In the wake of the pandemic, summer remained home shopping season. You might have noticed a lot of people are doing shifting to new surroundings across the country. Though the frequency of deals is far lower than what used to be in normal conditions.
The bitter truth is it will take a while for people to come out of financial upset at the hands of a pandemic. Therefore, landlords coin the concept of move-in specials to boost stagnated activity in the rental sector.
Here is a complete guide of what is move-in special and everything you need to know about it.
Move-in specials are the best feature to pop up when the market is not doing as well. When business is not happening as usual then landlords extend special discounts to attract customers.
It is common when the demand for homes falls more than average. Move-in specials let the landlord have a chance to win over the potential tenants and fill occupancies. Though, the real estate market stays on topmost of the time but there comes a time once in a while when sales are not happening as per the expectations. Or sometimes, the landlord is pressed hard to sell a property in an emergency where move-in-special provides a better window to execute the deal.
We have a set of different move-in-specials that come in the market. Let us discuss them one by one.
The kinds of move-in specials vary depending on the city, buildings, and location. The following are the different types of move-in specials you are likely to find while home for yourself.
Generally, the fee for the application is around $40-$60.It can be more or less given the area you live in. The most common move-in special is waiving the application fees. Though it is not the best of the saving taking whatever is granted is not a bad idea.
If you have no prior experience, get to know how the application procedure works, and how much is it likely to cost you?
Security deposit takes a considerable chunk of your savings when opting for moving in. Traditionally, one month’s rent is a security deposit, but they can even sour up to 2-3 month’s rent. For the majority out there, this becomes a major concern.
And this is the best move-in special you shall look after, though a thoroughly discounted security deposit move-in special is not as common. It is observed that half of the security deposit is waived normally. While another option is sometimes property management gives an option of a new fee in letting go security deposit submission.
Though exceptional, it is quite possible to get a first month’s rent-free move-in special. You shall keep searching for waiving up to 2 month’s rent. Sometimes, big discounts are also extended in move-in specials.
One additional tip is to only rent the apartment which comes under your allocated budget because this offer is extremely tempting and you might end up renting a home with high rent.
When the market is not doing good owners are keen to strike a deal. It is highly likely that you get the maximum benefit if you decide to strike a deal at the exact time you visit the property.
Again, you shall not be enticed by the better lease terms instead look at what you can afford.
Because of the exhausting work of renting an apartment, landlords prefer to have tenants who plan to stay for long. Therefore, signing a longer lease will usually cut down the cost of the monthly rent. It goes in the best interests of both parties.
You might be enticed by the idea of eight weeks free of rent payments but the general practice is that it is already considered in your overall monthly rent.
Any move-in special that results in a nice rent reduction come once in a blue moon. If you are able to get one, you are likely to save a handsome amount of dollars.
If you are bent hard on finding the move-in special for yourself, it is not as easy as finding a rental apartment even when looking online. Therefore, it’s advised to keep a close eye when staking social media or searching online.
NY Rent Own Sell is one of the major firms which continue to serve its clients with absolute satisfactory services. You can look up the move-in special on our website. You can find every type of move-in special when they are offered in the market. Given the competition, you shall look with utmost attention to grab a golden opportunity for yourself.
Given the general outlook of the real estate sector, this is the high time when move-in specials pop up in the market. You are likely to find each type of move-in special these days. Keep a close eye on our website to see them first.