So you’ve found the perfect apartment home— it’s in an awesome neighborhood, close to amenities, has a great sense of community and wonderful transport links. Why would you ever move? The good news is you don’t have to. Renewing a lease is a fairly simple process and it means you don’t go through the stress and expense of moving. So how exactly does it work and what do you need to know?
Plan ahead when it comes to renewing your lease. After all, if things don’t work out, you will need a back-up as soon as possible. The sooner you have a conversation with your landlord or property manager, the sooner you can begin working out the details. Start the ball rolling at least a few months in advance so everyone is on the same page. Make a note on your calendar when the lease is up so you’re always aware of your deadline.
Read Your Current Lease
Carefully study your current lease as it will have the relevant details of important dates and deadlines. You may have to provide the property manager with a decision 30 or 60 days before the lease ends. Be sure to add this information to your calendar. If not, the lease may auto renew. It’s important to clarify any questions you may have by reading your current lease.
Open Up a Dialogue
Start a conversation with your property manager so you can discuss any potential rental increases. You can also share your ideas – such as moving into a larger space. Remember to get every offer or agreement in writing.
If your rent is increasing, you have the opportunity to negotiate. After all, if you’re a good resident, the property manager will want you to stay put too. Keep the conversation professional and friendly and find a figure you’re both happy with. Do some research into the current property prices in your area and request a rental history for your home. You may even be able to extend your tenancy by more than a year – if you never ask, then you never know!
Put It on Paper
Once you have all the above figured out, put everything in writing (be detailed!) and deliver it to the apartment manager. Keep a copy for your own records. The final step is to examine and sign your new lease, which should reflect any changes you and your property manager agreed on.
Renewing your lease requires you to do some follow-up. With these helpful tips, you’ll be sure to sign a lease you are happy with.