Ready to renew your lease and enjoy your apartment home for a while longer? Here are a few points to ponder as the time approaches.
Shop Around—Even If It’s Just Window Shopping
If you’re thinking of renewing a lease, you probably like the place you call home. If you do, super!
In any case, do look around at apartment homes. That well-kept building up the street might be offering the perfect amenities when it's time to bump your lifestyle up a notch.
And if your apartment community isn’t pet-friendly, but you're anxious to give a home to a pet in need, it might be time to join an apartment community who’ll be on board with your idea!
You might decide not to move after all. Yet you’ll still come away with fresh ideas, new information, and a better-informed perspective all around.
New Lease, New Terms?
Before you renew, ask your property manager to explain whether rent or fees will go up, or if the rental agreement is changing in significant ways.
Maybe there are some changes you've wanted to suggest. You might be happy to stay where you are, but one or two simple changes would be super helpful. Ask for what you want if you think it’s a reasonable request.
If your request can’t be accommodated, you’ll at least get an insight into the manager’s point of view. On the other hand, if the change isn’t hard to make, a responsive property manager might think outside of the box to keep you.
Whether You Do or Don’t Renew, Do Give Your Notice
If you’re approaching two months out from the end of your term, and you decide not to renew after all, be sure to give appropriate notice to the property manager. If you do want to renew your lease, tell the property manager as soon as you’re sure.
Does your lease contain a provision that says the property can automatically renew it? If so, it's especially important to know when to notify the property if you’d prefer not to renew. In New York, if the lease for your unregulated apartment contains an automatic renewal provision, the property owner must give advance notice of the clause 15-30 days before you have to say you’re not renewing.
Right to Renew?
Typically, there is no right to renew. Absent a clause in the lease giving you the right to renew, you will need the owner’s permission to sign a renewed lease, just as you did before you first moved in.
Either way, check your lease. It will tell you how and when you should give notice.
Don't Forget Your Deposit
Your security deposit has been collecting interest at the bank, so now it’s time to check on it.
Has your property manager offered you the option of receiving the earned interest now that your term is complete? Or will it be applied to your rent?
Even if you're renewing, it's good to keep tabs on your account.
Love Your Apartment Home
Contact Carlyle Property Management to find out what’s available, or let us answer any questions you have. We manage properties you’ll love to call home.