If it’s time to renew your annual lease, you usually have three options: renew your lease for another year, extend your lease, or terminate your lease. If you renew your lease for another 12 months, you can expect a rent increase. Usually, rent increases are modest (2-5%); however, if you’re faced with a massive rise and there have been no significant improvements or upgrades made to your apartment or the complex, you have a right to question it. Your landlord may be making a “market adjustment” to keep your rent comparable to that of similar units in the area. Definitely ask whether your apartment is scheduled for an upgrade, if new amenities will be added to the complex, or if the property is being extensively renovated. If not, this may be the push you need not to renew your lease. You may also want to move out if the rent increase exceeds your budget.
For a lease extension, this usually means that your lease is month-to-month. You won’t be locked into a long-term commitment, but your monthly base rent will increase. This compensates the landlord should you decide to move out before the 12 months of a typical apartment lease are up. (Some apartments have longer (15-month lease periods) and shorter (9-month) lease periods. You can expect to pay roughly $150-$200 more each month for a month-to-month lease. You’ll still need to give the requisite notice period (30-60 days) should you decide to move.
If you decide to move, you’ll need to abide by the terms of your lease regarding termination. This usually means you need to give your landlord 30 to 60 days’ notice. You’ll probably also be wondering if you’ll get your security deposit back. Many landlords will hang on to your security deposit as long as possible or outright refuse to refund it. If that happens, and if you’ve met all the move-out requirements about cleaning the apartment, patching holes in the walls, and making any other minor repairs, you can take them to small claims court. Leave your apartment in pristine condition. When you moved in, hopefully, you made a punch list and took photos of the apartment’s condition. Well, when you move out, do the same. If there are any unresolved maintenance issues, document them so you won’t be held responsible. Take photos that prove you left the apartment in the same condition as it was when you assumed residency.
Here are some other points to consider (aside from budget and upgrades) to consider when deciding how to deal with an expiring lease:
- Location (Are you still happy with your current location?)
- Cost/Benefits (Is it worth the cost to find a new place and physically move?)
- Property condition (Is the property well-maintained or does it lag behind other properties in the area?)
- Responsiveness of property management company (Is the property management company easy to communicate with? Are they responsive to residents’ needs?) If not, move.
- Responsiveness of the maintenance crew? (Do they promptly fix problems? Is the work done professionally and correctly?) Again, if not, move.
- Safety (Do you feel safe on the property and in the neighborhood?) Neighborhood demographics often change, and not always for the better. If you’ve noticed an uptick in crime on the property (e.g., car break-ins and vandalism) and in the surrounding areas, it might be time to move.
- Lease concessions (When you moved in, you may have been offered an incentive such as one month of free rent. Don’t expect that offer to be extended when you renew your lease.)
- There is much to consider when deciding to renew, extend, or terminate your lease. Only you (and your spouse, roommate, partner, or family, if applicable) can determine what is best for your situation. After you’ve considered your options, you can make an informed choice that will be in the best interests of you and others you may live with. There is no right or wrong answer.
Explore a Vision Community Apartment
At Vision Communities, we create great communities where you can put down roots and live your best life. Our property management staff is here to manage all of the details that make this a great place to live. Our spacious studio, 1 bedroom, 2 bedroom, and 3 bedroom apartment layouts provide cozy space. Check out our luxurious apartment floor plans in one of our communities and enjoy life at the VC.
Schedule a tour today and see why Vision Communities is a great place to live.