If your lease is about to come to an end, you might be wondering whether it’s sensible to consider a lease renewal. Lease renewals are ideal if your landlord is trustworthy, you’re content in your rental, and desire the stability of remaining in that unit for a year. If you’re undecided about this matter, here’s what to consider before renewing your lease.
Does the Rental Suit Your Lifestyle?
You want to consider carefully whether your rental still suits your lifestyle. In this case, you want to assess whether you have adequate space, whether the building offers valuable amenities, or whether you wish the unit had more amenities.
You’ll also want to evaluate whether you’re paying an inflated price for a unit with amenities you seldom use. Consider developing a list of what you like and dislike regarding your current unit. You’ll equally need to spend time going over rental listings in your cost range. This way, you’ll establish whether there’s a likelihood of securing a better rental.
Do You Like Your Unit?
While this might seem obvious, it’s worth considering carefully. In life, we frequently find ways of compensating for the problems in the units in which we reside, so we might not consider the issues we have with our rentals.
This is a great chance to evaluate the situation carefully. If you’re content with your unit, you should consider a renewal. However, if you determine that you require more space or that you have noisy neighbors, perhaps it’s time to consider a new unit.
How Do You Feel About Your Landlord?
Is your landlord the kind that responds to emails, texts, and phone calls promptly? Do they schedule repairs quickly? If your answer is no, you need to consider moving on. If you find that you lack sufficient communication with your landlord, this can cause great inconvenience. In this case, you might want to consider a new unit. Consider moving on if your relationship with the landlord isn’t working.
What Terms Are Negotiable?
Price isn’t the only factor to consider during negotiations with the landlord. If the building has more desirable units, request to shift into one for a similar price. If the apartment community issues a referral reward, request the landlord to put this in writing upon moving in. It might be possible to offset the rent slightly by referring someone.
If you require flexibility, inquire about moving to a monthly lease even if it implies a rent increase. However, avoid long-term stays in a monthly lease because it could affect your credit rating.
Can You Afford a Move-out?
Keep in mind that moving is costly. Therefore, if you’ve decided to break the lease, you’ll need to incur moving costs, which could include supplies and boxes, labor assistance, and transportation. Beware that even a DIY move with a rental truck could cost hundreds depending on the length of time required and the distance. You want to make sure you can afford the moving costs before you move out.
Do You Know Where You’re Going Next?
While this might seem obvious, it might surprise you to know that numerous people leave their current unit without finding a replacement. Once you’ve decided to move, ensure you have an idea of where you want to go. You’ll need to research other units in your budget and visit neighborhoods to determine whether moving is practical. If you don’t find rentals in your budget, you’ll probably have to renew the existing lease.
If you’re a renter, you might be wondering whether to move out or stay put. This decision doesn’t need to be complicated. With these tips, you’ll make an informed decision.
For more information on whether to renew your lease or move on, contact us at Apartment Agents or leave a message.