A lease renewal is a new lease agreement you sign once your original lease contract is over so you can continue living in the same apartment.
1. Lease renewals don’t guarantee the same terms as the original agreement
Once your original lease is up, you’ll probably be signing a completely new lease agreement. That being said, your landlord or property manager may have new terms in the lease, such as higher rent or a change in length terms, among other things.
2. A lease renewal isn’t guaranteed
Just because you want to continue living in your apartment and are willing to sign a new lease doesn’t mean your landlord or property manager has to let you. They may already have a new tenant lined up or have another reason why they don’t want to renew your lease, even if you were a good tenant. So, just because you’re ready to sign a lease renewal doesn’t mean you’ll get one.
3. You may need to apply for a lease renewal
Some landlords and property managers require tenants to fill out a new application, even if they filled one out before signing the original lease agreement. That means you might also need to pay an application fee if one is required. However, this isn’t something all landlords do.
Be a good tenant if you want to renew your lease
If you do want to renew your lease and continue living in your apartment, make sure you’re the kind of tenant that management wants living there. Once your original agreement is over, management is not required to renew your lease unless they want to and view you as a good tenant. So, be on your best behavior if you think you might want to continue living in your apartment.
