Are you contemplating a relocation to a new apartment but uncertain about the timing? Recent real estate data from 2020 indicates a national average rent decrease of nearly 1.4 percent. While this may seem insignificant, it equates to substantial savings of several hundred dollars on rental costs. The current economic downturn has also prompted many property management companies to offer enticing incentives and perks to attract prospective tenants, particularly in urban areas.
If you are planning to move to a new apartment, it is worth noting that more vacancies are available than you might anticipate. Numerous user-friendly websites, including the one mentioned here, can serve as excellent starting points for your apartment search. Discover how to secure a remarkable apartment at an exceptional price point.
Think Small to Live Large
Consider opting for smaller units to broaden your options and access a wider range of apartments. Many trendy loft apartments or studios may have compact footprints, but they boast an array of amenities and high-end appliances. Instead of restricting your search to a specific neighborhood or geographic area, expanding your search radius to include apartments with one or two bedrooms at most can increase your chances of finding exceptional deals and greater availability of options.
Utilize apartment search websites like ApartmentFinder.com and adjust the filters accordingly to explore the results. Real estate agents indicate that smaller apartments provide more negotiating power. This is primarily because the pandemic has significantly impacted larger apartment complexes in major cities. They are often open to negotiation, which may include removing application fees or waiving deposits.
Ask the Important Question
One of the crucial inquiries to make or uncover is the duration of the apartment’s vacancy. Landlords aim to minimize the time their units remain unoccupied as it directly impacts their profitability. You can leverage this information during negotiations by determining how long the apartment has been listed as vacant. Consider negotiating for enticing incentives such as a waived down payment, the first month of rent for free, or additional perks like premium parking spots or complimentary gym memberships.
Top Ways to Find Apartment Vacancies and Deals
Unveiling an excellent apartment vacancy lies in formulating a strategy that involves exploring rental areas that are likely experiencing economic challenges in the current Covid-19 climate. Furthermore, if you lack the time to meticulously research, plan, and secure a new apartment, there are professionals dedicated to assisting others in locating suitable apartments. Being well-prepared with all the required documentation can also give you an edge over other prospective tenants. If you are actively searching for an apartment, here is another recommended website to consider for your search.
New Apartment Construction Sites are Desperate
New apartment complexes that were under construction before the pandemic faced significant challenges. Those that managed to complete construction encountered a population that was in isolation and not actively seeking to move. However, the situation has drastically changed within a year. These apartment complexes now face financial strain if they fail to fill their vacancies. This presents a prime opportunity for you to negotiate a lower rent, enhanced access to amenities, preferred parking, or even a reduced or waived application fee.
So, how can you find new construction apartments? Simply visit any online apartment search site and enter the desired areas where you would like to find an apartment. When the listings appear, check for the age of the apartment. If it’s not specified, don’t hesitate to make a phone call to inquire. If the apartment was built between 2019 and 2021, it is considered new, and the likelihood of securing a great deal is higher.
Use an Apartment Locator to Work for You
Apartment locators are dedicated professionals who work on your behalf to help you find an ideal rental situation. They operate on a commission basis, earning their fee from the apartment complex when you sign a lease. Engaging the services of an apartment locator can save you valuable time, money and the inconvenience of dealing with property managers who may only show you the model apartment, rather than the actual unit available, with all its potential flaws. To locate an apartment locator near your location, you can either contact a real estate company that provides such services or conduct a keyword search using terms like “apartment locating service” or “apartment finding services near me.”
Online Apartment Resources
The internet is the ideal starting point when embarking on an apartment search. Utilizing convenient and free online apartment search resources can help you discover the perfect apartment within a matter of days or weeks. An excellent feature offered by apartment finder sites like Apartments.com is the ability to find exceptional deals on apartments in your vicinity. Numerous apartments provide enticing move-in specials or deals that offer discounts on rental prices. Common deals include the first month free or two months rent-free. The provided link showcases current apartment deals, including free options for the first month or two months.
Apartment finders offer a multitude of enticing options, and ApartmentFinder.com stands out as an excellent tool for apartment searches. The platform provides multiple tools that allow users to customize their search based on specific parameters. One popular search category is affordable luxury apartments. While luxury apartments are often associated with high prices and upscale penthouses, it is actually quite easy to find a one-bedroom luxury apartment for as little as $500 a month in many parts of the country. Similarly, finding a two-bedroom apartment for as low as $600 a month is readily achievable in numerous cities across the nation.
While such incredible prices may not be available in the heart of New York or Los Angeles, an affordable luxury apartment could be just a stone’s throw away. Saving on apartments can be a breeze when you take advantage of the available tools at your disposal.
Go Social to Find Great Apartments
Harness the power of social media to discover an excellent apartment. Inform your family and friends about your search for a great apartment and request their assistance in finding suitable options. Furthermore, explore the possibility of anyone within your immediate circle of friends who might be interested in apartment swapping or notifying you when they are ready to move from their current apartments. By being patient and considering a friend’s or family member’s apartment, you have the potential to secure a fantastic deal.
Additionally, having a personal connection with the landlord can work to your advantage, as many landlords prefer renting to individuals who come with a recommendation from someone they know. If you have maintained a positive relationship with your friend or family member, their referral can be as valuable as gold in the eyes of the landlord.
Documents to Have on Hand
Streamline your apartment search process by preparing a rental resume with the following essential documents in advance:
- Pre-filled Apartment Application (completed online)
- Current credit report
- Letter of reference from a previous landlord
- Copies of recent apartment leases, if applicable
- Proof of employment, such as paystubs or tax returns
- Brief summary introducing yourself, your family, pets, and lifestyle
Having these documents readily available will save you time and make it easier to submit rental applications during your apartment search.