One of the most important factors a renter must consider when apartment shopping is the cost. You may be surprised to know that when Orlando apartments are approaching higher vacancy levels, they sometimes offer different specials, like one-month free rent, to help fill any remaining available units.
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Think about it, if an apartment is projected to be empty for longer than one month, it makes sense from a business perspective to offer one-month free rent to get the apartment off the market as soon as possible. This is why you may notice one month free deals for new apartments in Orlando. We also sometimes see one-month free rent specials for apartments that have been recently renovated. In this situation, the apartment community may have renovated 10+ vacant apartments at one time that are now back on the market all at once.
You really shouldn't be suspicious of an apartment community in Orlando offering 1-month free rent. Check reviews online, go see the apartment in person, and if you're happy with the apartment take the deal!
4 Tips for Taking Advantage of One Month of Free Rent
- Prorate the one month of free rent over the course of your lease. Rather than taking the one month of free rent at the beginning of your lease, we suggest asking the apartment community to prorate the amount over the length of your lease. This will bring your monthly payments down by 1/12 each month, which will certainly help your monthly budget!
- Take the one month of free rent into account when comparing apartment prices. To figure out how much the one month free will save you each month, divide the amount of one month's rent by 12-months in a year. Subtract that amount from the rate you were quoted for the apartment and you've calculated the monthly effective rent. You should use the monthly effective rent when comparing prices from one apartment to another.
- Ask good questions about which month of your lease is "free". Some apartment communities offer the first month's rent for free, while others will not give you a free month until the last month of your lease term. Be sure to ask ahead of time when you will receive the 1 month of free credit so you can be sure you are budgeting appropriately.
- Understand which floor plans at an apartment community qualify for the one month of free promotion. Oftentimes, apartments will only offer one month of free rent on a specific floor plan that they have extra inventory for. If a community is offering one month free, your first step should be to call the leasing team and ask questions so that you can be confident the promotion applies to the floor plan you are interested in. We recommend taking this step before making budget considerations or getting your heart set on a specific floor plan.