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My lease renewal is coming up and I have the option of renewing or going month to month. I am currently paying $1,000 for a two bedroom apartment. If I renew for a year, I will see a $10 yearly increase and if I go month to month, I will see a $5 yearly increase. I am not in a rent controlled area, so the $5 yearly increase is only by word of mouth. If I am happy with my place and plan to be in the area for at least another year, would it be to my advantage to just sign the yearly lease? With a month to month, there is also of encountering an unexpected surge in rent at any time. Then again, there is an ample amount of rental property in my area for comparable prices, so if there ever was a spike in rent while going to month to month, I wouldn't have a hard time finding a new place.
Last edited by youngprodigy21; 01-02-2016 at 04:27 PM..
I'm also in shock that your month-to-month costs less. And it's only a $5 increase for the whole year?
$10 for the year is nothing. If you definitely plan to stay there for the year, I'd probably sign that just so I wouldn't have to worry about a possible spike in rent (and then possibly having to find a new place). If you have any thoughts that you might relocate or want to find another place, then go month-to-month.
Are your plans stable to the point where you will be there for a year? Persin silly I would lick in a rate for the year. With a mtm the LL can raise your rent every 30 days with notice. $10 a month? How much % is that $10 compared to current rent?
My lease renewal is coming up and I have the option of renewing or going month to month. I am currently paying $1,000 for a two bedroom apartment. If I renew for a year, I will see a $10 yearly increase and if I go month to month, I will see a $5 yearly increase. I am not in a rent controlled area, so the $5 yearly increase is only by word of mouth. If I am happy with my place and plan to be in the area for at least another year, would it be to my advantage to just sign the yearly lease? With a month to month, there is also of encountering an unexpected surge in rent at any time. Then again, there is an ample amount of rental property in my area for comparable prices, so if there ever was a spike in rent while going to month to month, I wouldn't have a hard time finding a new place.
Those are really YEARLY increases? I think you meant monthly?
But it's bizarre that if you renew your lease, your rent goes up $10 a month, whereas if you go month-to-month, your rent goes up LESS? I have never heard of that. Most places I lived, the month-to-month rate was WAY higher than the lease-renewal rate (as much as a couple hundred more a month).
I am also surprised that they would raise the rent at all, if they're just going to raise it 1% or .5% (don't think I've ever seen increases that low either).
And what do you mean "the $5 yearly increase is only by word of mouth" -- you don't KNOW, you've just heard some vague rumor about it? Again, that's very bizarre wording. What does your actual LL say?
Personally I would renew the lease to lock in the $10/month increase. Yes, you could move, but you'd likely have a week or two "overlap" (more rent) plus moving expenses.
Those are really YEARLY increases? I think you meant monthly?
But it's bizarre that if you renew your lease, your rent goes up $10 a month, whereas if you go month-to-month, your rent goes up LESS? I have never heard of that. Most places I lived, the month-to-month rate was WAY higher than the lease-renewal rate (as much as a couple hundred more a month).
I am also surprised that they would raise the rent at all, if they're just going to raise it 1% or .5% (don't think I've ever seen increases that low either).
And what do you mean "the $5 yearly increase is only by word of mouth" -- you don't KNOW, you've just heard some vague rumor about it? Again, that's very bizarre wording. What does your actual LL say?
Personally I would renew the lease to lock in the $10/month increase. Yes, you could move, but you'd likely have a week or two "overlap" (more rent) plus moving expenses.
For a year lease renewal, the rent goes up $10 a month.
For month to month, the rent increase is only $5 a month. The $5 yearly increase on the month to month agreement is what my landlord told my neighbor. My neighbor's lease was up last month, and he decided to go month to month.
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Again, that's very bizarre wording. What does your actual LL say?
