How To Get The Best Deal On An Apartment

Getting the best deal on an apartment means looking at the neighborhood, block, and cross streets where you want to live, factoring in the full cost of moving in (including fees), and applying as fast as possible when a listing pops up that looks good to you. This means having your documentation in order and being ready to go. Read on to learn more about finding a great deal on an apartment in this guide from Acceptance Insurance, your source for getting an affordable renters insurance quote online! 

Quick Ways to Save Money on an Apartment 

The fastest way to save money on a new apartment is to pick the right neighborhood. Rental prices change block by block, and if you must rent somewhere a bit further from the bus stop or subway, that’s probably going to save you a few bucks along the way. Another good way to lower costs is to opt for a room instead of an entire apartment. Sharing a 2- or 3-bedroom apartment is a great way to save money, since you’re spreading the cost across more people. 

Also, be sure to look for a new place in the off-season. The “off-season” depends on where you live, though. For instance, as a renter living off-campus in a college town, your off-season is when students are out for the summer, but it might be the winter in other places. Research can help you uncover this! 

Research Local Rental Prices and Market Trends 

The easiest way to see local prices in your neighborhood (or the neighborhood you want to live in) is to use the major listing sites. The largest one is Zillow, which also has a rent tracker for the local area. Apartments.com is another good site that can give you a good sense of what a usual-sized apartment will cost you. The fastest way to get a sense of what a neighborhood costs is to use these services: 

• Zillow, Apartments.com, and Zumper: This will give you a good idea about the current going rate for studios, 1 BRs, 2 BRs, and 3 BRs. They’re also good for single-family detached houses if you’d prefer to rent one of those.
• Apartment List and Realtor.com: Both of these sites have interesting monthly rental reports for your city, so this is another good place to look. They also have vacancy info, so you can see if there’s a “squeeze” in your local area.
• RentCafe: If you live in a bigger area with larger buildings, this is a good place to check local comparisons on rentals for buildings with more than 50 apartments (think Chicago, NYC, Seattle, SF, etc.). 

Look for Below-Market or Value Listings 

There are two big buckets to consider. The first bucket is apartments that are actually a good value (and these will definitely be few and far between in a bigger city where there’s a lot of pent-up demand for housing). The second bucket is income-restricted places, for which the government has specific rules that you’ll need to follow (income restrictions, family size, etc.). 

If you’re looking for the first option (value listings), word of mouth is probably your best bet. You may find the occasional good deal on Facebook Marketplace or Craigslist, but be very careful with those sites, because scammers are also likely to be posting fake listings there, given how easy it is to pose as a landlord. 

For the second option, stick to these resources: 

• HUD: There is a Resource Locator that helps you find affordable housing in your area.
• Your Local Public Housing Agency: HUD also runs a Find Your Local Public Housing Agency (PHA)” page that can help you get in touch with officials who can get you access to public housing or housing choice vouchers.
• Getting a Room: If your budget allows for a room but not a full apartment, there are two good sites to look at. SpareRoom is especially good for large cities (NYC/LA/etc), as is Roomies. Government support can potentially help with these options, too. 

Take Advantage of Move-In Specials and Concessions 

Some of the larger buildings in your area may offer discounts for signing a new lease (these probably won’t apply if you’re signing a new lease in the same unit, but will if you are new to the property completely).  

For example, in the NYC area, many buildings offer “one month of free rent” if you sign a lease, and this reduces the “effective” rent. You’ll still pay the sticker price, but you simply won’t have to pay for a month, which allows you to pocket those savings to apply to other months. Usually, landlords will advertise these concessions on the listing itself, but it never hurts to ask. 

How to Negotiate Rent Successfully 

You can negotiate anything in life, but you should definitely negotiate your rent, since it’s probably your largest monthly expense. The easiest way to do this is to understand the idea behind “best alternative to a negotiated agreement,” also called your landlord’s “BATNA.” 

Here’s an example. Say you go into a building and see an advertisement in the elevator offering a $1,000 gift if you refer someone to the building and they become a new renter. That $1,000 is a direct cost the landlord must pay to bring in a new tenant — it allows you to figure out what they might be willing to part with. Take that $1,000 and spread it across your lease term. That can form the foundation for your negotiation! 

Remember, if you are a first-time renter, you might not have the same bargaining power as someone with a track record of renting, but you can take this advice – and advice about renters insurance – to learn how to successfully lower your bill in the future. 

Other ways to negotiate include waiving fees (if they won’t budge on rent), showing comparable listings in the neighborhood, or cutting down on other costs. This is easier to do in a down market, of course. 

Work With a Local Apartment Locator or Broker 

In some markets, a local rental broker can help you find listings that are not getting much attention online. This can be especially helpful if you are moving to a new area, targeting a competitive neighborhood, or trying to compare lots of buildings quickly. That said, always ask who is paying the broker fee before you go too far. In some cases, a broker can save you money by steering you toward concessions or overlooked listings. In other cases, the fee can wipe out the savings (think NYC — although there was recently a broker law passed to prevent renters from having to pay the fee). 

Be Prepared To Move Quickly For The Best Deal 

Finding the perfect apartment is always exciting, but it can also be challenging. It’s important to keep in mind that once you find an apartment that checks all your boxes, you need to act fast. If it fits your budget and you like it, you should move quickly and submit your application right away. 

The way to make this work is to have all the paperwork you need before you go out on the hunt. That means having your ID, recent pay stubs (digital copies or paper, although digital is easier), bank statements showing your savings, and references handy. You may also want to have proof of employment. A recent tax return helps too. That means when you go to a showing, you can move forward right then and there if the apartment makes sense for you. 

Protect Your New Apartment With Affordable Renters Insurance 

Once you land a good apartment, it makes sense to protect it. Your landlord’s insurance policy usually covers the building itself, not your personal belongings inside the unit. A renters insurance policy can help cover things like theft, fire damage, and certain types of water damage, and it may also include liability coverage if someone gets hurt in your home. 

Ready to get your own affordable policy? Give us a call at Acceptance Insurance today! You can reach us at (877) 405-7102, get a quote online, or visit one of our office locations to speak with an agent in person. Get an affordable policy and an affordable home, all in one go! 

FAQs About Getting the Best Deal on an Apartment 

What Should I Look Out For When Looking For An Apartment? 

The biggest problem out there today is scams. Fraudulent listings tend to pop up on the usual suspects — think Craigslist, Facebook, etc. Anything that seems too good to be true probably is, especially if they ask for a large application or “deposit” up front when you ask to view the apartment. Until you’re physically inside an apartment, don’t pay for anything. 

How Can I Save Money On An Apartment? 

You can save money by comparing neighborhoods, renting during a slower season, negotiating the rent or fees, taking advantage of move-in specials, and considering a roommate or a slightly less central location. 

When Is the Best Time of Year to Get a Deal on an Apartment? 

In many markets, late fall and winter can be better times to look because demand is often lower than in spring and summer. That does not guarantee a deal, but landlords may be more flexible when fewer renters are moving. (And remember this depends on where you live exactly, as stated above.) 

Can You Really Negotiate Apartment Rent? 

Sometimes, in some markets, with some landlords. It also depends on whether a building has a high vacancy rate or has been vacant for a while. You can also negotiate things besides rent, like fees, utilities, etc. 

What Credit Score Do You Need to Get Approved for an Apartment? 

Many landlords look at the full picture, including your income, job history, debt, rental history, and whether you have a co-signer if your credit is limited. If you’re looking at FICO 8, anywhere from 650+ is ideal, with 700+ being the sweet spot. 

Are Move-In Specials Worth It? 

This depends. A free month can lower your overall costs but can also mean you will have to sign at a higher rate if you get a lease renewal later on (so in this case, signing a longer lease term, like 2 years, might be better). 

Should You Sign a Longer Lease for Lower Rent 

A longer lease can make sense if you like the apartment, expect to stay put, and are getting a meaningful discount in return. Just make sure you are comfortable committing to the unit and neighborhood for that full period. 

Is Renters Insurance Required by Most Landlords? 

Many landlords, but not all, do require renters insurance. Even when it is optional, it can still be a smart purchase because it helps protect your belongings and may cost less than you think. Read about this and other common renters insurance myths here.