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Old 05-03-2010, 11:43 PM
 
71 posts, read 205,025 times
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I have noticed that several of the apartment communities in the Portland-Beaverton-Hillsboro area change their rent prices each day. Thus an apartment could rent for $700 on Monday, $800 on Tuesday, $850 on Wednesday, and $675 on Thursday, and $1000 on Friday. Why do they change it every day? I have not seen changes this often in other cities. I could understand that a leasing company might respond to a softening in demand or a pickup in demand, but daily changes seems a little much to explain that.

Can someone who knows about this explain why this practice is so common in the area?
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Old 05-04-2010, 12:30 AM
 
Location: Portland, OR
1,657 posts, read 2,672,057 times
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Are you sure you aren't comparing apples and oranges?

a large apartment complex could be advertising a 2nd floor single or a 2bdr ground floor with parking space, or even a 2bdr w/ separate baths on different days.

I have not seen the phenomenon you are talking about, except when the management company is advertising different apartments (and different prices) which are coming onto the market at the end of a school term; like in May and August.
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Old 05-04-2010, 01:00 AM
 
71 posts, read 205,025 times
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When I was visiting the Portland area I visited some apartments near Orenco Station (pm me if you want to know the names as I don't want to violate the TOS for the forums). The leasing office paperwork said that the prices change daily, as does the property website. The pricing already separates out the prices for different floor level premiums and the size of units. The different types of units did not have different types of parking. An example was that the day I was there, a studio was renting for $850 a month, while the property had half a dozen 1 bedrooms that were much larger all from $680-780 a month. The leasing agent said that prices for the studio were high due to there being fewer of them. This didn't really make a whole lot of sense to me. The next day the website had the studio price being $100 less, and the 1 bedrooms were about the same. The unit numbers available were still the same. So this is not common to have happen in the area?
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Old 05-04-2010, 04:22 AM
 
157 posts, read 345,339 times
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They are changing the prices on the website to try to increase the chances of a higher search ranking. An updated page might look more "relevant" to a search engine and get a higher placement with (theoretically) more hits. Try searching "Orenco Station apartments Hillsboro Oregon" in yahoo or google. Is the one you're specifically referring to on the first or second page?
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Old 05-07-2010, 10:12 AM
 
Location: Portland, OR
1,657 posts, read 2,672,057 times
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Quote:
Originally Posted by kguru View Post
When I was visiting the Portland area I visited some apartments near Orenco Station .......This didn't really make a whole lot of sense to me. The next day the website had the studio price being $100 less, and the 1 bedrooms were about the same. The unit numbers available were still the same. So this is not common to have happen in the area?
I took some time yesterday and this morning looking in to apartment prices. I haven't done so in a few months.

To be quite honest, it was a shock to see the jump in prices in Craigslist.com. Seriously, across the board at least a $50 price hike from last September. I don't know why. Maybe there is some sort of landlord "group-think" or something going on, I don't know. I am not aware of any specific reason for this ether.

My previous post in this thread now stands as wrong and I would delete it if I could. I regret the post.

But you are correct, the rental prices are right now in fluctuation. And what you reported does seem to be going on, prices for the same apartment being advertised at one price then a day or two later, another price. I don't know why.

Phil
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Old 05-07-2010, 01:52 PM
 
321 posts, read 677,163 times
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This does seem to be a practice that's become common in the last few years. Not sure why ... but I imagine there is some strategy to this and multiple reasons for it. In general, a landlord want to get the most $ they can for an apartment. So these companies are playing around with the prices - trying to attract folks in different price points. I know when I have searched for apartments on craigslist, I not only have a maximum rent price, but also a minimum, with the assumption that there are going to be some apartments that simply won't have the features I'm looking for once they're below a certain price point.

But it also allows managers to entice people into signing a lease ASAP because the pricing could change.

In addition to that, based on their occupancy rate - which really does change daily - it might be more or less costly for them to have units empty. Also, if a unit has been standing empty for a while (let's say it smells like cigarette smoke), it might get cheaper. Or, if a unit has great light and is in immaculate condition, they might price it high right off the bat because prospective tenants are more likely to fall in love with it right away.

But I agree, as a prospective tenant, it sucks.
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