Are you living in an apartment that leases will be ending soon, and you're in a dilemma whether to renew your lease or extend it? Well, finding new apartments for rent in Wilmington, NC, could be a daunting task. However, it's essential to understand that lease renewal and lease extension have distinct differences that can affect your living arrangements and financial obligations. In this blog post, we'll explore the differences between the two options, helping you assess which one suits you best.
A lease renewal refers to the signing of a new lease agreement for the same property, with similar terms and conditions. Most landlords require tenants to sign a new lease agreement when their old one expires. The renewing process involves signing a new document that outlines the lease's length, the monthly rent payment, and any other leasing agreements. Usually, the landlord updates lease renewal terms to reflect current market conditions, which means rent prices can change, and other clauses can be added. Therefore, it's essential to read the lease renewal agreement carefully to make sure you're satisfied with the terms before signing.
A lease extension, on the other hand, entails continuing to live in the property after the lease term ends with changes to the initial lease agreement. An extension can be advantageous if you want to stay in your current apartment, but can't commit to another year-long lease. Extension agreements are typically shorter than the lease term and can range from a few weeks to several months. Generally, lease extensions are not automatic, and you'll need to negotiate and sign a new agreement with your landlord, which typically includes a rent increase.
Lease renewals are an easy way to continue living in your current apartment, especially if you like the unit and the area. It reduces the stress of apartment hunting and moving out. However, lease renewals may result in rent increases and other changes that wasn't present in your old lease agreement. So, before signing a renewal form, carefully examine changes in the lease agreement and see if it still aligns with your renting needs.
Lease extensions are ideal for people who need temporary accommodation, to be closer to work or family, or are waiting for a new property to become available. It's more flexible than a renewal since it often includes shorter lease terms and can allow you to continue living in the apartment while you make alternative plans. But, lease extensions may come with rent hikes and require signing new lease arrangements.
Renewal or extension, it's a personal choice. Depending on your renting needs and situation, one option may be more suitable than the other. It's essential to weigh out the advantages and disadvantages of both options to make an informed decision. Contact your landlord to discuss your options. If you've been an excellent tenant, your landlord may be willing to offer better lease terms, such as lower rent or a longer lease extension.
In conclusion, renewing or extending your lease requires thoughtful consideration and thorough review of lease agreements. Oasis at Riverlights offers top-notch apartments for rent in Wilmington, NC, and our team of experts are always available to provide professional advice on lease renewals and extensions. Remember, the best decision is the one that aligns with your living needs, budget, and work. Contact Oasis at Riverlights today to schedule a personal tour.