Rental landscapes are always changing. While the market sometimes sways in the landlord’s favor, other times, the ball is in the renter’s court. In the latter situation, you may notice an influx of leasing deals across listings — one of which is the look and lease special.
In this article, we’ll discuss look and lease specials, what they mean, and where to find them while on your apartment search. Here’s an overview of what we’ll cover:
- What is a look and lease special?
- Common types of rent incentives
- How to find move-in specials
What Does a Look and Lease Special Mean?
A look and lease special is a type of rental incentive offered to renters on the day of their apartment tour. Much like when a shopper drives off the lot with a brand new car, this offer aims to secure renters during their first visit. If a potential tenant likes the unit, the landlord or property manager may present a look and lease special to “seal the deal” and finalize the lease on the spot.
Common Types of Rent Concessions
There are many different types of look and lease specials, ranging from waived fees and discounted rent to gift cards and free amenity access. Below, we’ll explore the different types of rent specials, or rent concessions, to show what kind of sweet deals may be in store for you.
Free/reduced first month’s rent
Free or discounted rent is a common concession of look and lease deals, offering tenants immediate savings and helping them build a financial cushion early in their lease. This strategy is frequently used by landlords aiming to fill vacancies quickly. With such an appealing discount on the table, it’s hard for tenants to pass up the opportunity.
Moving cost assistance
Look and lease deals sometimes offer moving cost assistance. If you’ve ever moved before, you know how expensive it can be to hire movers, acquire boxes, and set up shop in a new place. To ease the burden and encourage prospective tenants to sign a lease, landlords may offer to cover a portion of these expenses, making the transition smoother and more appealing.
Waived/reduced security deposit
Waiving or reducing security deposit costs is another tactic for financial relief and incentivization. When renting an apartment, tenants already have so many financial burdens on their plate, and a security deposit just makes matters worse. By offering rent specials that eliminate or lower these fees, landlords can make the process more affordable and appealing. This approach not only eases the tenant’s financial strain but also increases the likelihood of securing a signed lease.
Waived/reduced fees
Expenses don’t stop with the security deposit. On top of this, renters are also responsible for application fees and pet fees, if applicable. As a part of a look and lease special, a landlord or property manager might offer to reduce or waive these additional costs, hoping this financial assistance will sway tenants’ minds.
Free/discounted amenities
Free or discounted amenities can also be on the table for a look and lease special. Whether it’s free on-site parking or unique discounts to gyms, co-working spaces, or other affiliated businesses, these perks could be a serious pull for tenants. Though they might not hold the same weight as a free month of rent, these added benefits can still play a pivotal role in encouraging renters to commit.
Property or appliance upgrades
Another example of a look and lease incentive is property upgrades. This could include new appliances, updated flooring, fresh paint jobs, or other renovations. Offering these upgrades could make the listing more appealing and increase the property’s overall value.
Gift cards/merchandise
Landlords or property managers might also offer gift cards or affiliated merchandise to new residents. This could include a gift card, a voucher to a local restaurant or store, or apartment-branded merchandise like water bottles or t-shirts. Though these gifts are small compared to other common rent concessions, they add a personal touch that renters might appreciate.
How to Find Look and Lease Specials
Your chances of finding a look and lease special can depend on when you’re searching. Generally, winter listings have more discounts and rent incentives. This is because demand is lower this time of year, and landlords/property managers are more eager to fill vacancies. However, it’s still possible to find look and lease deals any time of year – you just have to know where to look.
Find an Affordable Apartment on ForRent
If you’re looking for an affordable apartment, condo, or rental home, you’ve come to the right place! Here on ForRent.com, you can search through hundreds of listings to find the perfect rental for your needs and budget. Using our advanced search filters, you can narrow your search to listings within your budget. Start your search on ForRent today, and you may just find a look and lease deal waiting for you!
FAQ
Are rent specials worth it?
Rent specials can be a great way to save money, especially if they offer discounts on the first few months’ rent or reduced fees. However, make sure to read the fine print to confirm how long the discount lasts and whether the overall lease terms still fit your budget.
How do you negotiate rent prices?
You can negotiate rent if you found someplace you like that is a bit over budget with how much you wanted to spend on rent. To negotiate rent, research comparable rental prices in the area and use that information to make a reasonable offer. Be polite but assertive, and consider offering something in return, like signing a longer lease or paying upfront, to strengthen your case.