How to Get Apartment Concessions
With over ten years of experience helping our clients find the perfect Chicago apartment, Luxury Living Chicago Realty offers a deep knowledge base when it comes to renting an apartment. We love educating our clients, it’s a huge part of our process to answer any in-depth questions renters may have all throughout their apartment search.
Chicago Apartment Deals
We’ve recently been discussing what you need to know about Chicago apartment rent. Of course, everyone wants to feel like they are getting the best deal on the apartment they are renting. One of the ways to get value from your rent is to lease an apartment that is offering concessions.
Apartment concessions are a reduction in price, rebate, or allowance when renting an apartment.
How to Get Apartment Concessions
Concessions often come in the form of free rent (anywhere from one to several months free), paid moving expenses, gift cards, free or discounted parking and a waived or reduced security deposit/move-in fee.
Concessions can vary depending on the time of year and how many vacant units an apartment building may have. There may be more concessions offered during the winter apartment hunting season because not as many people are looking to move during this time. In some cases, the longer your lease term, the more likely you are to get a concession.
How Long do Concessions Last
You can get apartment concessions by asking your real estate broker what properties or listings are currently offering specials.
However, keep in mind concessions are not always available or may not last forever. Some properties re-evaluate concessions on a weekly basis. Others have preset goals for their concessions. Once these goals are achieved, the concessions will disappear. For example, a property might decide the next ten rentals get a month free. So, if the tenth rental happens to be putting in an application in the room next to you, you might be out of luck.
Pricing at many buildings fluctuates on a daily basis and is largely based on market conditions. To get the best deal, make sure you’re using an agent who knows the market and can tell you whether you’re getting a good deal or not.
If you’re getting ready to rent a downtown Chicago apartment, you’ll want to be sure you understand how Chicago apartments are priced. Click the link below to learn more about rent.
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