How to Find Luxury Apartments
If you find yourself in the market for a new apartment, you’ll likely be inundated with listings dominated by the term “luxury.” However, as you’ll notice, these listings may vary greatly when it comes to the level of luxury they provide.
So, what’s the true definition of a luxury apartment? Is it just a marketing term or a marker of a high-end unit?
Whether you fancy living in the lap of luxury or are simply interested in how the other half lives, we’ve got you covered.
Here’s everything you need to know about luxury apartments.
What is a Luxury Apartment?
A luxury apartment is an apartment featuring many high-end amenities that distinguish it from a standard apartment.
While a standard apartment might have in-unit washer and dryers listed as an amenity, luxury apartments boast amenities ranging from 24/7 doorman service to prime locations, and everything in between.
Many standard apartments have been listed as luxury apartments in recent years, but a true luxury apartment is much harder to find. Technically, true luxury apartments are those that would be impossible to rent for the vast majority of renters.
That said, the definitive guidelines for luxury apartments aren’t set in stone. There are different levels of luxury that would allow for more units on the market to qualify for luxury status.
How to Find Luxury Apartments Near You
Finding luxury apartments is a process similar to finding a standard apartment – with some important considerations.
The process may keep you on your toes, but it’s important to be thorough and deliberate when trying to land your dream luxury apartment.
Here’s everything you need to know about how to find luxury apartments near you.
Start your Search Early
The best time to search for apartments depends on your goals.
If you want to save a bit on rent, begin your search during December, when apartment searches are at their lowest. During this time, landlords and property managers may try to fill vacancies by advertising lower rent rates to entice renters.
If you want to have a larger selection of luxury units to choose from, start your search during the summer months. During this time, move-outs peak to their highest rate in August. The extra vacancies mean that you’ll have far more options to view during your search.
Regardless of your goals, try to start your search as early as possible.
Renting an apartment can be an overwhelming experience, so you’ll be grateful for the extra time when you’re simultaneously trying to arrange for movers, switching your address, and furnishing your apartment.
Know What You Are Looking For
If you’re searching for a luxury apartment, odds are you’ve got a solid list of things that you want from your apartment. Unfortunately, it can be a bit challenging to sift through the long list of amenities that luxury apartments boast. You’ll have to be meticulous in your search.
Whether it’s an on-site gym and fitness center or a pet daycare, be sure to start your search with a list of your must-haves to help you narrow down your choices.
Once you’ve got your list, you can start thinking about your preferred apartment layout and square footage. This will help you avoid problems like having your bathroom right next to your kitchen or having a bedroom that doesn’t fit both your bed and wardrobe.
Search for Listings Online
As mentioned earlier, there are tons of apartment listings that use the word luxury in their descriptions, despite not truly fitting within that category. You’ll need a keen eye to ensure that you don’t waste your time on units that don’t fit your needs.
Luckily, finding your dream luxury apartment with Apartment List is easy. Take a look at your lists of must-haves, as Apartment List’s rental concierge uses your preferences to generate a customized list of units that have exactly what you’re looking for.
You can also start a bit broader and filter your search within a city. For example, if you’re looking for luxury apartments in New York City, all you need to do is apply the filter and get looking.
Set Up Apartment Tours
Once you’ve got a solid list of luxury apartment prospects, you can get started on booking tours of these units.
The purpose of a tour is to get a better idea of whether the unit is what you’re looking for in terms of your preferences and to allow you to assess the unit’s condition.
When you get to the unit, be sure to take your time looking through the unit. Make sure that all the appliances seem to be in good working condition and that there aren’t any issues that may become a problem after you’ve moved in.
Finally, you’ll want to prepare questions to ask during the tour. These questions will help you learn more about what your daily life would look like after you’ve moved in.
They should cover issues like parking, rent payment, pet-friendliness, and pretty much any other relevant information you’ll need to make your final decision.
Apply and Sign Your Lease
Found an apartment that you love? Apply ASAP! The high demand and competition associated with renting luxury apartments mean that your dream unit might not be available the next day.
Luckily, the apartment application process doesn’t take much time. You’ll simply need to fill out some forms with information about yourself and provide consent regarding background and credit checks.
Keep in mind that they may require you to produce a list of references to vouch for you. Before listing anyone as a reference, give them a heads up to ensure they answer the call.
Once your application has been reviewed and you’ve passed the tenant screening process, you’ll be asked to formalize the deal by signing a lease agreement.
Be sure to thoroughly review the lease agreement before signing. It’s a legally binding agreement that will dictate the terms of your stay.
Pros of Luxury Apartments
If the name “luxury” isn’t enough to draw you in, there are plenty of other benefits of renting a luxury apartment. Here are a few of the biggest benefits of renting luxury apartments.
- Amenities Mean Savings: It may seem like a drop in the bucket considering luxury apartments’ notoriously high price tags, but renting a luxury apartment can end up saving you both time and money. For example, if you have an on-site fitness center, there’s no need to waste gas, time, and money traveling to and from the gym every day and maintaining a membership.
- More Spacious: Luxury apartments are typically much larger than standard apartments. That extra square footage isn’t limited to just your apartment, as many luxury apartment buildings feature large communal areas and outdoor space that’s open to use by all residents.
- Excellent Location: Living in the heart of a city or near some of its prime destinations is a renter’s dream. If you’re in the market for a luxury apartment, you’ll find yourself browsing units that can make that dream a reality, as they are typically located on prime real estate.
- Top-of-the-line Appliances and Amenities: Think updated stainless steel appliances and smart home tech in addition to the standard apartment amenities.
- Online Rent Payment Options: While it might not sound like a big deal, one major benefit to living in a luxury apartment is that you’ll likely have various options for rent payment. Paying online means that you can set your payments to automatically be withdrawn from your account and not have to worry about remembering to pay each month.
Cons of Luxury Apartments
Although luxury apartments are in great demand and offer wildly comfortable living, there are some drawbacks to renting one.. Here are the cons of renting luxury apartments.
- Expensive: All those amenities and benefits are tied to a much higher rent price than what you would find for a standard apartment. It’s important to set an apartment budget to ensure that you can afford to pay the premium rates.
- In-demand: You’ll face a lot of competition when it comes to renting luxury apartments. Not only do tons of people want to live in them, but they may also be harder to find because they are scooped up so quickly when they’re put on the market.
- Very Limited Supply: Luxury apartments aren’t exactly common on the rental market. The supply is very limited, especially in major cities. You may find yourself having to wait through a longer search period as an apartment that meets your needs may not be on the market for long.