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Apartment Complexes Offer Incentives To Pull In Renters

High Vacancy Rates Make For A Renters Market

POSTED: 6:20 pm PST March 1, 2010
UPDATED: 9:36 am PST March 2, 2010

If you are in the market to rent an apartment, there is no better time than now.

With apartment complexes seeing their highest vacancy rates in years, property management companies are scrambling to fill those spaces by offering huge incentives.

Diane Hamlin, who is apartment hunting for her 91-year-old mother, was enticed by one of those incentives that was displayed on a sign outside The Springs apartments on Gosford Road. But with incentives offered by every complex on the street, Hamlin said the decision is a tough one.

"We've searched and searched and found a couple of them promising, and we are still looking. We don't want to make up our minds too quickly," said Hamlin.

Jackie Gorman, property manager for The Springs, said every apartment complex is fighting for every potential renter out there.

"We are all offering incentives, we are all stepping up the services that we offer and trying to set ourselves apart from everybody else," said Gorman.

For example, The Springs has been putting on more community events and also offers an ATM on site.

Gorman said while rent is lower now compared to the same time last year, potential renters are looking beyond the dollar amount and focusing more on the special amenities offered.

And many complexes are not shying away from using signs to advertise those amenities to try and get people through their doors.

Most complexes are sitting at 9 to 10 percent vacancies, the highest percentage Gorman said she has seen in the 12 years she has been in the property management business.

"We are losing a lot of people to buying homes, either short sales or foreclosures, we are also losing a lot of people to home consolidation. So we are really competing to losing to areas we haven't lost to in the past," she said.

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