Free Rent? Incentives Still Exist in DC

• January 10, 2011
• 0 Comments

by Bryce Baschuk

Somewhere in DC, a renter is living in a nice, new apartment for free. At least for a month or two.

Despite recent reports about the decline of rental concessions across the DC area, leasing professionals say that rent incentives exist, it is just a matter of seeking them out.

Adams Towers

“Places are still offering incentives because developers want to fill their vacancies,” Rick Gersten of Urban Igloo told UrbanTurf.

Take for instance the Adams Towers at 2325 15th Street NW, a building UrbanTurf profiled at the end of last year when a development company completed a TOPA purchase of the property. In the hopes of attracting renters, the Adams Investment Group has authorized the leasing team at McWilliams Ballard to offer a month’s free rent to new applicants.

“We have definitely gotten more inquiries since we began offering it,” leasing representative Susan Bates said of the incentive. “Everyone wants to know if they can get something more for their money.”

The Palisades Apartments on MacArthur Boulevard are offering a month’s free rent and free utilities for tenants that sign a lease by January 15th. “We usually will offer rental incentives for our two bedroom apartments because they are harder to lease,” said leasing agent Stephanie Terravas. “We’ve found that some people want amenities over location, and this building isn’t particularly close to any Metro station.”

Apartment at Loree Grand

While some buildings are not offering free rent, other incentives are available. For example, The Loree Grand is offering six months free parking on one and two-bedroom rentals and The Alexander in Alexandria is offering an iPad to renters who sign a lease before the middle of January.

Gersten admits that in more popular submarkets like Logan Circle and Dupont Circle there are not many apartments offering incentives. But if one looks closely and asks the right questions, he said that there are a few gems to be found. For example, an apartment building near 16th and U Street managed by Keener Management has been offering free rent for January on one of its two-bedrooms.

“Renters should not be forlorn that they will not find anything,” Gersten said. “There are still apartments out there and good deals to be found. Around this time of the year, leasing managers are receiving notices from tenants that are leaving, so they are trying every avenue to maintain their current occupancy levels.”

A quick search by UrbanTurf found a few other apartment buildings that are offering free rent incentives on select units. Here’s a short list:

One Month Free Rent

• The Flats 130 in NoMa

• The Palisades Apartments on MacArthur Boulevard

• The Allegro Apartments in Columbia Heights

• The Cloisters in Edgewood

• The Park Place Apartments in Petworth

• Senate Square (Free rent until February 1st)

Two Months Free Rent

• Axiom at Capital Yards

• The Jefferson at Capital Yards

• The Gramercy in Pentagon City

• The Alexan Carlyle in Alexandria

This article originally published at http://dc.urbanturf.com/articles/blog/free_rent_still_exists_in_dc/2819

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