Reasons to 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.

It’s easier
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.

It’s cheaper
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.

You’re wanted
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.

You’re comfortable
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!

The Location
When it comes to day-to-day living, finding the right location for your apartment is key. Commuting is stressful, so if your current location offers an easy commute to work and good public transportation or parking options, you may want to stay at least in the same area.

Your Friends
Where do your friends live? Do you currently have friends nearby, or do you feel like they're all in a completely separate area of the city? If you're feeling a little isolated, moving might be something you want to consider.

However, don't let it rule your decision. If you feel like everything else about where you're living is right for you, and it's not that hard to make your way to other neighborhoods, staying put might be the right choice.

The Neighborhood
Neighborhoods are scored by how many food and entertainment options are within walking distance, public transportation options and even crime rates, among other factors, so consider scoring your current neighborhood yourself.

What about your neighborhood do you really like? Do you have a favorite restaurant down the block that serves the best appetizers and/or drinks? Or does your dog have lots of furry friends at the local dog park? These are all things to consider. If you find your neighborhood pros outweigh the cons, you may want to check out other areas before finalizing a lease renewal.

Apartment Resident #LifeHacks was created in 2018 by Grady Management, Inc.  Grady Management was founded in 1965 and continues to provide a full service residential, commercial, and consulting real estate firm in the greater Washington and Baltimore metropolitan area.  Learn more from our website or Facebook page.