Apartment hunters are having a trouble realizing that a rental rate given to them one day can change the very next day. This is due to apartment communities switching to a new system or program to get their apartment rental rates, which is called “Yieldstar.” I have had clients of mine in the past call me asking “I went to visit this apartment community a few days ago and now that same apartment they showed me has gone up in price. Why?” I hear this often and more now than ever. This is due to a new trend for apartment communities all over the US to switch to Yieldstar. This is really limiting the consumer “YOU” from negotiating or getting specials/ discounted rates. Even though the apartment communities are switching to this new system called “Yieldstar” there are ways to work it to your advantage. I will try to explain how to beat the system and use it to your advantage. A secret the apartment communities, management companies, and managers do not want you to know.
How to beat Yieldstar:
1 ) Ask if it is they are using Yieldstar? (Most Greystar managed communities are using this system)
2 ) What you have to realize that the price they give you the day you visit changes on the move in date you give them. Meaning do not give them an exact move in date. Ask them what is the most affordable 1×1 or 2×2 or 3×2 apartment you have available today depending on what your looking for.
3 ) You have to understand that with Yieldstar the rental rate will change by each day of the week. On a Tuesday it can be $945 and then on Thursday it can be $930 for exactly the same apartment. (To try and explain why this is will be in another blog later)
4 ) This means you truly have to take in consideration what is the earliest you can lease an apartment. This does not mean you have to move in but just start paying for the apartment. This is vital in the long run! EXAMPLE: if the rent is $1050 for April 11th and for the same apartment rent is $1125 on May 1st when you want to move in. Then would it not be smarter to take over the lease 2 weeks earlier?? This does not mean you have to move in just take over the lease.
5 ) Like I mentioned earlier the rates change daily. One day the apartment you really like could be $955 and the very next day you call it went up $965. That is a risk you take, but the good thing is most apartment communities using Yieldstar allow a 48hr hold on the price they gave you.
6 ) Remember to ask how long the price will stand that they quoted you.
7 ) Call every day to the apartment community and ask them if same apartment is available and ask them the rental rate is. Take down each day how much it has changed.
8 ) If the rental rate has not changed in 3 days then that is when you want to make a move on it. That means that is usually the lowest the apartment will rent for.
9 ) Ask how many days the apartment has been vacant for? This will also help you compare the rental rates they give you each day.
If you have any other questions about Yieldstar or how to deal with apartment communities using this system feel free to give me a call! I used to work with this system and I can walk you through what to ask. I can also accompany you to the apartment community to help get the best rental rate possible! CALL ME AT 832-468-3628
