Specials

Market vs. Special

 Everyone knows that ‘rent’ is the amount of money that a resident pays an apartment management company in exchange for occupying one of that company’s apartment units.  In the apartment industry, rent can be referred to as the ‘market’ rent [rate] or ‘special’ rent [rate].  Market rent is the amount of money an apartment community can charge based on parameters such as a particular area of a city, particular region of the country, availability, what other similar communities within that area are charging, types of amenities [pool, workout facility, fireplace, vaulted ceiling, etc.], age, style [highrise, garden, townhome, loft, etc.], as well as other variables.  Special rent is an incentive that an apartment community offers prospective residents that reduces market rent.  Specials are based on pretty much the same variables that comprise the market rates - availability, vacancies, notices to vacate, interest rates on home purchases, residents transferring for their jobs, etc.

Types of Specials

Specials can also be offered in many different forms.  Some apartment communities give a number of months free [lump sum], based on a certain term lease.  Thus, there are some months of that lease that the resident doesn’t pay any rent.  The months they are paying, the rent is usually the market rate.  Some properties may also offer some months free, but they take those months and pro-rate them over the term of the lease.  This means that the resident pays rent every month of their lease – just a lower rate than the market rate.  Some properties may offer games to determine how much savings a resident may receive.  Properties could offer gifts [televisions, dvd players, washer/dryers, trips, etc.], or waive certain fees such as security deposits or application fees.  As stated, specials come in many varieties.  Apartment communities that are under construction generally offer construction discounts.

Leasing Luxury & Specials

Leasing Luxury’s apartment locators verify that our clients always receive the best specials the apartment communities offer.  Our apartment finders can, on occasion, negotiate even better or additional specials that our prospects would not be able to find through any other source.  This may happen as a result of our apartment hunters’ willingness to forego a portion of our fee from the apartments, or, because we could actually give our clients a rebate. To Leasing Luxury’s apartment locators, customer satisfaction is always our priority!