Area Apartments Compete For Renters
Posted June 9, 2001
RALEIGH — It is not just a good time to buy a home now, it is also a good renter's market. You can get a great deal for your monthly rent payment if you look carefully.
For Julia Salinas, the Inman Park Apartments on Lead Mine Road have just what she is looking for.
"The location," she says. "I like the good location and the community's nice and safe for my children."
Besides location, there is plenty more that makes these apartments attractive.
Inman Park, like many apartment complexes, is offering a special deal right now: one month's free rent on a one-year lease. And they are offering substantial cash just for signing the lease.
"We're giving you $500 to sign up with us," property manager Tishauna Warren says. "We're paying you to come here."
Why so many deals? It is supply and demand. With so much new construction, and the slowdown in job growth, there are just too many vacant apartments.
"Occupancy rates are a little lower than some of the owners would like to see, so that creates more of a renter's market," says Kathy Powell of the Triangle Apartment Association.
In addition to financial concessions, renters can also look for great amenities.
One complex offers a stadium-seating movie theatre along with a business center, fitness center and game room. Apartment complexes are going to great lengths to get your business.
"There's going to be somebody out there that's going to be one step above you," says Warren. "Or at least they will try to anyway. So you have to be one step ahead of them."
What most apartment managers will not do is negotiate a better price than they are currently offering. So if you see a good deal, grab it.
"They better take advantage of it while they can," Powell says. Once all the newly constructed apartments fill up, the deals will go away.