My Apt hunting experience in Cary, South Point, Brier Creek (Raleigh: sales, leases)

[fidodido25]

Originally Posted by Rumble

WOW! When I looked at these units last year I was quoted $1,035/month and that was with no washer and dryer. Is the C1 the split two bedroom floorplan with the stand up corner shower in the guest bath?

If so, I'm a little pissed, because I'm paying $850/month for what we have now with nowhere near the amentities as Weston...

The list price is high, but they are currently running the following promo

1. 2-month off for 12-month lease (AND)
2. 3% off if your employer is on their preferred employer list (AND)
3. Either a free W/D in your unit or extra storage space

It is possible that they were not offering these promo when you were apt hunting. Since the economy is bad, and to compete with competitors like Exchange at BC, they will have to offer these deals, I would guess.

[Rumble]

Originally Posted by fidodido25

The list price is high, but they are currently running the following promo

1. 2-month off for 12-month lease (AND)
2. 3% off if your employer is on their preferred employer list (AND)
3. Either a free W/D in your unit or extra storage space

It is possible that they were not offering these promo when you were apt hunting. Since the economy is bad, and to compete with competitors like Exchange at BC, they will have to offer these deals, I would guess.

Perhaps.

I would just be careful with specials as when your lease is up they will likely throw that "market or list" price in your face upon renewal, with the thinking that you would rather sign the expensive lease compared to dealing with the hassle of moving.

[fidodido25]

Originally Posted by Rumble

Perhaps.

I would just be careful with specials as when your lease is up they will likely throw that "market or list" price in your face upon renewal, with the thinking that you would rather sign the expensive lease compared to dealing with the hassle of moving.

I don't expect them raise the rent to list prices after the lease term. Their line of thinking would be that you would rather pay the higher rent than to pay for moving expenses. But, my argument is that if I were to move then they have to spend X amount to dollars to shampoo the apartment and probably offer some move-in special to a new tenant. And that it is better they rather give me that X dollar discount for my new lease term. I am sure they would prefer the latter because I am an existing customer, and they know that if they were to jack up the price then they would lose X dollars plus whatever move-in special they offer the new tenant.

[Babytarheelz]

Your renewal rate is going to be dependent on the market at the time. It is always going to be based on your market rate, not your special rate. They may offer you a renewal special. If they do and what that will be will be dependent on the market at the time your lease expires. If the demand is high enough, they may raise you to market and not bat an eyelash when you give notice b/c they can get someone in who will pay the market rate within 3 days of you moving out. Just be prepared that it is a possibility. Especially with the economy the way it is. People are leaving their homes and where are they going? You guessed it-apartments. The apartment industry is booming. I know of several communities that are at full occupancy, some with waiting lists. Another factor boosting the industry is that new apartment construction has slowed down based on the inablity of developers to secure credit, so that is also boosting occupancy at existing communities. All in all, I expect the next year to bring higher prices across the board in apartment communities. Concessions will drop and renewal rates will increase.

[saturnfan]

Originally Posted by GucciLittlePiggie

yeah, i'd actually prefer an apt with hookups but no w/d. renting them is a great option if you want them, but i'd prefer to buy my own nice ones and have them. though i guess at the exchange they're new at least. the porch thing mentioned bothers me too, not sure what they were thinking with them. but i definitely saw chairs on some of them. do you know how the trash thing works then? right now our place just has a half dozen dumpsters strategically located in the parking lots that everyone walks their trash over to. like how much is the valet trash service? would i just plop my trashbag outside my door and wait for someone to get it? i think i'd rather walk it down myself....

Riverstone charges $25/mo.

Also, bags of trash sitting out all night attract varmints and vermin. A very bad idea but great for a greedy landlord.

[GucciLittlePiggie]

i wouldnt think they would have that exactly. i would think it more like leave it out after 7am and they'll come by that morning. no idea really. i guess when i live there i will report back ;-)

[nashwolfpacker]

I am sure you have thought about this but why not buy a home? Especially if you are a first time home buyer. If you pay the same amount monthly in mortgage that you mention for the rent you can get a pretty decent house now. Plus you get an $8000 tax break as a first time home buyer and can still get the tax break on the mortgage interest.
Many lenders are still not requiring 20% down if you actually have a job and a decent credit score.
Sorry if I am off topic.

[saturnfan]

Originally Posted by nashwolfpacker

I am sure you have thought about this but why not buy a home? Especially if you are a first time home buyer. If you pay the same amount monthly in mortgage that you mention for the rent you can get a pretty decent house now. Plus you get an $8000 tax break as a first time home buyer and can still get the tax break on the mortgage interest.
Many lenders are still not requiring 20% down if you actually have a job and a decent credit score.
Sorry if I am off topic.

You don't need to pay that much rent if you broaden your search out of the yuppie magnet areas.

We're doing a 1 BR 870 SF for $599 (promotion) with very good amenities in Northridge Crossings next to Triangle Town Center.

[gibbie99]

Originally Posted by TabbyCats

Thanks for posting that! I'm putting together a list of apartments for my husband to check out when he gets to NC in April, and threads like this help immensely. We'll move him into an apt. first of May, then when our house sells in IL, we'll move most of our furniture into temp. storage while I move into the apt. and THEN look for a house.

Do you know if any of those places offer less than a 12-mo. lease? I'm hoping to find a 6-mo. lease.

If a unit does not have w/d included, can they usually be rented? I'll need our w/d here in our current house, but I know hubby--he will NOT want to go to a laundry room

Thanks!
Tabby

From our experience, we found 6 month leases pretty readily, they increased the rates like 10%. We even got a 3 month lease but it cost 50% more than a 12 month lease (five-zero percent). We took it, rushed to find a house, and moved into the house 2 days before the lease expired. (whew). Next time, we'll get a 6 month (maybe) or find a house before moving.

You can rent W/Ds, not sure from who. Need to have the hookups in the unit. We did that and the apt manager used a rental agency to give us the w/d.

[TabbyCats]

Thanks for all the info on short-term leases and where to rent washers & dryers! All much-needed information for us.

Tab