zk2997 t1_izmfloo wrote on December 10, 2022 at 4:27 AM

I live in a complex like this and just went though my renewal this past week.

I was tracking the availability of units every day for a few weeks just to get an idea of what I was going to have to pay. There’s two things I noticed.

They quoted me around 5% higher than their own market rate for an identical unit (and that’s not even including their “first month free!” promos for new residents only and whatnot). I brought this up to them to negotiate and they apologized for the “mistake” and offered to knock it down a bit. I wonder how many people just sign the papers without checking to see what their own unit is current going for?
Sometimes units would just… disappear. And then would be reposted again a few days later. Almost as if to create artificial scarcity/demand. Make it seem like someone just signed a lease in order to manipulate their vacancy rate.

I swear these companies do some really shady stuff.

caro822 t1_izmil69 wrote on December 10, 2022 at 4:57 AM

Due to fair housing the second a completed application is put onto an apartment that apartment goes off the market. What happens a lot is, after the app is looked at ( income and rental history verified etc…) they are approved or denied. If they are denied that apartment goes back on the market. Or the applicant changes their mind and cancels the app. Or the current resident changes their mind several times about if they’re leaving. Anyway, that is very common and not happening for the reasons you think.

zk2997 t1_izmjh4q wrote on December 10, 2022 at 5:06 AM

That all makes sense, but it’s just not a transparent process regardless if it’s their doing or if it’s strictly legal. It would make more sense if it just said “Pending” like in the real estate market.

Hiding units behind a curtain naturally creates a FOMO because people don’t want to have to spend an extra $100/month if they wait too long to sign.

caro822 t1_izmjuyc wrote on December 10, 2022 at 5:10 AM

This is true, but legally, once the application is submitted it isn’t “pending.” The applicant has that apartment until the application is reviewed. Letting others apply or look at the resident who might be a “better” applicant is against fair housing. It’s all to provide protections for protected classes.

TitsMageesVacation OP t1_izmgbpg wrote on December 10, 2022 at 4:34 AM

This happened with my renewal last year. When I called them on it they stood their ground and said they don’t have to offer that price to existing tenants, but eventually backed off a little bit. Not much.

zk2997 t1_izmh8lv wrote on December 10, 2022 at 4:43 AM

And it makes no sense because they’re losing money by bringing in a new tenant on cheaper rent and first month free. I think they simply upcharge everyone and hope they don’t notice. The idea these companies have is probably that the people living in these complexes near the harbor are well off enough that they can pay whatever and won’t bother anyone over an extra $50/month.

Once I asked to negotiate they immediately threw out a lower number because they knew they had no leverage and I figured them out.