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Page 11 of 12 Mr. Thrifty Principle #9: Don’t include promotions in figuring out what apartment rent you can afford
Make sure you can afford the apartment you want to rent even without a “specials” or promotions that the complex may be offer you. If you stay one day beyond the initial lease term, the concessions will evaporate faster than you can say “rent increase.” So beware of concessions, especially with short-term leases. For example, an apartment may give you a $50/month discount on rent to get you to sign a 6 month lease. But at the end of 6 months, you can bet that your rent will immediately rise by $50. But it doesn’t end there. Some apartment communities will follow-up with a letter saying, “We are adjusting rents upward by x% to reflect current market rates.” Of course, when they calculate your new rent, the increase is based on your rent without the concession. Also, if you break your lease early, many apartments will require that you pay back any concessions you received. But you already know what Mr. Thrifty says about breaking leases.
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