more competitive deals available if you search the market thoroughly. If you're new to renting, take the time to familiarize yourself with the apartment application process and associated fees.
Average Application Fees
2. Reduced or Waived Security Deposit
Security deposits can be a significant expense when searching for an apartment. The typical security deposit is equal to one month's rent, but in some cases, it can be as high as three months' rent. This can be a considerable burden on your savings, especially in pricey rental markets. While fully waived security deposits are rare, you may come across half-off options or other discounted security deposit deals. Some apartment complexes even offer alternatives, such as replacing the security deposit with a smaller one-time fee.
3. First Month Free
Believe it or not, you can find apartments with move in specials that offer discounted rent. Keep an eye out for specials that provide six weeks to two months of free rent. Depending on the area, you may even find larger discounts available. While it may be tempting to allocate the savings towards a more expensive apartment, remember to only rent within your long-term means. The discount is usually prorated across the lease term.
4. Look-and-Lease Deals
During a sluggish rental market, landlords are eager to secure leases as quickly as possible. As a result, you may come across discounts on rent or other special deals when touring and leasing an apartment on the same day. While these deals may seem enticing, be sure to have all your bases covered. Before signing a lease, ask the landlord the 12 crucial questions to ensure a smooth rental experience.
5. Deals on Longer Lease Lengths
Landlords prefer the security and stability of long-term tenants. By signing a longer lease, you can usually negotiate a lower monthly rent. On the flip side, month-to-month and short-term leases tend to be the most expensive options.
How Are Move In Specials Factored Into Your Rent?
While the prospect of eight weeks of free rent is undoubtedly appealing, it's important to understand that you aren't truly living "rent-free" for two months. Move in specials are typically prorated into your overall monthly rent. For example, if you sign a 12-month lease for an apartment that costs $1,500 per month and receive two months of free rent, $3,000 will be deducted from your lease. This will bring your new monthly rent rate to $1,250. A move in special that reduces your rent can provide significant savings, allowing you to allocate more money towards savings, groceries, and utility bills.
When Do Apartments Have Move In Specials?
While apartments can offer move in specials throughout the year, they are most common during periods of lower demand, such as the winter months. The apartment market has its seasons, with higher demand in the summer and lower demand in the winter.
How to Find Move In Specials Near You
Finding apartments with move in specials online can sometimes be challenging. However, with Apartment List, the search becomes effortless. Take our easy quiz to find matches that align with your budget, preferred locations, and desired amenities. Once you're matched, keep an eye out for red move-in special alerts as you browse through options.
Move in Specials
Tips for Finding the Best Move in Special Apartments
Apartment List offers several features to help you identify the best move in special deals. Our Net Effective Rent feature allows you to search specifically for move in specials and see their true value. By deducting rent specials from the total rent you would pay over the lease term, we provide you with an average estimated monthly figure. This enables easy comparison of the total cost between different properties.
Additionally, Apartment List offers a simple tagging system that allows you to keep track of apartments you "Love" or are considering revisiting. Once you have a solid shortlist, you can quickly compare rates and deals across all the apartments you've selected.
Lease Savings and Rent Savings
Ready to Move?
Moving can be a hassle, but finding a move in special that saves you a significant amount of money can sweeten the deal. From months of free rent to look-and-lease deals, you can find the perfect special for your situation and start packing for your dream apartment.
Move in Special Apartments FAQs
Q: What is the hardest month to rent an apartment?
A: Apartments are most in-demand during the summer months, from June to August. The weather is usually more accommodating for moving, and students often look to relocate outside of the school year.
Q: What month do most leases end?
A: Most people sign 12-month leases from June to August, meaning these months are also when most leases are likely to end. Keep in mind that while there may be more available apartments in the summer, it is also the busiest time for apartment hunting.
Q: What time of the month is rent the cheapest?
A: The winter months generally offer the best opportunities to find deals on rent, such as move in specials. People tend to move less frequently in the middle of the school year and during inclement weather.
Q: What are some red flags to watch out for with move in special apartments?
A: Move in specials that turn out to be rental scams often share common features, such as offers that sound too good to be true, frequent misspellings or errors in the listing, leasing agents declining property tours, agents requesting money upfront (besides an application fee), and the inability to find the property online or on maps.
