Thanksgiving is a special time of year for Freshmen. It is when the original plan of graduating in three years and going to graduate school becomes as unappealing as the high- school girlfriend with whom you pledged to “make it work.” After break-ups and academic discouragement, there is another mid-November tradition in which UT freshmen annually participate: apartment hunting.
In their first quest for housing, many students patronize apartment-locating services. While these businesses can be a valuable resource, they exercise some practices and make certain claims that first-time renters should be aware of.
Like any salesperson, apartment locators want to sell their product as quickly as possible, so they claim the product is scarce. This is why a first-time renter will probably hear the phrase “If you don’t lease now, the good places will get taken.” A quick glace at the new West Campus skyline shows the validity of this claim.
To be sure, if students needs a corner apartment on the top floor of a major complex no more than three blocks from campus, they should lease as early as possible. However, for the other 99 percent of students, there is no danger of every two-bedroom apartment in West Campus being leased by Christmas.
In addition to claiming housing is scarce, realtors may also say that apartments with X features in Y location are only available at or above Z rent. Again, aside from those with very specific standards, there is no “going-rate” for apartments.
While this seems intuitive, it is easy to forget. The first time I looked for apartments, a realtor told my roommate and I that we could not get a West Campus apartment for under $1,400 a month. We believed him and came very close to signing a lease. Fortunately, we sought a second opinion, and a different realtor found much cheaper apartments in the same area.
Rent also changes over time. An apartment that leases for $1,500 a month in November could drop to $1,200 by March. Apartments follow the same market principles as any other product, and the price will fluctuate with demand for the product.
Realtors also like to show apartments about two months after current residents moved in.
Last year I moved into my apartment at the end of August, and by mid-October, realtors were bringing potential clients to see it. This practice is intended to make tenants think that if they don’t renew their lease quickly, somebody will snatch their apartment away.
An easy way to address this annoyance is to tell prospective clients how excellent the apartment is. I like to talk about how I never need to sweep because rats always pick up food from the floor. I also say the cold showers always wake me up for 8 a.m. class and the ghosts are a great resource for history papers.
Apartment locators can be a valuable resource. They help find deals, save time and can be generally helpful in navigating territory that is unfamiliar to most young adults.
Just remember that a realtor’s job is to sell apartments and a client’s is to find a good one.
Luippold is a government and journalism junior.
Realities of realty
Published: Thursday, November 12, 2009
Updated: Thursday, November 12, 2009
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