IAC Price Match Policy

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aptu_IHB

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All,

We recently renewed our lease for a year starting from June1st. I live in 2 bed 1 bath apartment and pay $1480. We thought we were getting a good deal. :) We've lived in this community for last 5 years. Another friend received her renewal starting July 1st for 2 bed 2 bath for $1430 and she has lived for 3 years only. So she i surely not getting a bigger discount then me. Is their any price match policy in apartments? This just seems so unfair.<span style="font-size: 13px;"></span><span style="color: blue;"></span>
 
[quote author="aptu" date=1245728734]All,

We recently renewed our lease for a year starting from June1st. I live in 2 bed 1 bath apartment and pay $1480. We thought we were getting a good deal. :) We've lived in this community for last 5 years. Another friend received her renewal starting July 1st for 2 bed 2 bath for $1430 and she has lived for 3 years only. So she i surely not getting a bigger discount then me. Is their any price match policy in apartments? This just seems so unfair.<span style="font-size: 13px;"></span><span style="color: blue;"></span></blockquote>
You guys are getting a great deay. What complex do you live in if you mind me asking? What was your prior rental rate before the renewal? Which complex is your friend renting the 2/2 unit for $1,430? Your friend should threaten to move and not accept their initial offer. They will most likely come with a better offer if they think she will actually move. PM me with the info if you want to keep it private. I live in a 1/1 over at Quail Meadows and pay $1,420/month. My lease expired at the end of October.
 
I've noticed similar issue. I've lived in the same apartment for lot longer than your 5 years.

When lease renewal came I thought I was going to get good rates because some

people with just 1 year at the complex got 100 dollars lesser than i was paying.



But to my surprise we were quoted just 15 dollars lower from our current rent. So i asked them why it was so.

There claim was that IAC ran some unusual special in April for many of their units as they were

negotiating some refinancing for the loans. They wanted higher occupancy for that pupose.



Since the loan was refinanced they no longer had any reason to give lower rates to tenants.

Then turns out after lot of talking I was given a 300 dollar off of my 1st month rent of august 09

in the new lease. That brought my monthly to be 40 dollars lower than my current rent.

{original 15 dollar reduction + 300/12}. Just yesterday i found out that some other newer

tenants are getting about same net rent as mine. Because their monthly rent is higher but

they get 750 off of the first month making it same as mine. So effectively there is no

benefit to being long time resident at IAC anymore.
 
[quote author="witin4ever" date=1245731307]I've noticed similar issue. I've lived in the same apartment for lot longer than your 5 years.

When lease renewal came I thought I was going to get good rates because some

people with just 1 year at the complex got 100 dollars lesser than i was paying.



But to my surprise we were quoted just 15 dollars lower from our current rent. So i asked them why it was so.

There claim was that IAC ran some unusual special in April for many of their units as they were

negotiating some refinancing for the loans. They wanted higher occupancy for that pupose.



Since the loan was refinanced they no longer had any reason to give lower rates to tenants.

Then turns out after lot of talking I was given a 300 dollar off of my 1st month rent of august 09

in the new lease. That brought my monthly to be 40 dollars lower than my current rent.

{original 15 dollar reduction + 300/12}. Just yesterday i found out that some other newer

tenants are getting about same net rent as mine. Because their monthly rent is higher but

they get 750 off of the first month making it same as mine. So effectively there is no

benefit to being long time resident at IAC anymore.</blockquote>
That's BS. Not only do you look at the actual performance, but you look at the market vacancy and rent data. Just because they tried to prop up vacancy a bit doesn't mean the loan look any better because a good underwriter would notice the lower rental rates and higher concessions and annualize them. The reason they have stopped the discount is because we have now entered into the moving season (summertime when kids are off). Watch how they will come back with the good deals in the winter when they see the economy isn't picking up and we are still losing jobs. I'm glad my lease is up at the end of October.
 
If it's not Park West or one of the Courts (Stanford, Berkeley, etc) it sounds like an affordable unit. Still a great price for the area. Congrats.
 
I used to work for IAC a VERY long time ago, and remember that the exact same floor plans sometimes had nominal differences in prices.

The reason was that no 2 apartments are exactly the same, its in a different section, or near a street, a laundry room, kitchen upgrades, or a different floor, or something that makes it less or more desirable, nominally.



Your situation is probably the same as I described.
 
$1430 seems like a great deal for a 2/2 in an IAC. I remember paying approx. $1400 for a 2/2 (San Marco Apts.) <strong>back in 2001</strong>. So much for inflation...
 
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