for aparments, how do move in specials work?

Question

I never applied for an apartment before and they say that there's a $95 move in special???

Answer 1

Normally they work as advertised. $95 would cover the first month's rent. If a security deposit was part of the lease, you'd be credited with it although you didn't actually pay it. As often as not, the $95 would be your security deposit and the first month's rent would be free. Just ask at the leasing office and they'll explain it to you.

Tip: These specials usually indicate that the complex is trying to boost occupancy. This means that they are more likely to wheel and deal on the terms of the lease. There is a downside though. The complex may be having financial difficulties and therefore will accept anyone with the $95 without checking them out in order to drive up occupancy rates. This tends to attract lower grade tenants unless the regular rent is unusually high for the area.

Answer 2

It could mean a couple of things. It could mean that there is only a deposit of $95 - or that $95 covers your application fee, first month's rent, etc. You need to ask the landlord about the specifics.

Bostonian is right - usually when places offer insane move in specials it's because the occupancy percentage is low and they need to fill the gaps. Sometimes it can indicate the property is having financial problems, but sometimes it also means that there were a lot of leases expiring around that time and they all decided to buy houses or whatever. It concerns me when places offer two months rent free up front. Luckily I work for a community that doesn't have to run specials very often - we only do it to remain competitive with our competitors, who usually have a much lower occupancy than we do. Typically we waive the move in charges (application fee, etc) but we have never had to offer a full month.

Answer 3

I'd be guessing, but I'd say it's $95 off your first month's rent. Just ask them, I'm sure they'll tell you.

Answer 4

you can find better like 3 months free.. if you look but if you break the lease you have to pay