7 hidden secrets to getting the lowest apartment rates

By Ashley Grimaldo | McClatchy-Tribune Information Service • Published October 05, 2009

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Apartment hunting can beat you down. Just try a casual online search for apartments in your target area and you’ll be snared into a web of locators who will poach your inbox and cell phone with reckless abandon. No, apartment hunting is not for the faint of heart, and if you don’t know your way around the industry you’ll pay for your ignorance.

Renting is an attractive option right now if you are short on cash and need a place to stay. Sure you’d like to buy with housing prices so low, but unless you have a healthy 15 percent or more for a down payment you may be safer to rent and build up wealth first.

Apartment prices have not tanked, at least in most cases, but they have become more competitive. It’s much easier to qualify for a lease now, even if you’ve broken leases or declared bankruptcy in the past. The current economic climate has encouraged a more lax approach to accepting tenants; so don’t assume that some bruises on your financial history will keep you out of a nice community.

Although the following list is not exhaustive, it will give you a good idea of what you can negotiate when signing a lease. Most apartment owners have complicated systems that issue different prices for available units each day. It’s not like buying a car—the leasing agent and manager can only do so much. These perks and discounts may or may not apply in your area, but it can’t hurt to check them out.

1. Look and Lease Specials

The most important piece of information is to do your research well in advance before setting foot on property. Do your own drive through (if you can sneak through the gate), look at floor plans online, research apartment ratings, and call for availability ahead of time. One of the deals you can sometimes score is a 24-hour look and lease special—the leasing agent shows you the property and will offer it below market rate if you sign a lease within a day.

2. Shop Around

Take your floor plans and pricing sheets with you to compare places. After seeing half a dozen they all blend together. The bottom line rent may not be the whole picture. Find out what is included and what is extra. Does the community have a functional gym that can save a $40/month membership fee? Are all bills paid? What cable company and electric companies are allowed on site and how do they compare? How much are the initial fees? Keep a spreadsheet to organize your information.

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