Should I Renew My Lease? Here Are 6 Things to Consider
Deciding whether or not to renew your apartment lease starts with knowledge. The renewal process, the rental market conditions, and other options out there. As our agents help clients navigate the area around renter renewals, they find that it’s not as cut-and-dry as renters assume. Here are the types of things our clients have questions about when it comes to renewing their current lease:
Renewals 101: Q + A
Q: How do I renew my apartment lease?
Most apartments will send you a renewal offer 60–90 days before your lease ends. You usually sign the renewal paperwork online or in the leasing office.
Q: How much does rent usually go up when renewing?
That’s up to the discretion of your property. How pricing typically works is dependent upon demand within the market and occupancy within a property. If rent rates are increasing in your area, it’s likely you’ll see that reflected on your new lease. We tell renters to expect anywhere from 3-10%, but its very dependent on market and economic conditions.
Q: Can I negotiate rent when renewing my lease?
Always try negotiating your lease renewal! Bring a comparable quote from a nearby apartment—if both properties have similar features, you have leverage to lock in a better rate, specials, or perks like free parking.
Q: What happens if I miss the lease renewal deadline?
Missing your renewal deadline risks higher rent or losing your unit. Most apartment complexes see a “no response” as an “I’m leaving” and will put your unit on the market. Contact your leasing office immediately to avoid penalties.
Q: What should I consider before renewing my lease?
Before renewing, contact an apartment locator at Smart City. They’ll show you if cheaper options exist that still fit your needs. Just remember to factor in moving costs! If rent is $100 less but movers cost $1200, a 12-month lease means you’re basically breaking even. Weigh rent savings against moving expenses before deciding.
Q: Do I have to pay new fees when renewing my lease?
Some apartments add admin or renewal fees. Always check your lease terms carefully to avoid surprises before signing.
Renewing your apartment lease doesn’t have to feel overwhelming. The key is weighing all your options and considering both the short-term and long-term impact on your budget and lifestyle. A lease renewal might mean stability, no moving costs, and staying in a space you already know and love. But it can also mean higher rent, stricter terms, or missed opportunities if better deals are available in your city.
That’s why doing your homework before signing is so important. Look at market trends in your area, compare your renewal rate against similar apartments, and don’t be afraid to negotiate. Landlords often expect residents to push back on rent increases, especially if you can show quotes from comparable properties nearby. At the same time, think realistically about the costs of moving (movers, deposits, pet fees, utility setups) all of these add up quickly and can offset the appeal of a slightly lower monthly rent elsewhere.
If the math makes sense and you’re happy where you are, renewing your lease can be the best choice. But if you’re curious what else is out there, that’s where Smart City comes in. Our apartment locators are free to use and specialize in finding you the best deals that meet your budget, lifestyle, and must-haves. Whether you’re leaning toward staying put or ready to explore new options, we’ll help you make the decision that feels right for you.
