Why is it that FOR RENT or FOR LEASE signs almost never give the monthly rent for the unit? Sometimes there might be several different types of apartment available, in which case that makes some sense, but I often see the same thing when it’s obvious that only one unit is being offered. You would think the landlord would prefer that a prospective tenant who doesn’t wish to pay that much be able to opt out without having to call up to ask what the rent is? If a prospect says they don’t want to pay the stated rent, do owners negotiate a lower rent on the spot, if the market is soft? For example, it’s definitely a renters’ market in my area at the moment. OTOH the local vacancy rate doesn’t seem to have any impact on whether the sign gives the rent. If the supply of apartments is tight and the vacancy rate nonexistent, the owner has no particular motivation to lower the rent, but still usually doesn’t state it.
All this is in reference to the signs you see in front of buildings, and not lists in newspapers, etc.
I have heard (not to imply this is true in all cases) that at least one reason is so that folks have to call and then the landlord can decide whether to make the rent reasonable or outrageous depending on whether the caller sounds black or latino.
I agree that it’s kinda stupid and only seems to happen with signs and not in the paper. I’ve wondered why, too.
ETA: Which is to say, whether the caller is not white. Not to imply that blacks get one rate, latinos the other.
It’s possible that the sign is intended to be used multiple times, and while the square footage of an apartment may not change over the years, the rent certainly can.
I should have been more specific; let’s leave out the signs that are professionally made to advertise the building as a lifestyle choice, with the management company’s logo and so forth. I’m thinking more about the ubiquitous red-and-white (in the U.S.) signs used to advertise vacancies. I always assumed that the white area where they write in the details of the apartment can be wiped clean and rewritten; if that isn’t true then that would explain the whole thing.
WAG: The landlord may have other apartments in the same building and may not want to make it obvious to the other tenants that perhaps they’re paying more than he’s asking for the open space. If he’s having a hard time renting the apartment, he may be dropping the rent, and may hear complaints from other tenants on why their rent is more.
The landlord might also adjust the rent on the fly for various reasons - non-preferred ethnicity = jack it up to scare them off, well-to-do-looking person = see if you can get more, desire to pad it a little and maybe bargain down, etc.
I will be a little less cynical. It doesn’t necessarily have to be race/socioeconomic in origin. It’s just better for him from a profit-maximizing standpoint to be able to negotiate rents on a case-by-case basis instead of broadcasting a figure and being effectively married to it.
All the above likely are true in various cases, plus there may be rules about if you put in the amount of the rent, you must also put in all the other information such as the amount of the deposit, pet fee, whether it includes utilities, this fee, that fee, whatever; the landlord will say ‘screw it; I’ll tell ‘em when they call.’ They’d rather have people call and explain the whole deal; especially in a renters’ market, they want as many calls as they can get, especially if they have multiple properties. If they are trying to discriminate, they might be planning to steer applicants to specific properties; if they aren’t, they might be trying to build up a file of potential tenants for the future.
As an owner of a duplex that I also live in this is why I don’t put the rent on the sign. It’s not so much a “screw it; I’ll tell 'em when they call” so much as it’s a I want to know they have the entire picture when they hear the number and what else is required kind of thing.
I only have the one place to rent so I’m not trying build up a file and I wouldn’t try to descriminate. I have no problem saying no to someone if they seem skeevy. If you come to me and say I have the amount you’re asking for rent I don’t HAVE to rent it to you, you still need to pass my, non-desciminatory, standards.
I managed apartments, and there are five reasons I would cite:
Not all apartments with the same amenities are the same price. Spots on the top and bottom floors go for more. (It’s quieter at the top, and easier access at the bottom). In one building, we could barely get $600 for street-side apartments (because of traffic noise); the same unit on the opposite side would go for $750 on the first showing.
As desperation increases, rent goes down. Furthermore, you might offer a temporary reductions such as $600/month for six months and $750 after that. You can’t explain that on a sign very well. And just about every apartment complex will permit some negotiation. If you really want the apartment, for a lower price, you just might get it.
You print up signs for each of your major apartment types, then reuse the sign when one of those is available.
You want people to call even if they don’t like the price. If you put the price on a sign and no one calls, you have to wonder whether people don’t like the price or just can’t see your sign.
Landlords design the signs. Managers answer the phones. So what is a total waste of time for the manager is not really the landlords’ problem.
ETA: Discrimination was NEVER been a motivation in any apartment I’ve managed. As long as your credit report holds up, you’ll get an apartment.