Applying/reserving apartment without knowing what the rent will be (apartments, lease)

[janamc]

This is an issue that's been coming up during my current apartment hunt. I started looking early because there is a big university here and lots of students reserve apartments in advance for the fall semester. I wanted to find a place I like and then get on a reservation/wait list for a July vacancy (most places around here require you to get on a list if you're not immediately moving into the unit). This requires an application (with fee) and a $100-$200 deposit, which would be applied to the security deposit when I move in.

But the problem is they can't guarantee what the rent will be in July. Some places are a good price now but since more people move into town over the summer I expect July will have higher rent due to higher demand. Some places I've been keeping an eye on vacancies/rent over the past few weeks and the rent has fluctuated almost $100. $100 is a big difference to me! Some places I can afford at their current price but if I reserve it and they offer it to me in July at a higher price I might not be able to take it, and then I would forfeit the deposit $$ I gave them. I've read through the wait list legalese for a few places and it says I only get my money back if the apartment I request (any 1BR) doesn't have a vacancy. If there's one available and I refuse it, then they keep my money.

Is it better to wait until June to apply for a place (so I can sign right away and lock-in the rental price) and just take my chances that something will be open so that I'm not "reserving" an apartment that I can't afford? I fear that I'll miss out on an apartment I like because I'm not on the wait list. Or maybe that's just what the LL's want, to scare me onto a wait list when I don't really need to be on one.

This whole process is starting to stress me out. I know it's been 4 years since my last move, but I never had to go through wait list crap in my previous apartment hunts. I'd just find an apartment and it was mine. But maybe I was only looking at "unpopular" places that didn't need a wait list!

[Kim in FL]

I personally wouldn't be putting my hard earned money down on anything, unless I knew, up front how much the cost was going to be.

[kodaka]

Just because the apartment isn't available until July doesn't mean they can't set the price now. Sounds like they are just being shady and I would want no part of it, if it were me.

I would also question the validity of a 'deposit' under such circumstances. I don't think legally they could keep your deposit if there's no agreement as to what service or product the deposit represents.

[janamc]

Thanks for your replies. I agree, they could give me a rental rate for July and let me sign right now if they wanted to! But I'm sure they are hoping that someone will want to move into a unit in May or June, so they don't want to hold the apartment and give up 2 possible months of additional rent. Lame! They have 4 available units right now, but apparently it would kill them to set one aside for me until July.

I definitely don't want to give a deposit when they're not really assigning me an apartment yet. I'm just getting frustrated that even though I am getting a head start on everyone else they are not letting me sign a lease yet. At my previous apartment they let me reserve it in April for an August move in, no problem! But that was a different town and a different economy so maybe things don't roll that way here and now.

[virgode]

As another poster said they can guarentee a rental rate now, depends on management. If you've given them a deposit to hold the avalibility in July, you may have lost negotiability. With a low vacancy ratio, they don't have to compromise.
If there not letting you sign a lease now, it's bc they have nothing to rent, you'll be moving into a unit thats vacated by another tenant in June, prep'd for new move in and available in July.

[janamc]

They do have apartments vacant now. Their website lists 4 available now, 3 available in mid-May. I understand why they don't want to hold one for me until July, but in that case I'm not giving them any money either. I've noticed they keep updating their rent specials, trying to get people in now. "Offer ends May 1!"

[virgode]

They have 7 apts to rent in the next 45dys, marketing specials are common in the spring. When communities run specials they're for a limited time, they aren't held at those prices for several months. Although, as I said, a manager can quote you a rental price for July but this is a University area with high volume of applicants.

Turning you down to rent an apartment now, with 4 availabilities makes no sense to me, unless your application were not approved, or you failed to meet credit criteria for the special.

We would run specials, $100 security deposit, of course your credit needed to be A+, you could still rent an apartment with approval but wouldn't recieve the special.