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How To Effectively Renew Your Lease

Finding the ideal apartment is a time-consuming and labor-intensive process. Sometimes, you have to go beyond your resources to maintain your perfect rental, which has exactly the correct amount of sunlight, is in a lovely location, and has all the features you’ve been searching for! Don’t forget to renew your lease before your lease ends to ensure your home stays with you. We’ve outlined several steps to ensure a successful lease renewal to help you retain the apartment of your dreams.

Step 1: Determine the expiry date of your lease

It may seem clear, but one can simply forget about the lease expiration date of their property. This may be due to a busy schedule or other worries in life. To avoid this, mark the date on your calendar and set a reminder on your computer or phone.

Step 2 – Diligently review your rental contract and your renewal rights

Most lease contracts will include the general terms & conditions, circumstances, and lease renewal terms. Many leases involve the clause of issuing a notification to the landlord or property manager of your intention to renew or cancel your lease one month or two months before the lease term expires.

Step 3: Negotiate the terms with your landlord

Although your property owner or real estate agent won’t reveal it, they’re usually interested in renewing your lease. This saves money on cleaning and maintenance, finding a new tenant, performing background checks, and potential loss of income between tenants.

Step 4: Decide whether or not to renew your agreement

After speaking with the owner, compare their conditions to industry standards or get it reviewed by an expert. If they decide to raise your rent, compare market rents for similar properties in your neighborhood and consider possible moving costs before extending your rent or moving.

Step 5: Transcribe a good lease renewal letter

If you agree to continue with your landlord, you must write a good letter to notify them regarding your renewal. Any conditions or agreements you have with the landlord or property management should be included in the letter.

Step 6: Diligently review your new contract

We always emphasize reading the new lease contract carefully to ensure that all agreed terms are included in your new lease. Even the tiniest details should be read as they can lead to failure in renewing your lease.

Step 7: Take a look at the new contract and write the contract expiration date on your calendar.

If you’re happy with all of the terms set out in the new agreement, you are free to sign it at your discretion.