Thursday, August 27, 2009

OPEN LEASING STARTS SOON – DON’T WAIT!

OPEN LEASING STARTS SOON – DON’T WAIT!

The start of open leasing at SAMI is September 29th this year. For the most part, the selection of this date has been driven by the student population; we start getting calls for next school year’s leasing in the beginning of August.

We hold off the start of open leasing so that our tenants can get comfortable in their apartments, and with their roommates, so that they can make an educated decision about whether they want to renew their lease or not. Many leasing companies start leasing their apartments on the first day of school. We don’t feel they are giving the proper consideration to their tenants.

Here are some things you may want to remember as you consider when the best time for you to sign your lease may be:

Prime locations go fast. The apartments which are closest to campus or to the main commercial areas near campus are most popular and people will snap those apartments up quickly. Most units are gone within the first week of open leasing.

Many people do camp out overnight to ensure they’ll get their first choice of apartments. In the past, people have started camping outside SAMI’s offices up to two days before the start of open leasing. Last year, SAMI had almost 200 students lined up outside the door on the first day of open leasing. Not surprisingly, units began to rent out very quickly. Because of the large number of campers last year, SAMI is planning a few “comforts” this year to make the time more enjoyable. Details to follow.

An interesting fact to note: a large percentage of the leases that are signed on the first day of open leasing are signed by students who have gone to look at the units ahead of time by themselves. Also, on the first day most of the three and four bedroom buildings will fill up.

Three and four bedroom apartments are the most demanded units during the first week of open leasing and usually disappear within the first week due to several factors:

Most three and four bedroom apartments are located close to campus.
There’s an opportunity to live with several friends that you don’t get in a single or two bedroom unit.
Rent per person goes down as the number of bedrooms per apartment goes up.
There are many great three and four bedroom floor plans to choose from.
Many of the students coming out of the dorms prefer three and four bedroom apartments.

Although three and four bedroom units are in highest demand at the beginning of open leasing, there is still a strong demand for one and two bedroom units, particularly those units which are situated close to campus. Many of these units will be rented within the first week and a half of leasing.

If you want to be sure you get the exact apartment you want in the exact area you want to live in, we recommend that you schedule a showing as soon as possible and be prepared to sign your lease within the first week of open leasing. Those who take the initiative to view apartments and sign leases early will get the best deals and the best locations.

Don’t wait to see what’s left after everyone else has chosen their apartment!

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