Tips for leasing an IAC apartment

NEW -> Contingent Buyer Assistance Program
This is all really great information, as I just received my renewal information from IAC. I am in one of those "lease-up" properties you mentioned above, with all of the amenities, and I was surprised to see that they're asking for ZERO increase in rent for the coming year. (Thank goodness, as it's sky high already.) But they are being pretty aggressive about timing. I have almost two months left on my current lease and they are are pressuring me to sign a new lease this week. I really like everything about the community and the apartment. In this economy, though, having fancy amenities and paying top-of-market rent just doesn't seem like such a sound plan anymore...

Cuatro said:
OK. I'll work on an IAC Renewals post over the next few days.

Here's a teaser though:

While Leasing Consultants have no interest in what you pay when you first lease the apartment, they DO have motivation to stick you with a higher renewal increase. :)
Click to expand...
 
Drew, if you're leaning toward staying longer, you should take advantage of that zero increase asap.

I'm not sure how legal/ethical it is, but I heard of one practice where a community would send out incentive letters in advance (usually with some creative wording that allowed them to change terms when they felt like it). Then they would see how many take advantage of this "early bird special." Once they hit a certain number of confirmed renewals they would send out new letters to those who hadn't signed up with, surprise surprise, a hefty increase.

I'd read your letter carefully and if you get the impression that's what they may be doing, make sure you're one of the few who get on board quickly.
 
I am loving this post. Perfect timing, too, because I just got the renewal letter from one of our LC's. I'd like to pick your brain before I call them up to renew.

So yeah, firstly, I'm pretty set with re-signing my lease. I live in Woodbury Lane and I love it there. I have a 1X1 on the third floor, and the garage I have comes with extra storage space. Last year, they offered me a 14-month lease at $1,710 per month (a $30 increase from my current rate back then), and I took it.

This year, they are offering a 12-month lease for $1,727 per month. I'm in no rush at all to buy a house, so I was considering asking if I could get another 14-month lease. From what you said in your post, it looks like it would be okay to ask for that, right? A friend of mine also told me that if you've been an IAC renter for 2 years, you can get a 3% discount on rent...I wasn't sure if that was still in effect, but if it is then maybe I should mention it too?

I checked the current rent range for my unit, and it's between $1,685 - $1,730. I'm guessing that the extras are what drives the rent up, but I don't really know if I can even get them to bring down the rent any further than applying the 3% discount, what do you think?
 
Cuatro said:
Drew, if you're leaning toward staying longer, you should take advantage of that zero increase asap.
Click to expand...

If it is a good deal for you, go for it, but zero increases are not all that rare right now. IAC has a lot of new inventory hitting the market so supply is rising.

SCHB
 
punchenpie said:
I am loving this post. Perfect timing, too, because I just got the renewal letter from one of our LC's. I'd like to pick your brain before I call them up to renew.

So yeah, firstly, I'm pretty set with re-signing my lease. I live in Woodbury Lane and I love it there. I have a 1X1 on the third floor, and the garage I have comes with extra storage space. Last year, they offered me a 14-month lease at $1,710 per month (a $30 increase from my current rate back then), and I took it.

This year, they are offering a 12-month lease for $1,727 per month. I'm in no rush at all to buy a house, so I was considering asking if I could get another 14-month lease. From what you said in your post, it looks like it would be okay to ask for that, right? A friend of mine also told me that if you've been an IAC renter for 2 years, you can get a 3% discount on rent...I wasn't sure if that was still in effect, but if it is then maybe I should mention it too?

I checked the current rent range for my unit, and it's between $1,685 - $1,730. I'm guessing that the extras are what drives the rent up, but I don't really know if I can even get them to bring down the rent any further than applying the 3% discount, what do you think?
Click to expand...

Punchenpie (do i detect a subtle Southpark reference?) it sounds like the most important thing for you here is the lease term. If the property is offering a 14 month lease at the moment, you should be able to request one without a problem.

If you want to get into the head of the leasing consultant assigned to your renewal, know that any renewal increase below $50 pays him/her the same $50 commission. If they were asking for anything higher than $50 the LC would be looking at getting paid dollar for dollar your increase amount (ie if you're increasing $120 then the LC's commission is $120...if they negotiate down they take a commission equal to your increase amount). So this is a case where I would consider the LC your ally. They don't care if you get a $17 increase or a $0 increase...they are rewarded the same either way.

There is a longevity discount of 3% below market if you've been a resident for 2 full years (at 3 years it's 4%, 4 years = 5%, etc capping out somewhere between 5 and 7%, i'm not certain). However, many properties usually will not allow the longevity discount to lower the rent below what you're currently paying...ie the best possible scenario at these properties is a $0 increase. As with anything, it really depends on how bad the property is hurting. If they are dreading the idea of one more intent to vacate notice, you may be able to pull off a semi-significant decrease.

Incidentally, I called over to your property, they are offering up to an 18 month lease term and as much as $125 off market rent for immediate new move in on some vacant 1 bedrooms. I'm shocked by both the lease term and the discount. You MAY be able to work down your rent by first calling as a prospective new move in to get them to quote you the specials...but don't be too surprised if they draw the line at a $0 increase. Though it seems absurd, some properties will let a new resident walk to fill their apartment with a new move in paying less. I think it has to do with "maintaining rent integrity" which is a fancy way of saying they're afraid you'll tell all your neighbors how bad they are hurting and everyone up for renewal will be looking for a huge, property crippling decrease.
 
"More people will come if they think there's punch and pie!" One of my all-time fave random SP quotes.

Thanks for the tips, Cuatro. They're very helpful. Planning on talking to LC either today or tomorrow, will let you guys know how it goes.

Wish me luck, too, 'cause assertiveness in these situations is one gift that I definitely lack.
 
You must log in or register to reply here.
Back
Top