“Should I renew my lease?” If that’s a question that’s been swirling around in your head, here are a few things to take into consideration before signing on the dotted line.
Landlord, Neighbor and Roommate Relationships
When thinking about sticking around for a second lease, you need to evaluate the relationships you have with your landlord, neighbors, roommates and other individuals with whom you interact with on a regular basis. When things break are they fixed quickly and accurately by your super? How close are you located to your next door neighbor? Can you hear them when they argue or host gatherings? Is your roommate a friendly and clean person? Do they pay bills on time? Are the people you interact with rude or pleasant to communicate with? Do they make you feel like you need to rent a moving truck and move away as fast as possible?
Amenities
Does your complex have a pool? A tennis court? Do you have access to a gym? Are the grounds clean? Can you park your car close to your apartment knowing that there’s 24-hour security surveillance? Before re-signing a lease create a list of “wants” and “needs”. You may want 24-hour access to a gym and an apartment with a view of the city, but (being realistic) you may need a bigger kitchen and balcony as well as a pet-friendly home. Go through your list and prioritize what’s of more importance to you and those you live with. If your current home doesn’t have everything you need or want, research other units that do offer those things.
Affordability
Is the rental home or the apartment you’re currently living in within your price range? Maybe you can now afford a nicer and larger space to live in. Explore your options by calculating what your current budget for housing is, and by researching the marketplace for competitor’s prices. Sit down with your laptop and jot down all of the expenses that come with your living situation. How much do you spend on rent, electricity, water, garbage, phone, cable, Internet and other fees tacked onto your bill? How much do you spend on transportation from home to work? If you really like your complex and the community, search for other available units within the same building. In the end, you need to ask yourself, “Is it worth it?”
Have you renewed a lease for your rental home? What did you think about when making the decision? What factors played an important role? Tell us in the comments below!
