Let’s face the facts here, renters: moving isn’t the most enjoyable activity. Staying in your current apartment for another go-around can often be your best bet (to avoid the hassle of moving). But how do you know that renewing your lease agreement is the right move? Don’t be rash – consider these steps before making this defining decision (you can thank me later).
Check Out the Competition
Before you decide what your plans are, you need to ask yourself, “Does this apartment still appeal to me?” If you’ve outgrown your small studio or one-bedroom apartment, or the apartment community’s amenities just aren’t as well-kept as they should be, then maybe this apartment no longer appeals to you – that’s okay! If you’re not enjoying your unit, the noisy neighbors, or the area in general, then it may be in your best interest to find a new apartment.
If you’re looking to stay in the same neighborhood, city, or relative area, check out some of the neighboring apartments. Who knows – that new, modern complex down the street may be offering move-in deals or specials, along with luxury amenities that fit what you’re looking for! It never hurts to look and do your research, renters.
Is your rent increasing?
Check with your landlord or property manager to get the details on any potential rent increases, major changes to the lease terms, or additional fees that may come with your lease renewal. You don’t want to pay more than you bargained for – we understand! If you find out that your rent is increasing beyond your budget, it’s surely in your best interest to find a different, more affordable apartment. Perhaps the rent is within your budget, but you don’t feel that the apartment is worth that kind of rent increase. Or maybe you have a pet, but the apartment community no longer wants to be pet-friendly, or they have new pet fees and monthly pet rent that they are adding to their policy. If you’re in any of these potential situations, then you may want to start hunting for a new apartment.
Negotiate Your Rent or Lease Terms
Even if your rent is increasing or there’s going to be a change to your lease terms, you can still do something to help yourself in this situation. Negotiate your rent (or at least try to)! And negotiate those lease terms as well. If you’ve been a great tenant and you have a positive relationship with your landlord or property manager, then it’s worth it to try to negotiate the terms to make an arrangement that works for both of you. It’ll keep their unit occupied, and it’ll keep you content staying in the same apartment. Even if they don’t agree to your terms, it’s worth a try.
But negotiation doesn’t always have to be about rent or renewal fees – what about negotiating any changes you’d like to see in the lease or in the apartment community? Maybe you’d be willing to pay a little extra per month if your landlord or property manager were better about attending to maintenance requests in your unit and around the complex, or if they’d offer some extra perks for residents like doggy waste bag stations around the community or some new weights in the fitness center. It never hurts to ask – after all, if there are things that could be improved upon in the apartment, you probably aren’t the only resident asking for change!
Ask About a Short-Term Lease
Perhaps you’re feeling like a long-term lease (12 months or longer) is too much of a commitment for you when your lease renewal comes around. Ask your landlord or property manager about a short-term lease instead! Whether you’re hoping for a six-month lease or a month-to-month arrangement, there’s no harm in seeing if your landlord or property manager is open to this option. Just remember that your monthly rent may be higher if you decide on a short-term lease.
It’s a better deal for landlords and property managers to have a tenant sign a long-term lease. It keeps their rental unit occupied for a longer amount of time, meaning they have a steady rent check coming in for a longer period of time. But if you feel like you’re not quite ready to move, and you’re not willing to stay for a year or longer at your current apartment, don’t hesitate to ask about short-term leases! It may just give you the exact amount of time you need to decide if you want to stay at this apartment long-term or look for a new home.
Give Proper Notice to Your Property Manager
You’ve checked out nearby apartment communities, determined what your new lease agreement will look like, attempted to negotiate your rent and lease terms, and contemplated a short-term lease agreement – what’s next? Well, that depends on what your decision is about renewing your lease, my friend!
If you’ve chosen not to give your apartment another go-around, and these are your final days in this home, then you need to give proper notice to your property manager that you intend to vacate the property. Depending on your lease agreement, you will need to give notice anywhere from 30 to 60 days prior to the end of your lease. If you have a short-term lease, the proper notice time may be shorter. Be sure to read your lease or ask your landlord or property manager to make sure you follow the necessary timeline!
But what if you decide that you still love your apartment, and the nearby communities just aren’t matching up to what you already have. Then congrats! You can avoid the hassle of moving – hip, hip, hooray! However, if you plan to renew your lease, the terms will be the same as if you are vacating. You will still need to give proper notice to your landlord or property manager. Check your lease to see how far in advance you need to send the notice. It’s typically 30 to 60 days (the same as an intent to vacate notice).
Even if you’re set on your plans to renew your lease, try following these steps before you do so. There are so many great apartments out there, so make sure you’re in the right one for you!
