A lease renewal is a new lease agreement that's made when an original lease period is up. Lease renewals can be either fixed-term agreements or on a month-by-month basis.
To renew a lease for a rental property you already live in, first, you must be approved by your landlord or property manager to reapply. Usually, landlords will approve preexisting tenants unless the landlord doesn't think those tenants are good renters for some reason.
Next, read over your original lease to check if it contains a renewal clause. Renewal clauses outline the requirements for renewal requests, which might include notice timeframes and rent increase specifications.
Once you determine whether there's a renewal clause and what it requires, inform your landlord that you're considering a renewal so you can get the conversation started.
If there are any terms of your lease that you're hoping to have changed, the time to negotiate new terms is while you're discussing renewal. For example, does your landlord not allow pets but you're really hoping to add a furry friend to your home?
If they're willing to offer you the opportunity to renew because they believe you're a great tenant, they may reconsider a no pets term. Other things you may want to negotiate include rental terms and fees, lease length or maintenance protocols.
If you and your landlord have renegotiated any terms of your lease renewal, make sure to put everything you discussed in writing and have it incorporated into the new lease before you resign. This way, you'll ensure that the renewal is satisfactory on both ends.
Renewal time is the best time to get your lease to fit your needs more specifically! Don't be afraid to ask your property manager for what you want.
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