How to Renew Your Lease

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.

A lease renewal is your opportunity to stay at your current rental or apartment beyond the terms of your current lease agreement. As long as you pay attention to the important due dates and any updates to your lease, renewal is often an easy process.

In many cases, a renewal makes sense, as there’s no extra cost, and it will allow you to stay in the apartment you love. Sometimes, there may be a slight change in monthly rent or rental conditions. Because of this, you may have to weigh factors such as renewal rate, rental terms and personal circumstances to make your decision.

If your lease is coming to an end, here is a guide on what you need to do to renew your apartment lease.

The Benefits of Lease Renewal

Renewing your lease at your current apartment has numerous benefits:

Save money: From hiring a moving truck or movers to paying the upfront costs of a new place, such as application fees, security deposits or even the first month’s rent, there are a lot of expenses involved in getting a new apartment. Staying put can save you hundreds, if not thousands, of dollars.
Save time: Moving to a new place takes a lot of time. If you don’t have the time to search for apartments, pack up your current place and settle down in your new rental, lease renewals make more sense.
Enjoy stability: You know your current community’s rules and have established a routine. Renewal allows you to enjoy your home and the sense of familiarity it brings.
Enjoy security: A typical apartment lease is one year long. Renewing your lease provides a sense of security, as you know where you will be for that set duration of time.
Get better terms: An advantage of being a good tenant is the potential option to negotiate better terms. If you have a good relationship with your landlord, they may offer incentives on your lease renewal.

How to Renew a Lease on an Apartment

Once your lease agreement ends, you will have three courses of action to choose from — renew, extend or terminate your lease. If you love your apartment and wish to stay, understand the lease renewal process before signing on the dotted line.

With that in mind, here are the steps to renewing your lease.

1. Understand Your Current Lease

Before you sign a new lease, you need to understand your existing terms and the conditions for renewing your lease. All the information you need to know should be in your current lease. This includes:

Lease end date
Clauses related to renewal
Deadlines for renewal intent

Understanding your lease end date and renewal clauses allows you to plan ahead and give proper notice to your property manager of your intent to renew. 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, as there may be potential penalties for late notice, such as losing the option to renew altogether.

2. Communicate With Your Landlord

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 or apartment ready to rent again. Plus, they may want you to stay if you’ve been a good tenant.

You should receive a lease renewal letter about 30 to 60 days before your current lease ends. This document outlines the proposed renewal, including any updates to key lease terms. There is also the potential increase in rent amounts.

Communicating with your landlord once you receive this letter is an excellent opportunity to gain clarity about any changes to your existing terms. You may be able to negotiate terms or 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 a new lease.

3. Evaluate Your Rental Options

After talking to your landlord — and well before the lease end date — decide if you want to renew your lease. Take this time to:

Compare your lease terms with the industry standards, such as maintenance solutions, insurance and rental incentives.
Re-evaluate your rent cost and ensure it’s comparable with similar apartments in the area.
Consider your property’s current condition and any unresolved maintenance concerns.
Evaluate your relationship with your landlord, including their responsiveness and respect for your tenant rights.
Take into account your personal circumstances, such as commute times and the need for pet-friendly rental arrangements.

This process will help you know if you’re getting the best deal in your lease, especially if your rent is increasing.

4. Formalize the Renewal

If you decide to stay at your current apartment, sign the lease renewal letter you received from your landlord. This letter should contain any terms you negotiated with your property manager and any agreed-upon changes. Make sure these points are mentioned in your lease renewal letter before signing. While this document is not your formal lease, keep a copy for your records to compare with your new lease agreement.

When you receive your new lease, make sure it has everything you expect. It should outline any condition changes and the new end date. If you agree with everything in your new lease, make it official by signing it. An apartment community representative may also sign your lease.

Lease a Triple Crown Corporation Apartment Today

If you need an apartment in the central Pennsylvania area, check out our rental communities at Triple Crown Corporation. With our extensive selection, updated amenities and friendly property managers, you’re sure to find an apartment you love.