Fall Rent Specials That Make Moving in Autumn a Breeze

While it may not rank up there with fall leaves, bonfires, and pumpkin spice everything, fall rent specials are something to celebrate. With sticker shock occurring on everything from Halloween candy to heating this season, you might be surprised to learn there are great deals being offered by apartment communities across the country. There’s no doubt that fall is one of the best times to move. Aside from the great deals you can get, the weather is perfect and you can live in a home with an amazing fall view!

Key Takeaways

• Fall rent specials exist because demand drops after summer, when most leases end and most people move.
• Common specials include one or two months free, rent credits, reduced security deposits, waived fees, occupation-based discounts, and freebies like Wi-Fi or parking.
• On Apartments.com, specials appear on the listing, below the photo and rent price.
• Fall is a slow leasing season, so rent specials are often negotiable, especially if you offer a longer lease.

Don’t break your current lease to chase a special. The penalty can cost more than the deal saves.

Why do apartment communities offer rent specials in the fall?

Apartment communities offer fall rent specials because fewer people move after summer, and a vacant unit costs them money every month it sits empty.

Because of the warm weather and schools being out of session, most people move during the summer. Most leases also end during the summer, so there’s ample availability from May to September. While there are plenty of apartments to choose from, the rates tend to be higher since more people are looking for apartments, and you might find it much more difficult to negotiate rent during this peak season.

After the kids head back to school and the temperatures begin to cool, people are focused on the upcoming holidays rather than moving. There are fewer apartments available, but there are also far fewer people wanting to move. Because of this, the apartments that are available tend to get listed for lower rates, or the community might offer special deals to entice potential renters to sign a lease.

How to Find Rent Deals on an Apartment

Everything is getting more expensive, and that includes rental prices. According to Apartments.com data, rents are trending up, rising 0.9 percent in the last year. Saving a little by moving during the fall when prices tend to be lower could make a big difference to your budget, but how do you find a great deal?

• Search your city on Apartments.com. Search for a city or neighborhood on Apartments.com. If an apartment community or rental home is offering a special, you'll see it displayed on the listing, below the photo and the rent price. In the example below, the apartment community is offering two months free:

• Watch new construction. Keep an eye on newly built apartment buildings, as well. Sometimes, they will offer rent specials to fill empty units faster.
• Check frequently. Rent rates fluctuate and so do rent specials. If you don’t see something that interests you today, that doesn’t mean you won’t find a great deal tomorrow or next week.
• Wait it out. If you have the flexibility, you might find even more rent specials mid-winter, especially in an area where there’s ice and snow to contend with. Most people don’t want to move in winter, so many apartment communities will offer great discounts during this time

Be aware that in cities where inventory is low, you’ll have fewer apartments to choose from. If you don’t mind sacrificing a feature or amenity, or if you’re willing to expand your search area, this probably won’t bother you. But if you have your heart set on a specific location or features, you might be better off waiting until there’s more available inventory. Don’t choose an apartment that isn’t the right fit simply because of a rent special.

Types of Apartment Rent Specials

What kind of concessions can you find during the fall, and how do you know if it’s a good deal? There are a variety of discounts and offers that an apartment community might make, but let’s focus on some of the most common types of rent specials.

One (or Two) Months Free

To understand this deal, you’ll want to know how leases work. When you sign a lease, you are agreeing to pay the entire amount for the term of the lease. This amount is broken out into monthly payments, but you’re responsible for the whole amount, even if you break the lease. The free month could be offered up front, at the end of your lease, or it might be broken up over the length of the lease.

Here’s how the math works: On a 12-month lease at $1,800 a month, one month free saves you $1,800, which brings your average monthly cost to $1,650. That average is called your net effective rent, and it’s the number to use when comparing specials across apartments.

In any case this is a great deal, but don’t expect to move into an apartment without having to pay anything for the first month. Even if the free month is on the first full month, you’ll likely be required to pay your security deposit and other move-in fees. Contact the apartment community that’s making the offer and ask for details.

Rent Credit

You might find an apartment community that advertises a rent credit. This is a dollar amount (e.g., $500) that is credited back to you for the first month or two. For example, if the rent credit is $500 broken up over two rent payments, you’ll save $250 on your first two months. This can be a great deal, especially if it is offered upon move-in to help offset your moving expenses. Just make sure you can pay the full amount of rent after the credit expires.

Reduced (or No) Security Deposit

Moving is expensive, so not having to pay a security deposit, or having that fee reduced, can help a lot. However, this offer often hinges on having a great credit score. After all, it involves some risk for the apartment community. If they waive the security deposit and you end up causing damage or breaking your lease, it could cost them money to make repairs or find someone to fill the unexpected vacancy. If you see this special, call and ask what the requirements are to qualify.

Move-In Specials

This deal typically involves reduced move-in costs. An apartment community may waive the application fee or offer another type of up-front discount (such as $200 off moving expenses like the security deposit, first and last months’ rent, etc.). Sometimes there are restrictions involved with this deal, so call the leasing office and ask for details.

Focused Discounts

Some discounts are offered to specific occupations, such as active military, police and firefighters, or students. If an apartment is close to a hospital, they might offer discounts for those working in the healthcare field. If you qualify, a deal like this could provide you with a lower rent rate or another type of discount.

Freebies

You might come across an apartment community offering something for free as an incentive to sign a lease. These freebies might include a service, such as apartment Wi-Fi or complimentary valet trash service, or it might be an add-on like an on-site storage unit provided free for a set amount of time. The freebie might also be an item, such as a free TV, tickets to an event, or a gift card to a nearby fitness center, shop, or restaurant.

Are fall rent specials negotiable?

Often, yes. Fall is a slow leasing season, so leasing offices have more reason to work with you. If there’s something you would prefer instead of the offered special, it doesn’t hurt to ask. As with any negotiation, make sure you’re able to compromise, and enter the negotiations armed with knowledge. As with any negotiation, here are some things to keep in mind:

• Be prepared to compromise.
• Enter the conversation armed with knowledge.
• Research your local market and the average rent prices in your area.

What to Offer in Return

• Signing a longer lease in exchange for a lower rent rate (especially if you have a solid credit score).
• Allowing your lease to expire in the summer when rates are higher.
• Paying more up front in exchange for a reduced monthly rent.

How to Negotiate if You're Renewing

Perhaps you’re happy in your current apartment but would like to keep your current rent rate or even negotiate it down a little. If this is the case, look at your lease and see when it expires. Three months before this date, reach out to your leasing agent and ask if your rent will be increasing. Again, make sure you are prepared beforehand by researching the rent trends in your area and any current specials you might be interested in.

If your leasing agent isn’t willing to work with you on the rent amount, perhaps you can get another concession, such as waived pet rent or a free parking space. While your leasing agent doesn’t have to negotiate with you, if you are a good renter who pays on time, they might be willing to consider it.

Is fall a good time to move?

Fall is a good time to move if your current lease is ending and your finances are ready. If not, a rent special alone isn’t a reason to go. You’ll want to think over a variety of factors before deciding if this is the best time for you to move. First, review your current situation:

• Are you financially able to move? Even with a fall rent special, you’ll still need money for move-in fees and other moving costs.
• Is your credit score solid? Many of the best specials, like a waived deposit, depend on it.
• When does your lease end? If you are a current renter, review your lease to see when your lease term expires.

Breaking your lease could end up costing you more money in the long run. Instead, wait until your lease is up before making a move, even if that means missing out on a rent special. 

This article was originally published on October 31, 2022.