Renewing Leases: Three Major Questions To Ask Yourself

The older you get, the quicker time flies. In fact, maybe it felt like only yesterday that you moved into your apartment, but in reality it’s already been over a year and you now have to decide whether to stay and renew or go someplace new. Here are three major questions to ask:

1. Are there any changes to my lease?

Not only is this a good question to ask your landlord, but it’s one for you to consider when deciding whether to renew or find a better option. To be more specific, ask about monthly rent, any changes to fees (i.e. late fees or HOA fees), what is or is not allowed (i.e. painting), changes to pet policies or requirements for renters insurance. These might effect your ability to continue renting from the landlord. For instance, if the rent increases as well as the monthly HOA fees, you may not be able to afford renting there any longer.

2. Can we negotiate/Are the lease terms negotiable?

Perhaps you are someone who travels quite a bit for work and you’ve recently found out that there’s a possibility you will need to move, permanently, to another location. Rather than sign a lease for another year and have to break it midway through, would they allow you to do a month-by-month lease option? Keep in mind that in order to cover the cost of short term rentals, most landlords will charge more for short term leases to cover the costs for maintenance and advertising. Other negotiable topics include, amount of rent, potential fee waivers and additions/upgrades to your apartment.

3. Do the reasons I chose this apartment still apply or could I find something better?

The final question you should ask yourself is whether or not you want to stay there. Take into consideration the answers you received from the first two questions and use them to help you determine whether or not it is worth it to renew your lease. Has your job moved further away? If so, why renew with the current landlord when you can potentially find something closer? Or, perhaps, you’ve recently gotten married and your studio apartment is too small for more than one person. Should you save a little money by continuing to cohabitate in close confines or do you find an apartment with more space?

Where you live is an important decision because other than work, you’re going to spend most of your time there. So, ask questions when considering whether or not to renew, figure out what’s best for your budget and what’s best for you, personally, and make sure you get all of the information you need in order to make the best possible decision for you.