Why Should You Renew Your Lease?
Need a reason to renew your lease?
Consider these important reasons why renewing your lease may be the best home living option for you.
For many people, a compelling reason to renew a lease at the end of the term is that moving is no fun. All of the tasks required for moving pose a challenge you might not even want to consider. Instead, you can channel the time you save into other areas of your life where the effort will be worthwhile.
Staying in an apartment could offer a significant cost savings over moving elsewhere. Consider how much it would cost to move out of the unit you’re in. Hiring movers, buying packing supplies and paying the upfront costs of moving into a new apartment (costs like security deposit, pet fees and application fees) are all important considerations.
Renewing your lease for another year or even two might offer you the opportunity to save money by locking in a reasonable rental rate right where you’re living. And even if rent is increasing for your current apartment, the cost of moving elsewhere may not equal any savings. It may simply make more financial sense to stay put.
If you’ve received the offer to renew, your landlord wants you to stick around. When you live in a community for awhile, you have a chance to establish that you are a resident who takes care of renting responsibilities. Landlords and community managers appreciate residents with a good track record. They are likely to honor your commitment with any incentives in their power to share.
Finally, don’t discount the “living equity” you’ve built up in your apartment when you’re considering renewing a lease. While you may not have the advantage of building financial equity in a home, what you do have is an established place in a community you’re familiar with where you are comfortable. If you really love your living situation, your neighbors and your proximity to work and entertainment, why move? You can continue to live the good life by renewing your lease!