Things to Consider Before Renewing a Lease Agreement

Whether you’ve been in your current lease for six months or five years, making a decision to renew is always a tough one to make. It can be daunting, given that you’re typically locked in for a period of time once you renew, and if you don’t renew, you have a long road of apartment hunting ahead. So, before you sign the dotted line (again), here are some key factors you’ll want to reflect on before you make your final decision.

Work

One of the largest factors that will likely affect your final verdict is your job. This includes your commute, if you have one, and any changes that have happened in the past year in your professional life. Some people prefer living in a different neighborhood or city than their workplace and taking public transit to work; others may despise commuting and would rather live as close as possible to their work.

Unfortunately, we can’t always live close to work and we have to consider our mode of transportation and what we can afford. Added expenses of bus passes or gas and car insurance may impact our decision to stay or move, so be sure to consider your work situation when thinking about moving.

Budget

Sometimes we live in our current apartment because it was all that we could afford at the time we signed the lease. Maybe you’ve gotten a raise or promotion, or even switched jobs. If you find that you have a little extra to spend on rent, think about where you’d ideally like to live and if you’re already living there. If you’re not, start looking into other apartments, neighborhoods, and even cities. On the flip side, if your budget has gotten tighter over the last few months or years, maybe it’s time to find something cheaper that’s more in your price range.

Relationships

Maybe someone in your family needs to move in with you or maybe you’re moving in with a significant other. Whatever the case may be, relationships are a big thing to consider when deciding if you want to renew your lease. Think about the cost of renting your apartment, if it makes sense to split the rent with another person, and if you’d be better off finding a new place with that person. Taking the time to really evaluate each of your relationships will help you put this decision into perspective.

Neighborhood

The right location can have a large impact on your decision to stay or to move. If you find yourself out on the town frequently after hours, and your apartment isn’t in the safest part of town, maybe you want to move. Or, perhaps your location is great and you want to stay in the same neighborhood. Give your neighborhood some thought and if it’s the one you already live in then maybe it’s time to renew your lease. If it’s not, perhaps you want to look to move elsewhere.

Furry Friends

Maybe, when you moved in, you never thought you’d want a pet and now you’re ready to get one. If you’re already living in a pet-friendly rental, then you’ll still want to consider dog parks and vets nearby, how big your apartment is, and if you have any backyard space for your four-legged friend.

If you currently live in a pet-restrictive home or apartment and still want to get a pet, it’s time to move to a pet-friendly space.

Amenities

Different apartments offer different amenities for its tenants. When you first signed your lease, maybe it didn’t bother you that the building didn’t have a gym or a pool. If your place is lacking some of the extras you’ve grown to appreciate and want, it may be time to upgrade to a new apartment. Just be sure to break down which amenities are necessary and which you can live without, especially if you’re on a budget.

Put it All on Paper

If you’re still undecided, perhaps the best course of action is to create a list of pros and cons. The list can include each of the above as well as a few other considerations, such as a loud or nosey neighbor, a friendly landlord, or proximity to your favorite bars and restaurants.

Give higher priority to certain factors, assigning a points value based on your unique needs. At the end of your list, add up all the points and see whether you lean more towards the pro-side of staying or the con-side of leaving.

If all else fails, sleep on it. Take your time with this decision; allocate the same time as you did when you were first looking into an apartment rental. Remember, having a place you look forward to coming home to is important and may be what ultimately helps you make your final decision.

This article was updated on 2/13/19.