{"id":9733,"date":"2018-12-04T09:58:01","date_gmt":"2018-12-04T14:58:01","guid":{"rendered":"https:\/\/www.renthop.com\/content-manager\/?p=9733"},"modified":"2023-07-22T11:36:59","modified_gmt":"2023-07-22T15:36:59","slug":"making-the-decision-should-i-renew-my-lease-or-look-elsewhere","status":"publish","type":"post","link":"https:\/\/www.renthop.com\/blog\/making-the-decision-should-i-renew-my-lease-or-look-elsewhere\/","title":{"rendered":"Making the Decision \u2013 Should I Renew My Lease or Look Elsewhere?"},"content":{"rendered":"

As the months of your apartment lease begin to tick away, it is normal to begin thinking about what is next. Soon, you must decide whether to renew your lease or move on to a new one. You may be wondering, “should I renew my lease?” This is a difficult question to answer, as it varies on several points.\u00a0<\/span><\/p>\n

With that in mind, prepare yourself to make a pro and con list as this article walks you through important questions to help you decide whether to stick around and sign a new lease or move on to another apartment. <\/span>
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How Is Your Living Experience?<\/h2>\n

The most important consideration to make here is to gauge how your experience was. If you had a great time and loved the landlord and the unit, you should at least be open to the idea of renewing the lease. Getting stuck with a bad landlord or a unit full of issues is common, so you should feel lucky that you were able to land a place you enjoy.<\/span><\/p>\n

If you had a bad time or weren\u2019t a fan of the landlord<\/a>, roommates<\/a>, neighbors, or rules, this should make your choice to move out incredibly easy as you had a poor experience. Be sure to consider lifestyle aspects such as commute time, access to amenities, parking availability, and proximity to friends.<\/span><\/p>\n

Can You Still Afford the Apartment?<\/h2>\n

Unfortunately, most landlords take the opportunity of a lease renewal to increase the monthly rent. If you received a concession<\/a> as part of your move-in agreement, you’ll likely lose that freebie during the lease renewal. In most real estate markets, your monthly rent increases during a renewal.\u00a0<\/span><\/p>\n

You should expect to pay a slightly increased rent when you renew. However, you may now have a new job or additional sources of income that may allow you to spend more money on rent. This decreases the blow of the higher rent, although it’s still not the best case scenario.<\/span><\/p>\n

Don\u2019t forget to take into consideration any changes in utilities or common charges. Is your morning coffee getting more expensive? While rent is one part of your expenses, there is a lot that goes into your cost of living, <\/span>especially if you\u2019re a New Yorker<\/span><\/a>.<\/span><\/p>\n

If you\u2019ve received your lease renewal terms and like the experience in your current unit, double check to see if the new rent still falls within smart budgeting ratios by using the <\/span>RentHop Rent Calculator<\/span><\/a>.\u00a0<\/span><\/p>\n

Of course, there are people like New Yorkers who report paying proportionally more for rent than other cities, but don\u2019t make that decision without doing research first!<\/span><\/p>\n

Is it Worth it to Renew My Lease or Move?<\/h2>\n

So let\u2019s say you like your apartment and you can afford to stay and resign, but is it really worth it?<\/span><\/p>\n

There are several questions to ask yourself if it\u2019s worthwhile for you to stay in your current home. Is the new price fair for what you get? Would the cost and hassle of moving be worse for you than extra rent each month? Are there other aspects about the apartment\u2019s amenities or location that make renewing your lease worth it? If so, it could be worthwhile to stay. However, if not, it might be in your best interest to move.<\/span><\/p>\n

RentHop RentCompare<\/h3>\n

If you\u2019re a New York City<\/a> renter, another useful tool to help you make this determination is <\/span>RentHop RentCompare<\/span><\/a>, where you can see if you are overpaying or underpaying on your rent. RentHop RentCompare takes into account the current average of your bedroom count and neighborhood and shows you where your rent falls on the spectrum. This information is another data point to add to your deliberations to decide on renewal. While you could be overpaying, you may have access to laundry and a fitness center cutting back on those regular expenses, or, you might never go to the gym and the cost for the additional amenity isn\u2019t worth it. On the flip side, you could be underpaying in rent but live off a train that experience frequent delays or doesn\u2019t run on the weekend.\u00a0<\/span><\/p>\n

What is \u201cworth it\u201d to you, might not just be the flat cost.<\/span><\/p>\n

Do You Have a Better Option?<\/h2>\n

Even if you intend to stay at your apartment and renew your lease, it is a good idea to do a little bit of research and see what\u2019s out there. New apartments are being posted daily, and many of them will likely have features you are interested in.\u00a0<\/span><\/p>\n

Who knows, if you simply sign a renewal without even looking at other options you might eventually discover you could have gotten a similar place for less money, but simply missed the opportunity. Apartment hunting when you plan on renewing may even give you information to <\/span>negotiate with your landlord<\/span><\/a>.<\/span><\/p>\n

If you find something better before the lease renewal cut-off date, you can take it, but if not, you can still sign the renewal without losing anything.<\/span><\/p>\n

Learn more:<\/p>\n