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Should I stay or should I go?

June 7, 2012 | Filed under: Apartment Living,Featured,Money | Posted by: Eiskaffe

When your lease is up, think twice before renewing.

Most renters sign their lease year to year. While some renters value this flexibility for personal reasons, no one benefits more from annual leases than landlords. Why? Because 9.99 times out of 10 the rent rate will increase. Year after year, you will pay more for the same space that you’ve been living in whether upgrades are made or not.

So, when the lease is up, think twice before signing the dotted line. Here’s why:

New Resident Specials: Many apartment communities offer special rates for first time residents. If the regular cost of rent is even a fraction lower than the rent that you’re paying, these move-in specials can be just what’s needed to result in long term savings.

New Digs: The rental market is booming, with new developments springing up in most major cities. These complexes often offer more amenities than their predecessors, including improved concierge services, state-of-the-art fitness and entertainment centers, child care, discounts with local shops and restaurants, community events and more. If you’re going to pay more for rent, why not get more benefits as well?

Location, Location, Location: If you don’t love your commute to work, now may be the best time to take another shot at apartment hunting around your job. If opportunities are present, you could save plenty of money on gas, wear and tear on your vehicle. It goes without saying that you’d also free up time, which you can use for a new hobby, working out, or gathering with friends. Adding more time to your day is priceless.

Fresh Perspective: As we enter different phases in our lives, a change of environment may be beneficial. Give yourself a fresh start in a new place to promote other new beginnings in your life.

Of course, the benefits of moving into a new apartment should be weighed against the disadvantages. Before taking the plunge, consider the costs of moving and see where the savings are in your favor. If you are deciding to take the plunge and look for a new place, try RENTCafé.