If you're like most renters, you've probably struggled with the age old question when nearing the end of your lease: Should I renew? There are many factors to consider before signing on the dotted line of your Gilbert property management lease agreement. Besides asking yourself the obvious questions such as, “Do I even like living here?” “Could I live here for another year or longer?” “Can I still afford to live here?” Here are three more considerations to ponder before you renew.
1.) Don't wait 'til the last minute!
There's something to be said about planning ahead, and when it comes to lease renewals, not waiting is key. Most Gilbert property management companies and landlords will present you with an option to renew your lease within 60 to 90 days of your expiration date if the option is available. Today's hungry market is flooded with foreclosure and short sale homeowners and there may be a demand for your rental property if you choose not to stay. You want to give yourself plenty of time to decide the pros and cons of staying at your current property so that you don't paint yourself in a corner. If you don't give yourself wiggle room, you may find yourself stuck in another lease you didn't really want or hastily moving before you've truly weighed your options.
2.) If you don't ask, you won't know.
Never assume that just because you are given a contract, you have to sign it with no questions asked. There's often wiggle room for negotiating your lease renewal terms. With the right circumstances, you can negotiate reduced rent or keep your rent costs the same if you do your homework. Give your landlord a reason to work with you such as being an exemplary tenant, renewing your lease early, or signing a longer lease. In addition, you can scout out what competing Gilbert property managers and other rentals are offering as incentives to move, compare them with what your landlord is offering, and present them to your property manager for additional leverage. If there is an unavoidable rent increase, ASK if it can be lowered (i.e. 12% increase reduced to 10%). Don't get discouraged if you aren't able to negotiate a lower rent. It doesn't mean you can't negotiate other incentives such as appliance upgrades, carpet cleanings, and more.
3.) Get it in writing
In the old days a handshake and an oral agreement set a contract in stone, but now you need a paper trail. If you've finally got your Gilbert property management company right where you want them regarding negotiations, make sure you get everything in writing. If you've negotiated lower rent or incentives such as a month of free rent, waived security fees, or paid utilities, not getting it in writing to back it up means you may not get to reap the benefits of your efforts.
The decision to renew your Gilbert property management lease agreement can be a tough one, but you have to go with your gut. If you've weighed all your options to stay, given yourself ample time to research your alternatives, and negotiated your renewal options to the best of your abilities then you are doing everything right.