When apartment hunting, you’ve got a lot on your mind . . . location, features, and one of the most important goals: an affordable apartment. But how do you find the cheap apartments? Knowing what goes into setting the price of a unit helps. Nearly identical units can be priced differently, even in the same complex. Learn these ins and outs, and you can figure out how to land an affordable apartment.
Location within the complex
Location, Location, Location. Those are the magic words when it comes to real estate, and they also hold true in an apartment complex. Here are two factors which have an impact on price.
- Stairs – Depending on the complex, this can be a selling point or a negative. How much traffic do those stairs get? If the stairs are heavily used all day and night, the apartment may be less expensive. If not ,it may be more, for a couple of reasons.
- 1. The end unit is likely to be less noisy from the outside.
- 2. You have one ‘free wall’ which you don’t share with any neighbors.
- View – This can be a huge factor when determining price. An apartment with a view of the lake or garden typically commands more than those with a view of the garage. When thinking about the view, consider:
- 1. Which story is the unit on? HIgher often offers a better view.
- 2. What side of the building is the unit facing?
When you walk into an apartment, how well lit is it? Is there recessed lighting equipped with dimmer switches or regular ceiling lights? How many windows are there to let in sunlight? The lighting in the home can make the unit bright and inviting, or like a cave. This is a determining factor in the price. If you’re willing to make concessions, you can possibly save on the rent.
Recent renovations can mean a higher price tag, so if you see a project that’s underway, and you want to save cash, ask for a unit that hasn’t been renovated yet. Forgo the energy-efficient windows or impressive closet.
Property managers want to get those empty units rented. Sometimes, they have some wiggle room to get the job done. So, if you know you can live in a less desireable unit, you always have the option of asking if the price is negotiable. Know what the neighboring complexes are charging; this can also help you make your case.
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