If you enjoy where you live because of the great neighbors and local amenities, you might not want to move. In fact, if your lease is about to expire, you might wish to lock in your present rent if possible and hopefully remain in the same rental as long as the landlord is willing.
In this case, renewing your apartment lease can be an economical move, especially because you don’t need to pay for or plan a move. If you’re thinking of extending your lease, consider these tips.
1. Examine Your Lease
To begin with, you must recognize when your lease expires. Make sure you examine the copy of the lease, take note of the termination date, and mark it on your calendar. Establish when you should inform your rental manager of your decision to move out or renew your lease.
You need to know whether you should inform them 30 or 60 days in advance. If the lease lacks any specifications, then inform the landlord between 60 and 90 days. This period should be sufficient for every party to renew the lease.
It’s also important you watch for a renewal clause. While not every lease has them, this will inform you whether some things will need to change in the event of a renewal, for instance, if the rent will rise by an amount determined by market value or by a particular proportion every lease year.
2. Talk to Your Landlord or Apartment Manager
Before the deadline to terminate or renew your lease, talk to your apartment manager or landlord regarding your options. If the rates are changing, you must be informed. If you like your community but find that you require less or more space, inquire whether it’s possible to relocate to a different rental unit within the same community. Ensure any agreements are in writing and the new lease should reflect the terms.
3. Write a Letter
Once you’ve made a decision, present a letter to your management team, notifying them of your decision to terminate or renew your lease. If you’ve made any unique arrangements with the manager for a new rental rate or a shift to a new unit within the community, ensure you incorporate this information as well as any supporting documents. It’s imperative you maintain a copy of these documents.
4. Learn Something Concerning the Market that’s in Your Favor
Establish whether property values increased or decreased in your neighborhood and determine how this compares to the city or national average. Another factor is the vacancy rates-a growing vacancy rate in the area is a huge disadvantage for the landlord.
5. Point out Your Positive Traits as a Renter
It’s becoming more difficult for property owners to fill properties with tenants who make timely payments, don’t issue bounced checks, adhere to the rules, and maintain the property in good condition.
It’s important you’re on good terms with the landlord otherwise you might lack the leverage to renew your lease. However, if you are a responsible tenant who sends in the check reliably, you’re in a good position for negotiation.
Renewing your apartment lease could prove beneficial in numerous ways. For instance, it will save you the hassle of looking for a new rental and moving. Nevertheless, you can renew your lease successfully using these tips.
For more information on how to renew your apartment lease, contact us at Apartment Agents or leave a message.