What You Should Know About Apartment Lease Renewals
If you had a wonderful time in your apartment, you probably want the good times to continue for at least another lease term. However, if you have never renewed an apartment lease, you may not know when or how to proceed. Let’s explore what you need to know for a smooth renewal process.
Related: Surprising Ways the Apartment Industry Is Against Renters
To Renew or Not to Renew?
When deciding whether to renew an apartment lease, you’ll want to consider how well your building and location fit your lifestyle and needs. You may want to seek out another apartment if you currently experience any of the following concerns:
- Untrustworthy or financially unreliable roommates.
- Unscrupulous management practices.
- Poor maintenance and constant disrepair.
- Unsafe living conditions.
- The availability of better options.
On the other hand, if you feel safe, appreciate the skills of the management and maintenance teams, and can handle any potential changes to the rental rate, renewing your lease makes perfect sense. Even if there are areas that could use improvement, at least you are familiar with the current conditions. Moving to a new, unfamiliar apartment could potentially be a negative change. By staying put, you can also avoid the hassles of changing your address, hiring a moving service, and setting up a new place to your liking.
When to Renew Your Lease
Take note of when your current lease agreement expires. Mark that date on your calendar and set reminders for yourself. Forgetting to give proper advance notice could result in a rate hike or even eviction.
Different apartment complexes have specific requirements for advanced renewal notices. Most request 30 to 60 days’ notice, but some rent-controlled apartments may require 90 days or more. Your manager can inform you of the necessary notice period.
How to Renew an Apartment Lease
If you know you want to renew your apartment lease, it’s best to start the process as early as possible. Begin discussing the matter with your landlord as soon as you receive a renewal notice, or as your lease’s end date approaches the aforementioned 60-day mark. The following steps can help ensure a smooth process:
- Lease evaluation – Review the new lease terms to ensure they meet your needs and preferences.
- Negotiation – If you have a good track record as a tenant, these early conversations with your landlord might even involve negotiations for more favorable terms than the original offer specifies.
- Decision – After weighing all the pros and cons of the lease renewal, decide whether to renew or not. You can communicate this decision by submitting an “intent to renew” letter or obtaining the lease for evaluation and signing.
- Lease agreement signing – Regardless of how familiar you feel with the management, thoroughly read every condition and detail of the new lease before signing it. Ask for a copy of the lease and note the next expiration date.
Would You Rather Move to a New Place?
Sometimes a fresh start makes sense for apartment tenants. If you’d prefer to move to a new complex, but dread the usual hassles that come with apartment hunting, you can make the process more pleasant this time by relying on AptAmigo. Contact us today to learn how our “dream team” can help you find a beautiful and convenient new place with terms you can live with.
