The Pros & Cons Of Renewing Your Lease Agreement With Your Property Manager

Is your lease about to come to an end? Are you debating whether to renew your rental agreement or look for a new place?

If so, keep reading.

Deciding whether or not to stay in your current apartment is a big decision, so it’s best to weigh the pros and cons before you commit.

Down to the wire and need to decide right now if you want to stay in your current place? Here are the pros and cons of renewing your lease agreement with your property manager.

PROS

1. You Can Save Money

Moving is expensive! Movers often charge by the hour or by the number of boxes you have to move.

If you renew your lease, you won’t have to worry about paying for any of that labor.

2. You Can Save Time

Packing, unpacking, and settling into a new place takes time. And time is money.

But before you can even move, you’ll have to spend time looking for a new apartment. You’ll need to fill out applications, undergo credit checks, and wait for your new property manager to call your references.

You’ll also need to spend time learning the layout of your new apartment and the surrounding neighborhood.

If saving time and money are priorities in your life, it’s better to renew your lease and stay put!

3. You Can Reduce Stress

Moving isn’t just expensive and time-consuming … it’s also stressful!

Maybe it’s because it’s such hard work physically. Or perhaps it’s because of all the money you have to shell out in those first few days.

Regardless of why moving stresses us out, we know that it does. So if you’re trying to keep stress to a minimum, you’re better off renewing your lease and staying where you are.

4. It Will Be Easier On Your Pets

If you’re already in a pet-friendly apartment with your dog or cat, staying there might be the best-case scenario for your four-legged friend.

Like people, pets need time to adjust to new surroundings. If your pets are happy and comfortable in your current place, it might be worth staying.

5. You Already Know Your Property Manager

Depending on your relationship with your property manager, this might be a good thing or a bad thing.

If you have a decent relationship with your property manager, you may want to stay in your current apartment. Your new property manager might seem great in the first meeting or two, but how they operate on a daily basis is something that will take time to figure out.

CONS

1. Missing Amenities

By staying in your current apartment, you could be missing out on some awesome amenities.

If you live in an older building that isn’t as up-to-date as some of the newer properties in your neighborhood, it might be a good idea to move.

2. Missing Out On The Chance For A Fresh Start

Moving might be stressful, expensive, and time-consuming, but it’s also a chance for a fresh start. Staying put might be a comfortable choice, but a new home can give you a new perspective on life!

Moving offers more than just a change of scenery. It offers the chance to completely change your living situation.

By moving, you can decide if you want to live alone or rent a larger place with roommates. If you renew the lease you already have, you’ll be stuck with whatever your current living situation is.

3. Changes To Your Lease

Just because you’re renewing your lease doesn’t mean it will be the exact same lease you signed before. If your property manager has been thinking about changing any of the agreement terms, this is when they’ll do it.

If you do intend to renew your lease, make sure you read it thoroughly before signing. Compare it to your old one and look for changes.

Whether the terms are exactly the same or slightly different, it’s important to know what you’re signing before you commit.

4. Rent Increases

Different states have different laws concerning rent increases. But lease-renewal time is usually when most property managers will increase your monthly rate.

If you decide to move, you may be able to negotiate better terms than you currently have, which could help you save money.

5. Apartment Hunting

Looking for apartments can be exhausting, and finding a new place isn’t always easy. Depending on your neighborhood, there might be waitlists for the best apartments. In some cases, you might even have to wait several months to get approved.

If you’re leaning towards moving rather than renewing your rental agreement, start looking ahead of time. Otherwise, you might get stuck on a waitlist (and be forced to stay where you are).

Signing A Month-To-Month Lease

Once the initial lease is up, your property manager may offer you the option to sign a month-to-month contract instead of another yearly one.

The benefit of signing a month-to-month lease is that you can stay in your apartment for now and move out at any point in the future. Usually, all you have to do is give one month’s notice to leave.

The downside, however, is your property manager can also ask YOU to leave. If they find a tenant who wants to take on a yearly lease, you might find yourself frantically searching for a new place.

Conclusion

Before you decide whether or not to renew your lease agreement, weigh the pros and cons.

By staying, you can save time, save money, and cut back on stress. By leaving, you might be able to get a better apartment for less money, change your living situation, or negotiate better terms on a new lease.

Don’t make any rash decisions. Think it over. Sleep on it and decide what’s best for you at this moment.

Regardless of what you decide, don’t wait until the last minute. It’s always best to plan ahead!

Author Bio

Angus Flynn is the Property Manager for Turtle Creek. With more than five years of experience in the high-end apartment industry, he delivers white-glove service to all of his residents and prospects.