While it may not rank up there with fall leaves, bonfires, and pumpkin spice everything, fall rent deals 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!
Why do apartment communities offer fall discounts?
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.
Once 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 the National Apartment Association, rent increased 5.8 percent in June — the highest increase since 1986. 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?
When searching on Apartments.com, look for a small price tag icon. On desktop, you’ll see this icon beneath the rent range to the right of the picture. On mobile, click on an apartment community and look for a light blue box with the icon and wording like “Move-In Special” or “Rent Special.” If the apartment community is offering a deal, you’ll see this box. If there aren’t any specials, this box won’t be displayed.
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 because 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 Rent Deals
What kind of specials 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. 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 (i.e., $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 once 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 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 rent specials negotiable?
Fall is a great time to negotiate since it’s a slow season for renting. 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. Get familiar with your local market and the average rent prices in your area. You’ll also need to have something to offer in return. For example, if you can sign a longer lease in exchange for a lower rent rate, the leasing agent might be more willing to work with you, especially if you have a solid credit score. You might offer to have your lease expire in the summer when rates are higher. Or you could offer to pay more up front in exchange for lower rent.
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 this a good time to move?
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. You’ll also want to make sure your credit score is solid.
If you are a current renter, you’ll need to 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.
