Use the information below to find deals on apartments from $600 per month.
Are you considering a move into a new apartment but are unsure whether it is a good time to do so? According to Real Estate Data for 2020, the national average for rent was down almost 1.4 percent. That may not sound like a lot, but that translates into several hundred dollars off the cost to rent, and the downturn in the economy has made many property management companies offer many incentives and perks for those looking to move into an apartment. This is especially true in more urban areas. If you are considering a move into a new apartment, consider that there are more vacancies than you may think. There are plenty of easy to use websites that can be a great start to your apartment search, like this one. Here’s how to find a great apartment at an excellent price point.
Think Small to Live Large
If you want to have a greater number of apartments to choose from consider selecting apartments with smaller footprints. Many stylish loft apartments or studios are small on size but huge when it comes to amenities and higher end appliances. Many renters limit themselves to staying within a geographic area or neighborhood. You increase your chances of finding a really good deal and more apartments available if you expand your search area and include apartments that are 1-2 bedrooms at most. Try inputting these settings into an apartment search site, like ApartmentFinder.com and see what you find. Real estate agents report that the smaller the apartment, the more negotiating power you have. This is because the larger apartment complexes in the larger cities have been hardest hit by the pandemic and are very willing to negotiate, often removing application fees or waiving deposits.
Ask the Important Question
One of the most significant questions you can ask or discover is how long the apartment has been vacant. Landlords do not make money on units that stand empty for more than a couple of months. Find out how long the unit has been listed as vacant, and then negotiate for incentives such as no down payment, first month free, or other free amenities such as premium parking spots or free gym memberships.
Top Ways to Find Apartment Vacancies and Deals
The secret to finding a great apartment vacancy is to have a strategy that includes looking at those rental areas that are likely suffering the most economically in the current Covid-19 environment. Additionally, if you do not have the time to plot, plan and procure a new apartment, there are people whose business revolves around locating apartments for others. Having all of the necessary paperwork already on hand is also a way to get the jump on other would-be apartment hunters. If you are on the hunt for an apartment here is another great site to consider using for your search.
New Apartment Construction Sites are Desperate
New apartment complexes that were under construction prior to the pandemic have limped along. Those apartment buildings who managed to finish construction were faced with a population who were isolating and who certainly were not looking to move. What a difference a year makes. Now these apartment complexes are financially facing ruin if they do not fill their vacancies. This gives you massive leverage when it comes to negotiating a lower rent, increased access to amenities, preferred parking or a reduced (or waived) application fee. So, how do you find new construction apartments? Go onto any of the online apartment search sites, type in the areas in which you would like to find an apartment. When the listings come up, find where it lists how old the apartment is. If it is not listed, pick up the phone and call. If it was built in 2019-2021, it is new and the likelihood of you getting a great deal is higher.
Use an Apartment Locator to Work for You
Apartment locators are individuals who work on your behalf to find a great rental situation for you. They do not charge a fee, but rather earn a commission from the apartment complex when you sign a lease. Apartment locators can save you time, money and the hassle of dealing with property managers who only show you the model apartment and not the actual unit that is available (with all of its potential flaws). To find an apartment locator near you, either call a real estate company who can act as your locator, or find a professional apartment locator by doing a keyword search using the terms “apartment locating service” or “apartment finding services near me”.
Go Social to Find Great Apartments
Use the power of social media to find a great apartment. Simply let your family and friends know that you are interested in finding a great apartment and enlist their help in locating some good ones. Better still, see if anyone in your immediate circle of friends are interested in switching apartments, or letting you know when they are ready to move from their own apartments. If you are willing to be patient and you like your friend’s or family’s apartment, then you could score a great deal, and you will have the edge over others competing for the apartment because you know when it is becoming vacant. Many landlords prefer to rent to those whom they have a relationship and if the relationship with your friend or family has been good, that referral is as good as gold.
Documents to Have on Hand
While you are still in the search phase, make your life easier by already having the following documents ready as a type of rental resume:
Pre-filled Apartment Application (filled out online)
Current copy of your credit report
Letter of reference from a past landlord
Any recent apartment leases you may have
Proof of employment (paystubs or tax returns)
Short summary about yourself, your family, your pets and your lifestyle