SAN ANTONIO – San Antonio renters have a better hand of cards than recent years as a glut of empty apartments are causing rents to fall and complexes to offer splashy, move-in specials.
So, how do you best take advantage of that?
The average asking rate for a San Antonio apartment in January was was $1,168, according to the San Antonio Business Journal. This was a 5% decline from its $1,230 two-year high in July and August 2023.
READ MORE: Apartments are a renter’s market as rates plummet
KSAT spoke with two apartment locators, Celso Zepeda of Absolute Apartment Locators and Mary Vanlandingham from Perch Apartment Locating.
Look for deals
Complexes are “desperate,” Zepeda said, and move-in specials that weren’t available two years ago are now commonplace. KSAT found apartments listing offers ranging from three weeks to two months of free rent.
Deals may vary
Those move-in specials might be applied in a variety of ways. If a complex offers two months free rent, for instance, that could mean not paying rent until the third month, not paying rent on certain months mid-lease – such as the second and fourth month, or having a partial credit applied to every month over the life of the lease. And while some complexes may give renters a choice on how to apply it, others may just give one option.
Summer is bad
Rents are lower from October through early March because there’s not much activity, Zepeda said.
Easier qualifications
In an effort to fill units, Zepeda said some complexes are being more lenient about issues that would have disqualified tenants before, like having an eviction on their record or not meeting traditional income limits. Complexes generally require a renter to make three times as much as the monthly rent, Zepeda said, but some locations are now allowing people who make two-and-a-half times, or even just twice, the amount of the rent. Vanlandingham agreed some management companies have lowered eligibility criteria but said it’s “not widespread.”
Smaller rent hikes
When you renew your lease, an inrease of 7% is considered an industry rule of thumb – at least, it is for most years. With complexes trying to fill empty units, existing tenants can probably expect something smaller this year.
Renewal rates may be higher than new leases
If you moved into your apartment when the market was hot, your monthly rent might be higher than what your newest neighbors will be paying. Renegotiating with your complex is always an option, but Vanlandingham says “some properties are willing to play ball and some are not.”
Moving has a cost
The rental market cooling off means you could consider renting a newer, fancier place similar to what you’re already paying. But, even with a move-in deal, a new apartment carries an extra cost in the form of deposits. If you have low credit, those could be higher. So, do the math before you move.
Use an apartment locator
Unsurprisingly, Zepeda and Vanlandingham said services like theirs can help renters find a good fit. Locators get paid by the apartment complexes when they bring them new tenants, rather than by the renters they guide there. Vanlandingham says a locator can help steer you somewhere for which you’ll qualify and can afford.
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