You’ve been in the rental property for the first year and you want to make it a second or third year. Well you need to renew your lease! Check out our article about what should be in a lease to learn more about leases, or read on to learn about things you should know when renewing your lease.
First, read what your lease says about renewing. Most leases say one of three things:
• Some leases state that the lease will automatically renew for another year if not renewed. If this is what your lease says then you can just continue paying rent and your lease will renew automatically.
• Some leases expire, which means that on the last day of the lease you are required to move out of the rental property and turn in the keys. If the lease says noting, it is the same as if the lease expires.
• Some leases require you to give notice, usually 60 days, if you want to renew the lease, otherwise they become a monthly lease and your rent goes up. That means you are renting the apartment month to month instead of for an entire year.
It’s important to know what your lease says about renewal well before the time to renew arrives. You don’t want to be worrying about this at the last minute. You should make a note about what the lease says about renewal when you sign the lease. If the lease requires 60 days notice, for example, put a calendar event in your phone 90 days from move out to remind you to start thinking about renewal.
Lease Auto Renewal
Some leases automatically renew for another year. If that happens you do not need to do anything, your lease will renew. Some leases, however, include a provision that rent automatically increases by a certain amount each year. Check the lease and object to any rent increase.
What Happens if I do nothing?
If your lease expires and you do nothing then your lease becomes a month to month lease. You can read more about month to month leases ***here***.
Can I renegotiate my lease?
Yes! You can always renegotiate your lease when it is time to renew. Everything is negotiable. Consider asking for lower rent when you renew, especially if you have always paid on time and been a good tenant.
It’s important to know when your lease ends and what to do when it expires. Whether you want to renew your lease or leave the property, make sure you read the lease and note any important dates well in advance.