Finding an apartment that ticks all your requirements is like winning a million-dollar lottery. And once you find a place you can call home, it’s not easy to move out.
Lease renewal can be a source of anxiety for many renters. Will your rent go up? Will you have to move?
When contemplating the potential of lease renewal, there are many things to consider. The neighborhood, rental property and amenities, rental cost, and a host of other factors must be considered when choosing a place to reside. It’s essential to think carefully before deciding whether to extend your lease or hunt for a new place.
The good news is that renewing your lease is often a good decision. This article will discuss the top 5 reasons to opt for lease renewal.
Why should you renew your lease?
If you’re considering renewing your lease, here are some benefits of lease renewal. You may find that it’s the right decision for you.
1. You’re already familiar with your apartment and community.
2. You have a good relationship with your landlord.
3. You’re in a good location
4. Affordability.
5. You’re happy with the apartment
Reason #1: You’re already familiar with your apartment and community.
If you’re considering lease renewal, one of the main reasons to do so is you’re already familiar with the layout of your apartment and community.
Finding a new place to live can be stressful, mainly if the new location is unfamiliar. Uprooting almost every aspect of your current life can be stressful and chaotic. This is particularly important for families with young children. A major benefit of lease renewal is by remaining put it significantly reduces stress and uncertainty. There’s a reason why most people say that moving is one of the most stressful things to do.
Familiarity can also be a big plus when it comes to your neighbors. If you already have good relationships with those around you, that’s one less thing to worry about by negotiating your lease renewal.
Reason #2: You have a good relationship with your landlord.
Another reason to renew your lease is that you may have a good relationship with your landlord. It can be beneficial in several ways.
Your landlord will likely be more willing to work with you if you have a good relationship. For example, if you need a shorter lease renewal period, your landlord may be more likely to accommodate. Or, if you’re looking for a longer lease renewal period, your landlord may be more likely to agree.
Additionally, having a good relationship with your landlord can come in handy if you ever have any problems with your apartment. If your landlord is someone you trust and feel comfortable communicating with, it will be much easier to resolve any issues.
Reason #3: You’re in a good location
Another great reason for lease renewal is that you may be in a great location. It is especially true if you’re in a desirable neighborhood near everything you need. If you’re happy with your current apartment, there’s no need to move just for the sake of moving.
A desirable location is where you can easily access the things you need like work, marketplaces, metro stations, highways, and medical facilities.
Reason #4: Affordability
One of the main reasons people choose to renew their leases is because the rent is affordable. If you can find an apartment that’s in your price range and that you’re happy with, there’s no need to look for something else.
Of course, it’s always possible that your rent could go up when you renew your lease. However, negotiating your lease renewal can be easier if you have a good relationship with your landlord and property managers.
Besides, you can avoid paying a new security deposit by continuing to live in the same rental unit. For many, additional upfront money might be a significant financial burden. If you have a pet or have just changed jobs, it may be necessary to submit additional documents or pay a larger deposit, when you apply with no assurance you will be approved.
By opting for lease renewal, you also avoid paying for moving expenses, possibly new furniture, and other goods for your new apartment.
Reason #5: You’re happy with the apartment
Finally, another great reason for renewing a lease is that you may simply be happy with your current apartment. Ensuring you’ll continue to be satisfied with your apartment is essential. Some considerations…
Are you planning to expand your household?
Will the space continue to accommodate?
Are there signs that the property is deteriorating?
If your answers to these questions are suitable and you are comfortable and content, there’s no need to make a change.
One additional consideration that contributes to people staying at their apartment community is how well it is maintained. A reputable property management firm helps maintain the property in top shape and is the perfect liaison between Landlords and Tenants.
Lease renewal is beneficial for all involved parties as it helps reduce hassle, lowers vacancy rate, and reduces the cost of moving for all. Summerfield Property Management is an expert in the field of property management, we take pride in maintaining the properties we manage, and work hard to keep relations between our Landlords and Tenants harmonious.
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Lease Renewal FAQs
What is lease renewal?
A legal document that extends the original lease’s term is referred to as a lease renewal. Minor modifications to the original lease, like a rise in the monthly rate, are usually included in a lease renewal.
What is the difference between an extension and renewal?
A lease extension is a continuance of the first lease agreement, whereas a lease renewal is, by definition, a new lease arrangement.
What is the typical lease renewal period?
A residential lease renewal period is generally anywhere from 1 to 12 months. In most States, if they are longer than 12 months, they need to be recorded against title to be valid, thus generally avoided. You will find that in the case of a commercial lease renewal the range is anywhere from 3 to 10 years since under most State Landlord-Tenant law they do not need to be recorded to be valid.
