Older complexes face stiff market competition

As new apartment complexes come available, tenants are often attracted to the amenities that new units offer.

This can leave older, existing complexes scrambling to fill vacancies.

"If you take a micro-view of your vacancy rates across Springfield the same apartments that were hard to rent a few years ago are still hard to rent," said Mark Tendai, owner/broker at Metro Housing Finders. "The same apartments that were easy to rent then, and yet they're a little bit older, might be a little bit harder to rent," he said.

Enticing renters with move-in specials is one way to fill vacancies.

Gary Wilson, president of the Springfield Apartment and Housing Association, warns that if there are too many apartments in the market to keep the new ones full, it may become necessary to lower prices at the new complexes.

"I'm not saying that will happen, but it's the domino effect. If by chance the new ones don't rent as fast as they would like, your option is free rent, discounts, lowering the rate, giving some amenities or something to get them full," Wilson said, adding that lowering the rent of new units would, in turn, lower the price at each level of apartment.

The best way for older complexes to stay in the game may be to do some updating, said Sam Coryell of TLC Properties.

"What I would do if I had older units, I would spend some money and update my units as best I could." Coryell suggested adding microwave ovens and washer/dryer hook-ups to make older units more appealing.