Renewing Your Lease: To Be or Not To Be

As your lease term begins to wind down, you’ll probably start contemplating whether or not you should renew or find a new place.  Moving can be an overwhelming task, something you could forego if you chose to remain in your current apartment for another lease term.

Here are some reasons it may be a good idea to renew your lease.

Financial Benefit

Finding a new place to live costs time and money. You will likely have to hire a real estate agent to assist with finding you a new apartment and the leasing process in general.  And that service comes with a fee that you’ll have to pay.

Once you find an apartment, you will have to complete the onsite tour, which means transportation costs. And it doesn’t stop there: an inspector may be necessary to evaluate the property for potential issues, and you’ll have to pay a new security deposit and the first month’s rent as well.

And then there’s the move itself, for which you’ll need to hire a moving company or rent a moving truck. And guess what? All these expenses can be eliminated if you choose to renew your current lease.

Saving Time and Energy

When you renew a lease, you also save time and energy. To get a better idea of what you can avoid by renewing, imagine all the steps you took when renting your current apartment: searching for the “right place,” doing on-site visits, getting references, and keeping all the required documents on hand.

Even with the help of a real estate agent, you will still have a lot to do. On the other hand, renewing a lease is an easier process that doesn’t involve as many steps.

Reduce the Risk of Getting a Bad Landlord

If you have cultivated a good relationship with your landlord, it’s a good idea to maintain it.  And it’s worth knowing that some landlords are especially nice to their longtime residents. This comes in handy if something goes wrong in your apartment.

Having said all that, ask yourself the following questions before you decide whether or not to renew your current lease:

Is the Rent Within My Budget?

Whether or not you move at the end of your lease largely depends on your financial situation. The first thing that you need to ensure is that what you’re currently paying in rental is in alignment with your current budget. If there will be cost savings if you move out, it’s worth you not renewing your lease.

Is Moving Affordable Right Now?

Moving is expensive. Moving expenses include packing boxes and moving service or moving rental fees.  And, depending on where the new apartment is located, the cost to move could grow even more.

Do You Have a Somewhere to Live Until You Find a New Apartment?

If you are considering moving instead of renewing your lease, don’t make the mistake of vacating your current apartment until you’ve identified a temporary place to stay until you find a new place, or until your new apartment is ready.

Is Your Landlord Cooperative?

Think about your current landlord’s responsiveness. Did your landlord respond to your calls and/or emails within a reasonable amount of time? Did your landlord keep things moving forward when your apartment required maintenance?  If the answer to any of these questions is “no,” consider finding a new place to live.

Is The Neighborhood Safe?

Feeling unsafe anywhere is unsettling. If you feel unsafe in your current apartment, don’t renew–move.

Final Takeaways

There’s nothing wrong with moving, but there are perks to renewing your current lease at the end of the term. Take your time to weigh the pros and cons of both options.

Read Also:

Short Term Leases Vs. Long Term Leases
What is a Proprietary Lease – Everything You Need to Know
What Are The Apartment Lease Options When Renting With Roommates