If you’re familiar with the Phoenix area, you know that downtown living has a special allure.
Downtown Phoenix offers walkability, rich culture, and a flourishing art scene, providing residents with easy access to artistic and cultural experiences in the heart of the city.
As a result, the downtown Phoenix housing market has become increasingly competitive in recent years. Developers are producing new apartments with state-of-the-art amenities and corresponding price tags.
While luxury apartments in downtown Phoenix tend to cost more than apartments in other nearby neighborhoods, there are a plethora of ways to make downtown living more affordable.
At Moontower, we understand that it is important for you to find housing at an affordable price point. To help you find affordable, quality downtown housing, we have compiled a list of six ways that you can save money on luxury apartments in downtown Phoenix.
6 Ways to Save Money on Luxury Apartments in Downtown Phoenix
1. Consider a Smaller Floor Plan
The price of square footage in downtown Phoenix is high, so making the most of your space can make a big difference when it comes to saving money. Typically, the more square footage, the higher the rental rate. In the downtown Phoenix market, there is little to no vacant land, which boosts the value of available properties, and consequently, the price per square footage. Learning how to maximize small spaces will be a huge cost saver, and for many is the way they are able to secure a place to live downtown.
Looking for a unique way to maximize your studio space? Check out Moontower’s semi-furnished studio, Sandstone, equipped with the Ori disappearing Cloudbed and built-in desk!
2. Sign Your Lease Early
In downtown Phoenix, particularly with new developments, the best way to guarantee the lowest prices on rental rates and parking without compromising space or amenities is to sign a lease early.
Most properties in downtown Phoenix begin leasing about 60 to 90 days before the move-in date. Many new developments will offer incentives to sign early. For example, certain developments may offer one month rent free if you sign a lease before a certain time.
So, if you’re looking to get the best deals at new luxury apartment developments, be sure to sign your lease as early as you can in order to cash-in on exclusive deals and discounts.
3. Take Advantage of Public Transportation
Parking in downtown Phoenix can be very expensive. Most apartments in downtown Phoenix charge an additional fee per month to bring a car, which doesn’t take into account the price for parking around downtown, as well as the consistent expense of refiling on gas.
Phoenix offers a variety of public transportation, as well as great biking and walking trails.
Phoenix’s Valley Metro Rail can get you from the airport to a downtown apartment, as well as to neighboring communities and attractions. At the time of publication, an all-day pass will run you $4, while a one-way pass will only be $2.
Prefer to bike? Many downtown Phoenix apartments offer bike lockers or storage areas for free or at an additional cost. If this interests you, make sure you ask the leasing staff at the apartments you are most interested about if they offer this amenity, and whether it is included or at a cost.
4. Take Advantage of Amenities and Extras
In the downtown Phoenix area, luxury apartments vary greatly in regards to what is and is not included in the rate of monthly rent.
To get the most value for your money, look for rates with extras included in the rental rate rather than extras that are offered at an additional cost. These extras may include Wi-Fi or technology packages.
Make sure you ask the leasing staff at the apartments you are most interested about how different units compare.
On top of in-unit extras, access to community amenities like fitness centers, yoga or spin studios, and rooftop pools are the norm at luxury apartments in downtown Phoenix. These amenities are typically included in your monthly rental rate, and can help you cut down on extra expenses like separate gym or pool memberships.
5. Minimize Furniture Costs
While furnishing your apartment is a great way to be creative, it can come at a steep price tag if you are not cautious. Even though most home decor is optional, you can’t live in an apartment without a bed or couch.
Some apartments may come partially or fully furnished, which cuts furniture costs and helps you avoid the furniture selection, purchasing, and moving process. Not many luxury apartments in downtown Phoenix offer fully furnished units, so this can be an important factor to consider when calculating the total cost of living at different properties.
When furnishing your own apartment, there are ways for you to cut down on furniture costs. You may want to consider shopping at discount furniture stores, consignment shops, or Facebook Marketplace to get the most bang for your buck. You can often repurpose inexpensive or older pieces in order to keep costs down, while finding unique, one-of-a-kind pieces.
6. Consider a Roommate
Choosing to have roommates can provide you and your roommate access to a plentiful amenities package in your ideal location at an affordable rate. Typically, the more roommates you have per square foot, the lower your monthly rent per person will typically be.
At the end of the day, there are many ways to save money on luxury apartments in downtown Phoenix. Before you rule out living in a luxury apartment in the downtown area, be sure to consider your options to take advantage of the best apartment deals downtown.
If you are interested in downtown Phoenix living, feel free to reach out to our leasing team, who are more than happy to answer any questions you may have about the area.