What Makes Your Apartment Cost More?
One of the trickiest things about renting an apartment is often the rent itself. How do you know what's normal? What if you're in a unique situation and need to take a short-term lease? Why does pricing seem to be different for almost every unit, even if their description is the same? We are here to answer your pressing questions about rent pricing and get you on your way, in this second part of our renter question series. Read on for some great tips!
1. Will the rent price of my apartment increase if I take a short-term lease?
Yes. All of the prices listed on our website are based on 12-month leases, but it is almost always more expensive (speaking on a monthly rent basis) to take a short-term lease. And the price amount that a rent rate will increase is highly dependent upon where the community is located, of course. For example, short-term leases in Austin will likely be much cheaper than short-term leases in DC. Not to mention, many apartments that offer a short-term lease may be furnished apartments, which will change the price. For more information on what a furnished apartment actually entails, see question #3.
2. Why do prices vary between different 1-bedrooms? Shouldn't they be all the same?
Great question. And the answer would be, yes, they should all be priced the same if they're identical apartments. But here's the key player: they are not the same.
Most units, even if they're essentially identical in terms of bed and bathroom counts, are actually quite different from each other. Some of the differences can include:
- Which side of the building the apartment is on
- Which floor the apartment is on
- Square footage size
- How accessible the apartment is (e.g. proximity to stairs, the street, an elevator)
Helpful tip: our website shows not only which units are available and when, but also the various floorplans and pricing. You can click on the building in which you're interested, navigate down to "Pricing and Availability," click on the unit size you'd like to see, and an entire list of the floorplans, their square footage, and individual pricing will be shown to you. This provides a great foundation for unit comparison, just like you see in the images below. These floorplans are from one of our properties in Dallas; although both are 1-bedroom units, the layout and square footage are different. Subsequently, difference in pricing follows.
3. Does pricing for a furnished apartment actually include the furnishings?
The simple answer to this question is "no." When a community is advertising furnished apartments, typically what they're really saying is that they have a relationship with a third party corporation that will provide your furnishings. This relationship basically means that the process of ordering and receiving your furnishings will supposedly be much more streamlined, and oftentimes you can get a discount if you go through the community to set things up. But that doesn't change the fact that you'll still have to pay extra for this service, and it is not included in the rent price.
When it comes to renting, the more you know, the better off you'll be. Check out the first part of our series right here, to learn more about successfully relocating as a renter!