Apartment Lease Renewal: Should You Go for It?
The decision to renew a rental lease primarily depends on the landlord. If the lease has an automatic renewal clause, it is mandatory for the landlord to give you an advance notice of 15 to 30 days before you are required to notify your landlord of your intention that you don’t want to renew the clause. If, however, the landlord is not willing to renew the lease, you don’t have any option other than hunting for a new place.
If you are on good terms with the landlord, chances are less that you will not be asked to move to a new place. If the landlord is ready to renew the lease, the decision to continue or look for a change will be yours. When you have the option to decide whether to look for a new apartment or stay in the same one, ensure that you don’t make the decision in a hurry. There are a few factors that you need to consider in order to make a decision that serves you well.
The facilities you enjoy during your stay in a rental apartment is always a big decision changer. If an apartment for rent in San Angelo, for instance, has in-unit washers and dryers, you might not want to move into an apartment that doesn’t provide these facilities. Some apartments might have elevators, common swimming pool, community hall, recreational club and even basketball courts. If you find a good match, it is advisable to stay in the same house for some more time.
Commuting is stressful and eats up a lot of time from your daily schedule. If the current location of a your apartment offers an easy commute to university or work and has easily available public transportation – it is advisable to stay in the same apartment.
The rental rates are increasing and a survey by Rent.com shows that 85% of property managers reported a rise in the rental rates over the last year. If you believe that your are paying less than the current rental rate, moving away isn’t a good idea. This is an important factor and needs to be given highest priority while deciding a lease renewal.
You need to consider factors such as crime rate in the area, food joints and entertainment options in the locality and public transportation modes before you decide to renew the lease. If the cons of the neighborhood outweigh the pros, better live in the same apartment.
Cost of Moving
Moving to a new rental apartment is expensive and stressful. The cost of renting a truck, hiring movers and packing the belongings is something that you may not pay attention to, when deciding upon lease renewal. You need to figure out whether you can afford the move or renewing the current lease might be a cheaper option.
All in all, when it comes to deciding whether to go for a lease renewal, you need to consider all of the above factors before arriving at a conclusion. It is important to realize that once the decision is made and the lease is renewed, you need to stay in the same rented apartment till you complete the term of the lease. Don’t rush into a decision, explore the rental options within your budget and compare them with the current rental property to ward off any confusion. For expert advice, you can reach out to our team of consultants.