When you actually look into the Free part, it might mean that if your rent was $1,000 per month you must sign a 12 month lease and agree to pay $12,000 over the next 12 months.  The apt complex will give you "Free" rent of, say, 2 months which is $2,000.  The way it gets calculated is they will reduce your 12 month lease by $2,000 and have you sign a 12 month lease for $10,000, or $833 per month.  Great, now you are on the hook for the next 12 months even if you have to move.  This is not really FREE rent.

Thousands of troubled Arizona households fell into foreclosure last month, bumping the state’s foreclosure rate to third worst in the nation. Click here to learn more about Arizona's foreclosure trends.

Home values may have plummeted in the past year, but prices are still significantly out of line with apartment rents, according to a new study by the Center for Economic and Policy Research.

The result: More landlords are offering concessions these days, the most popular of which is a month’s free rent, so now may be the time for renters to lock in rates. full article

Keep in mind that if you are on a tight budget and trying to save money you will soon notice the rent is only one of about 10 other things you will pay when you figure the total cost of "Rent."  When you move in, you will also have to pay for the following which makes the "Free" seem like the wrong term.

Here are your other costs:

1.       If you would like your hair dryer or computer to work, you will have to call APS or SRP and get them to come out and hook up your electricity.  Both will need to run a credit check and require a hefty deposit before they turn on your power.  Electricity bills can run into hundreds of dollars a month and will certainly cast doubts on the "Free" rent.

2.      If you want to keep your apartment temperature below 115 degrees this summer you will need a good air conditioning system.  Most apartments come with some kind of air conditioner, but you need to make sure your new apt complex has an efficient system that will provide cold air in abundance.  Cold air means at least 60 degrees and NOT an old system that blows 65 or 70 degree air.  Take an A/C thermometer with you and check before you move in.

3.      If you plan to cook any meals you will need to get your gas hooked up.  You will need to call SW Gas and have them run a credit check and pay them a substantial deposit before they turn on your gas.  Gas is not expensive, but it will not be part of your "Free" rent as advertised.

4.      Many residents like to watch TV so you will need to call Cox Cable and go through the same routine.  After a credit check they will tell you the total cost for your cable TV package.  Another minor cost, but still not "Free."  How many times do you want your credit run?  Each time seems to just add to your credit report.

5.      Many residents also like to use their computers at home, and will need some type of internet connection.  Most will use Cox or a DSL line with the phone company, and this will also create another monthly cost.  Seems like the "Free" rent is not quite as free as it seems.

6.      Cell phones are beginning to replace the old "land lines."  However, many residents still want to have a phone in their home.  This will require a call to Qwest, another credit check, another deposit and another monthly bill.  And another increase to your "Free" rent.

7.      Cell phones usually have a limited number of minutes per month.  Land lines don't have a monthly call limit, but usually charge for long distance calls. In either case it is another monthly charge not included in the "Free" rent.

8.      To look our best, many residents like to work out.  The normal exercise room at most apartments complexes is old, rusty, dusty and smelly. Some are nice, but by definition, half of all such rooms are below average and not much fun.  This may require another monthly charge for a health club membership which, again, requires a credit check, possibly a 1-2 year contract and another monthly charge.  "Free rent" is not actually free.

9.      To start the morning many of us like to get a good cup of coffee.  Making your own is a hassle, time consuming and gets expensive.  It is not normally part of any "Free rent" program, but it may be possible to get it free at some facilities.

10.     At night how many of us would like a bag of hot, freshly popped popcorn?  Many, but again, it takes some time and money to always have it ready.  What does popcorn have to do with "Free rent"?

11.     Other features you may be looking for could include a pool, a hot therapy spa, tennis courts and access to some great walking and biking trails.

Add up the costs for these other items and it can be $500, $700 or $1,000 per month in addition to the rent that is not "Free" at all.

We just discovered the "Free Rent" signs will only "reduce" your rent but will do nothing about the other 11 items we listed.  You will still pay full rates for those 11 features you will need, but the "Free" place may not pay for any of it.  The signs are grossly misleading and provide no relief for the other 11 important features.

If you are coming out of a real estate foreclosure, a divorce, loss of a job or job change, or other life changing event, you are trying to save money.  Going to a "Free Rent" building may be the last place you should go to try and save money.

There is one place where the signs are backwards.  Instead of "Free Rent" this place provides the other 11 things "Free" and may save you $500-1,000 per month.  You pay for the rent and they give you the other 11 things as part of the rent.  They don't advertise as "Free Rent" but they are actually less expensive, only run one credit report, require only one deposit, do NOT require a long term lease commitment, allow you to move in within 30 minutes, and refund your deposit on the spot when you move out.

According to Default Research, which tracks home foreclosures in the Phoenix and Tucson areas, 5,102 homes were involved in foreclosure proceedings in Maricopa County in January. That’s up 40 percent from 3,629 in December. Default says the number of homes involved in foreclosure proceedings over the past 12 months represents 4.11 percent of the county’s home inventory.

Arizona's devastating economic conditions have had a negative affect on many property owners forcing them into short sales and foreclosures, while alternatively producing several benefits for renters throughout Scottsdale and Phoenix.  These benefits include free utilities, free cable TV, free local and long distance phone service, free wireless Internet, free gym passes, free Starbucks's coffee and more.  These added benefits are included in the monthly rent at properties such as Scottsdale Park Suites located on the 12 mile Indian Bend Greenbelt in South Scottsdale.  Renters experience greater savings in the long run by staying at properties like Scottsdale Park Suites, where everything is included in their monthly rent, rather than signing a 2 year lease to get one free month of rent, where the renter is still obligated to pay all set up fees and monthly fees for these utilities.