When a landlord has an apartment complex that is sitting empty and no one is living in it, this is bad news for the landlord. They are not making any money off the unit and still have to pay some of the utilities, the taxes and insurance, and everything else. Because they do not want the apartment to stay empty for too long, many landlords will offer some kind of incentive to get people through the door and to help make sure that the apartment is not going to lose money. These can be called renting concessions. Some of these are good, and some are not that great.
You will find that sometimes the landlord will use something known as a red flag concession, which is simply a concession that is ongoing so that the property is always occupied for the landlord. They can often be used after the original lease with a tenant has expired with the hope that the tenant will renew and stay in the property, rather than moving out and forcing the landlord to begin the expensive search for a new tenant.
So, why are these known as red flag concessions? This is because they are put in place automatically, which can sometimes signal that there are some bigger issues in place with that rental property. For example, the landlord may have trouble with high turnover in the rental or they don’t take care of the unit for the tenants, which leads to a lot of problems. They will offer these concessions to convince people to stay when they would rather move somewhere else.
Before you agree to moving into one of these properties, it is probably a good idea to look at the reason behind some of these concessions. And if you already live in the building and do not like it, don’t let the concession be the thing that keeps you there and makes you miss out on some much better apartments. You will most likely come to regret that decision down the line.
There are a lot of amazing apartments out there that you can consider, but none will provide you with the comfort and style that you can get when you choose to move into one of our apartments. We know that amenities are important to you, but we welcome you to take a tour around our Vintage Franklin Rentals and see how the space and great amenities can work out for you as well. Don’t waste your time on some of the other apartments out there. Come and take a tour with a member of our staff today to ask your questions and to learn more today.
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