Renewing your lease is one of the regular routines of renting an apartment. If you’re new to apartment living, you may be unfamiliar with what happens when your lease is up. As long as you pay attention to the important due dates, renewal will be an easy process. There’s no extra cost, and it will allow you to stay in the apartment you love.
Here are the steps to renewing your lease.
1. Know the End Date of Your Current Lease
Before you sign a new lease, you need to know when your current one will end. If you don’t already know the end date, you can find it in your lease. Mark it in your phone or on a calendar so you don’t forget it.
2. Read Your Existing Lease
While you’re finding the end date in your lease, read through the terms again. Many lease agreements have the conditions and due dates for the lease renewal process. You may have to let your landlord know that you want to renew 30 to 60 days before the end of the lease. Mark this date in your phone or calendar too.
3. Talk to Your Landlord About Your Lease
Renewing a lease is beneficial for both you and the landlord. It saves them the time and money they’d otherwise spend getting the home ready to rent again. Plus, they may want you to stay if you’ve been a good tenant.
This conversation will give you the chance to ask about things like:
Changing the rental rate
Changing from a month-to-month agreement to annual or vice versa
Adding or removing a roommate
Moving to another apartment in the same community
Getting upgrades in your apartment
If you’ve always been trustworthy and paid your rent on time, your behavior may give you leverage when you’re negotiating the new lease.
4. Decide What You Want to Do
After talking to your landlord — and well before the lease end date — decide if you want to renew your lease. Take the time to:
Compare their lease terms with the industry standards
Compare your rent cost to similar apartments in the area
This process will help you know if you’re getting the best deal in your lease, especially if your rent is increasing.
5. Write Your Lease Renewal Letter
Write a letter to your landlord to tell them what your decision is. Mention any special arrangements you made in step three, and keep a copy for your records.
6. Read Your New Lease
When you receive your new lease, make sure it has everything you expect. It should outline any condition changes and the new end date.
7. Sign Your New Lease
If you agree with everything in your new lease, make it official by signing it. An apartment community representative may also sign your lease.