Understanding Specials

Everybody Loves a Great Special!

Especially an apartment special that can literally save you $1,000 or more! You might hear your locator or leasing agent mention terms like “net effective rent” or “self prorating”, and it’s easy to get lost in the apartment lingo. You may even find yourself wondering — WHAT IS MY RENT RATE? We’re here to explain it all in plain old English!

Why Would an Apartment Give Me One Month Free Rent — or Even Two or Three?!

Apartments run specials when they have units they need to lease. Typically, the more vacant units they have, the better the special! It’s a marketing strategy to help lease units quickly. Once they reach a certain occupancy level, the special is no longer available. That’s why an apartment might be running a special on Friday, and by Monday it’s gone — they likely leased several units over the weekend and are no longer pressed to offer specials.

Calculating the Incentive

The most common special you’ll see is “one month free rent.” For example, if your rent is $1,200 per month on a 12-month lease and the property offers one month free, you automatically save $1,200! You pay rent for 11 months = $13,200 total. You live there for 12 months, so divide $13,200 by 12, and your net effective monthly rent is $1,100.

Try our Net Rent Calculator!

Some Apartments Pro-rate the Special

Some properties will pro-rate the special over the length of your lease. Using the same example, instead of one month free upfront, you pay $1,100 each month instead of $1,200. They spread the incentive over the entire lease, giving you a $100 credit every month for 12 months.

Upfront Specials

Sometimes, the special is one month free upfront, meaning your first full month is free. Say you move in May 1st and May counts as your free month. Starting June 1st, you pay $1,200 each month until your lease ends.

Self Prorate

If paying the regular rent for 11 months stretches your budget, self prorating might be a good option, and it’s simple with a savings account! Here’s how it works: you move in May 1st and put $1,100 into savings that month, paying nothing to the apartment. Every month after, you pay $1,200 rent but withdraw $100 from savings to help cover it. Over the lease term, you still pay $13,200 total — just spread out evenly.

Types of Specials — Look and Lease vs. Standard Specials

Look and Lease Specials require you to tour and apply —often within 24 hours—to get the deal. These specials reward renters ready to commit fast.

Standard Specials are ongoing offers available until units fill or the could have specific timeline to apply or move in. (ex. must apply or move in by August 31st)

BOTH Specials Some apartments even offer a bonus Look and Lease special — combining a standard special with an extra incentive for those who act fast!

Be SMART — Don’t Start Touring Until You’re Ready to Apply!

We’ve seen many people miss out on Look and Lease specials because they toured apartments before they had funds ready to apply or while their current lease still had several months left.

Keep in mind that apartments typically record your information when you visit. So, if you come back for a second tour later, you may no longer be eligible for a Look and Lease special—since you had already toured a month or two ago.

So, to make the most of your apartment search, hold off on touring until you’re truly ready to apply. This way, you won’t miss the best specials and can move forward confidently!

Understanding these specials and how they work can help you save big and make smarter decisions. Want help finding the best apartment specials? Reach out — we’re here to help!

Curious how much you can save? We can help you find an amazing apartment special! We know where all the best deals are in the area! Get started today!

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