Tips for Renters: Master Your Lease Renewal Process

Life as a tenant can be tricky. Finding the perfect place to spend years without worrying about moving somewhere new can be challenging. So, if your current rental property is working well for you, preparing for renewal before your lease is up is wise. Usually, you will receive an intimation about the lease expiry from your landlord 30 or 60 days beforehand, and if you wish to renew the lease, you will need to sign a new contract with possibly a revised rent. 

So, keep these 12 tips in mind for a smooth lease renewal process and ensure favorable terms. 
 

1. Go Through the Current Lease

Before we discuss how to renew a lease, make sure you review the agreement you have at present. Focus on terms and conditions related to giving notice, renewing the lease, the duration of the lease, a rent increase, and so on. This will help you have an informed conversation with the property manager.   

2. Discuss in Advance

Talk to your landlord about the lease renewal process at least 60 days before the agreement’s expiry. This will give you enough time to think through different terms and negotiate if necessary. The property manager or landlord will appreciate the gesture as well. 

3. Assess Your Requirements 

Determine if your present living conditions are acceptable for you or if you need something different. For instance, after your current lease is up, you might need an extra room, a place that allows pets, or more storage solutions. Remember to communicate this to the landlord in advance. 

4. Schedule Property Inspection 

Before it’s time to renew the lease apartment, schedule an inspection of the property. Make sure everything is clean and highlight any repairs or maintenance needs. This will show that you are serious about staying in the same place and renewing your lease. 

5. Check Local Rental Rates 

Take time to research other similar properties in the area and find out the rates at which they are available. You can check popular listing sites or talk to local property management companies. This will improve the negotiation of your terms with the landlord. 

6. Prove You Are a Good Tenant 

To convince your landlord to renew lease, highlight how you have been a model tenant and point out the positive things you have done in the past. For instance, if you paid rent on time, kept the property clean, and made minor upgrades, the landlord might see you as reliable and trustworthy. It is an intelligent way to quicken the lease renewal process. 

7. Negotiate Reasonably 

Most landlords suggest increasing rent while renewing a lease agreement. In that case, you can make a reasonable counteroffer based on the rental rate research you have conducted and any improvements you have made to the property. Be professional and cooperative at all times to reach a solution that benefits you and the landlord. 

8. Focus on Your Financial Stability 

If you are wondering how to renew a lease easily, proving that you are capable enough to meet a rent increase can help. Showing that you have a stable job or source of income can instill confidence in the landlord about your payment ability for another year or so. 

9. Make it Attractive for the Landlord 

If you commit to a longer lease, your landlord might be more inclined to consider your renewal request. After all, it will mean assured income, reduced vacancy costs for them, and postponing the need to look for and screen new tenants. You can also agree to take care of minor maintenance jobs as an added incentive. This way, you might also be able to negotiate a better rate or get concessions. 

10. Be Aware of Your Rights 

Check up on your area's rental laws and tenant rights so you don’t get shortchanged during the negotiation process. This is especially important if you want to change your living situation before you renew your lease—like having a family member or friend come to live with you, better insulation for winter months, or new sprinklers in the yard.   

11. Maintain Documentation 

Throughout the lease renewal process, communicate as much as possible in writing. Keep track of all the emails, letters, or text messages so that you and the landlord are on the same page and there is no room for confusion or conflict. Once the new agreement is finalized verbally, get it in the written format and ensure it includes details like lease duration, amount of rent, the date on which the new contract will kick in, any change in terms and conditions, etc. Store all signed documents safely so they can be accessed or referred to when necessary. 

12. Consider Month-to-Month Lease

This is applicable if you are not up for a long-term commitment but are not keen on finding a new place for a few more months. If the landlord is ready to offer a month-to-month lease agreement in this scenario, remember that the rent amount can vary from one month to another. Before vacating the property, you should send a written notice 30 to 60 days in advance. 

Consult a Rental Management Company for More Guidance 

Remember the above tips if you are happy living in your current rental property and wish to continue. However, if the negotiation to renew lease doesn’t go as planned or you decide to move out, contact Guardian Property Management to find suitable properties in the Greater Twin Cities area. 

The rental management experts here can help you narrow down the best options based on your price range, the number of bedrooms and bathrooms you need, when you wish to move in, and whether you have pets. 

To discuss your requirements in detail, call 651-287-2011 or email info@guardianprop.com today.