Your lease renewal notice has arrived, and now comes the big question: should you stay or start looking for a new apartment? If you love your apartment and have no complaints, the obvious choice may be to renew your lease. However, if the renewal comes with a rent increase or you’re expecting a major lifestyle change, it may be time to say goodbye to your current apartment and move on. Whether your rent is increasing, your needs have changed, or you’re simply wondering if it’s time for a fresh start, this guide will help you compare your options and make a confident decision.
When Should You Decide Whether to Renew Your Lease or Move?
Most apartment communities ask for a move-out notice around 30 to 90 days before you vacate your apartment. This gives both you and your landlord time to move out of the space, clean accordingly, and find a new tenant to take over the lease. Whether you decide to renew your lease or move out, communicating with your landlord early helps ensure everyone understands the next steps.
Compare the Cost of Renewing Your Lease vs. Moving
Sometimes, a lease renewal comes with a rent increase. If your lease renewal includes one, it’s important to compare the renewal offer with similar rentals in your area. For example, if you are paying $1,700/month for a one-bedroom apartment, but the apartment community down the street has one-bedrooms available for $1,500/month, let your landlord know. Negotiating with your landlord can be intimidating, but it can also save you time and money when deciding whether to renew your lease.
Factor in the true cost of moving
If your lease renewal includes a rent increase, it’s tempting to move and find a new apartment at a lower monthly rent. While moving can sometimes seem like the more affordable option, upfront moving expenses can be more expensive than you think.
For example, if you renew your lease at an increased rate, the only extra money coming out of your paycheck may be the higher monthly payment. If you move to a new apartment, you may have to pay an application fee, a security deposit, moving expenses, and transfer your utilities, among several other costs. While moving apartments can seem like the right decision, it’s important to tally up the true cost of moving versus a slight rent increase at your current apartment.
What to Consider Before Renewing Your Lease
Before you decide to renew your lease, consider your lifestyle and future circumstances. Are you thinking about starting a new job? Is your current apartment close to your favorite grocery store? Do you like living in the city or would you prefer a slower pace of life outside the metro? All of these factors are important to consider before renewing your lease. Here are a couple more areas to examine before deciding whether to renew or move.
Your Budget
Whether you’re moving to a new apartment or staying, your budget is an important factor to consider. If your renewal comes with a rent increase, can you afford it? Are other apartments in the area within your budget? Understanding your budget and monthly expenses can make the renewal process easier.
If a rent increase means you’ll have to cut back on savings or struggle to cover monthly expenses, it may be worth comparing apartments in your area and evaluating your monthly budget before renewing. On the other hand, if similar apartments cost the same, or more, renewing could still be the smarter financial decision.
Your Lifestyle
Lifestyle changes such as a new pet, job, or household member can determine whether moving or renewing is right for you. If you decide to live with a roommate or significant other, you may need more space. If your job is fully remote or in-office, you may need room for a home office or an apartment closer to your place of employment. If you become the parent of a dog, cat, or other apartment-friendly pet, you may need to find an apartment community with a pet policy that fits your needs.
Whatever lifestyle preferences you have, these changes can guide your decision-making when it comes time to renew your lease or move to a new apartment.
Your Apartment
Whether you signed a short-term lease or have lived in your apartment for multiple years, analyzing the practicality of your current space can help when making renewal decisions. Ask yourself questions, like:
- Does the layout still work for my needs?
- Are the amenities I’m paying for valuable and useful?
- Has the apartment met my expectations since I began living here?
Making a pros and cons list may also be beneficial. Asking yourself these questions and evaluating whether you have gotten enough value out of your apartment can help you determine if moving or renewing is the better choice for you.
Your Property Management Experience
Your experience with your apartment community’s property management company can have a major impact on your day-to-day life as a renter. Property management companies can oversee maintenance responsiveness, resident communications, and building upkeep. If you have had ongoing issues in these areas, it may be worth looking for a different apartment community.
When looking for new apartments, make sure you know what property management company owns the community you’re interested in. On Apartments.com, the property management company is available on every listing, making it easy to narrow down potential communities based on your preferences and experience.
Your Neighborhood
One of the most important things to consider before renewing your lease is the neighborhood. Is your neighborhood walkable? Do you have an easy commute to work or school? Is it close to public transportation? Is your apartment close to your favorite restaurant or grocery store? Identifying things you like or dislike about the neighborhood you currently live in can help you decide if renewing your lease is the right decision.
Also consider how practical your apartment is for everyday needs. Do you park in a specific area and is there enough parking for guests? Does the neighborhood support your daily routine? Thinking about these practical aspects alongside your preferred lifestyle can make your renewal decision easier.
Make an Informed Decision Before You Sign Your Lease Renewal
Before you decide to renew your lease or begin a new apartment search, it’s important to understand all the options at your disposal. If you like your current apartment but don’t want to pay an increased rate, doing the research and negotiating with your landlord are a couple of ways to make your case.
Research comparable apartments
If you can’t decide whether you want to renew your lease, research comparable apartments in your area. If your lease renewal comes with an increase while another community nearby has the same floor plan and square footage as your current unit, take note and begin to compare the two. Compare pricing, size, amenities, location, and any other important factors.
Using Apartments.com’s search filters, you can compare rental prices, amenities, floor plans, and neighborhood features side by side before making your decision.
Consider negotiating your lease renewal
If you think your lease renewal shouldn’t come with a rent increase or you’d like to discuss different lease terms, you can negotiate with your landlord. Negotiating with your landlord can be intimidating, but approach the situation as respectfully as possible. If your landlord is not willing to change the renewal date or adjust the rent increase, ask about other areas, like parking, amenities, or a rent concession. Some apartment communities may even offer a monetary incentive if a resident renews their lease before a certain date.
Think beyond monthly rent
While your monthly rent payment is one of your most important costs, it shouldn’t be the only factor in your decision. If you don’t like the neighborhood you live in, need more space, or are not happy with your apartment community, consider those factors when renewal season rolls around. Lifestyle, location, convenience, and space are just as important as your monthly rent payment. If your apartment still fits your budget and you’re happy with the community, renewing may offer peace of mind and save you the time and expense of moving.
Find the Perfect Place with Apartments.com
Whether you’re looking for a short-term lease or your next rental home, Apartments.com has the tools to help you find the right fit. With advanced search filters and thousands of listings to browse, your perfect place is just a click away with Apartments.com. Start your apartment search on Apartments.com today.
FAQs
Should I renew my lease if my rent increases?
If your rent increases at renewal, it's important to weigh the financial pros and cons of renewing your lease. Research comparable apartments in the area and determine if other apartment communities are also increasing their rent. Compare the total cost of renewing your lease with the cost of moving to a new apartment, including expenses like a security deposit, application fee, and other moving costs. In some cases, paying a slightly higher monthly rent mat be more affordable than moving.
When should I renew my lease?
Most apartment communities send out a renewal notice around 30 to 90 days before your lease is set to end. If you'd like to renew your lease before receiving a renewal notice, talk to your landlord or property manager to see if early renewal is an option. Some apartment communities even offer renewal incentives, such as a gift card or rent concession, if a resident renews their lease before a certain date. Be sure to watch for renewal communications from your apartment community.
How do I decide if I should renew my lease or move?
There are several factors that go into deciding whether to renew your lease or move to a new apartment. It's important to consider your monthly budget, your housing needs, how pleased you are with your current apartment community, and any major future life changes or goals. Your budget is one of the biggest factors, but you should also think about your commute, neighborhood, available space, and overall satisfaction with your current apartment.
If I renew my lease, do I have to pay another security deposit?
Usually, you don't have to pay a second security deposit when renewing your lease. However, your monthly costs may increase if your rent goes up or if you add optional services or fees, such as pet rent or valet trash service.
