When running down your lease, you’ll be faced with two options; renew your lease or relocate to a new location. While any of the options may be good, I will be giving you three (3) reasons to renew your lease.
YOU ARE IN CONTROL
Property managers spend money on advertising to fill the vacancy. They have to pay at least two to four weeks of carrying costs until a new tenant moves in and starts paying the rent. With this in mind, the property manager/landlord may not be interested in letting you leave; especially if you’ve been a good tenant that pays on time. This can put you in a position to ask for a discount on your rent or more favorable lease terms.
Also, many landlords/property managers who do not want to return your security deposit will be willing to offer you a lower rent to renew your lease.
Many cities and towns limit how much a landlord can raise the tenant’s rent at a time. And given that rental prices are increasing at very high rates in many big cities, the new rent your current landlord is proposing may very well be lower than what you would pay at a new location.
With this in mind, you have to spend a few minutes to reconsider and renew your lease.
CURRENT LOCATION APPEAL
If your current location appeals to you, i.e. the environment is right, you have a good relationship with your neighbours and landlord. You are satisfied with the amenities existing at your current location. It would be best if you continued to stay in your current location.
Moving to a new location may not be as welcoming as you want it to be. You might be leaving an environment where you have already established meaningful relationships to one that may not be as welcoming.
If the new neighborhood you intend to move to is more welcoming than the older one, it will still take some getting used. It might just be a case of leaving the known for the unknown.
CONSIDER THE COST
Of all the fun things to do in the world, moving should be one of the least. This is because of the amount of time that will be spent planning the move. Also, the financial implication of hiring movers and paying upfront fees for the new apartment are vital considerations.
These costs can be saved by renewing your lease at your current location. Even when you may be facing an increased cost of renting at your current location, factoring in the extra cost incurred in moving might make it easier for you to stay put at your current location.
In many cases, landlords/property managers send you a notice to renew. The implication is that in most cases, they want you to stay around. This kind of gesture may grant more community privileges to you as it shows you are appreciated and wanted.
But in all, you need to take time out and examine all sides as you plan to decide whether or not to renew your lease.