If you’re uncertain whether you want to renew your lease, it’s important to carefully consider the many variables involved. There are many important reasons to move to a new home, like a new job or family obligations. But moving is costly – in terms of both money and stress. A seemingly inexpensive rental might become pricey once you factor in deposits, applications, moving fees, and other expenses. Be sure to consider all of these factors before making a final decision.
Here are the primary factors to think about when deciding whether to renew your current lease:
- The moving process – Ask anyone who has gone through a move recently: it’s not very much fun. Whether you’re shelling out for the help of a moving company, or handling it all yourself, it’s stressful and time-consuming to uproot your life – especially if you don’t have an important reason to do so.
- Expenses – Even if your prospective home has lower rent than your current one, there are other financial considerations to make. There is the money associated with the moving process, first off. But you must also consider the fees that are associated with signing a new lease: application fees, security deposits, pet fees, etc.
- Your relationship to your community – Once you’ve lived somewhere for a significant period of time, you’ve likely developed relationships with your neighbors and building supervisors. Your landlord’s offer for a lease renewal is evidence of that. It will take time to develop those relationships elsewhere.
You might consider all of these factors and decide that moving is still the right choice for you, but you may instead realize that renewing your lease is a better choice for your situation. Regardless, it is valuable to consider all of these factors and their impact on you and your family. No matter what you choose to do, however, you’ll always be welcome with us.