Ten Things You Should Consider Before Renting Luxury Apartments
Thanks to all the new luxury apartments in California, you don’t have to pay for a down payment anymore to live in a nice building with great amenities. You can easily rent a luxury apartment and enjoy things like a screening room, a catering kitchen, a state-of-the-art gym, an indoor lap pool, a pet spa, and more! These are just a few of the basic amenities you can expect.
You can spend the whole day describing all the fun stuff in your new apartment. However, you need to stay focused. You’re most likely not going to use all of these amenities. Just because your expenses won’t be as huge as the apartment owner’s expenses don’t mean you should take this lightly. Renting luxury apartments is a lot different than you think, so you’ll still be paying a pretty penny.
To help you, here are a few questions you should ask yourself before you rent in a luxury building.
Questions to ask yourself before renting luxury apartments
Are pets allowed?
Luxury apartments tend to be more pet-friendly than most apartments. If you have pets, you may need to pay a pet deposit. You may also need to ride the service elevator when you’re walking your dog, so make sure to ask about any special rules that will apply if you bring your pets.
Pet-centric amenities are common these days, especially in luxury buildings. Many of them permit smaller pets but prohibit larger animals or exotic pets that may frighten the other residents. Some buildings also charge owners of pet rent on top of the pet deposit.
Do they accept credit cards?
A lot of luxury apartments accept credit cards, but before you hand yours over, you should ask whether or not you’ll be charged a convenience fee for putting your rent on plastic. You should also weight whether or not getting points is worth the extra cost.
Do they accept guarantors?
Luxury apartments aren’t cheap – if your annual income doesn’t add up to 40 to 50 times the monthly rent, do you think you’ll be allowed to call for help? Guarantors will become much more prevalent for those who have poor credit, or those who don’t qualify by income. Usually, landlords will accept a guarantor who makes at least 80 times the monthly rent.
And if you’re short on wealthy relatives who can help you, check if the building accepts institutional lease guarantors that guarantee leases for a fee of about one month’s worth of rent.
Do you have a guaranteed spot in the garage?
If you have a car, then you may be exhausted from playing the alternate side parking game every day and having to move your car accordingly. However, even if your luxury building has a garage, it doesn’t mean that you’re guaranteed a spot. A lot of places have waiting lists, with some people waiting for months or years for a parking space.
You should check if you have a chance to get into the parking structure or if you’ll have to continue circling different neighborhoods in search of a spot.
Do you need to pay extra for the gym?
If the gym isn’t included in your rent, then you’ll end up paying more. However, if you think that having a gym that’s just an elevator away from your place is perfect, then you might want to check it out at the time of the day you normally would want to see it. Doing this will help you know whether or not there’s a wait for your favorite gym equipment.
If there’s a membership fee, then you should understand the terms. Ask if you have the flexibility of going on a monthly basis, or if you need to lock yourself into a yearly contract. Also, ask if the fee is per person or per apartment. Don’t forget this when taking a tour.
Do you only need to pay the actual rent each month?
With new development rental buildings, owners usually offer you a deal that will encourage you to sign a new lease. This allows landlords to fill higher-priced apartments without dropping the rent. A deal can mean no fees or rent for a month or two. But be careful, as those free months may be listed under the advertised rent, which isn’t the actual rent you’ll pay every month.
The net effective rent is calculated by taking the total amount of concession and then dividing it by the lease term and then deducting that amount from the monthly rent. But you aren’t paying the reduced amount. You typically get a free month at the start or at the end of the lease, while the rest of the month, you’re paying the higher gross rent. And when you renew the lease, any rent increase will depend on your gross rent. Because of this, you need to figure out what your gross rent is.
How convenient is the location?
Management companies and landlords usually compensate for an awkward location. How will your commute actually look like?
You should always keep the location a priority. If the apartment offers a shuttle bus to the subway line, then check out how frequently it runs, and if it’s operational during the weekend.
How’s the cellphone service in the apartment?
Spotty cell service can be very annoying, especially for those who are several dozen stories above the ground. Check if the apartment offers a technological workaround, such as a cellular base station connecting calls through a broadband network. You should also ask how much extra this will cost you.
How’s the storage space?
Your luxury apartment is more likely to offer storage space than other types of rentals – bike parking, wine storage, stroller storage, and more! But is there a waitlist? And is the price already included in the rent?
Is there a policy for a temporary wall?
Safety concerns have led many landlords to disallow temporary walls in favor of bookshelves that do not reach the ceiling. So, if you can’t afford to live in luxury apartments without a roommate, then make sure to check the building’s official policy on carving out your own space.
Hopefully, these questions can guide you when you want to rent a luxury apartment. If you want to find the best deals on luxury apartments, you should check out the CitiZen.
