If your apartment lease is almost up, you might find you're exploring other possibilities. Maybe you've always wanted to spend more time in that other part of town, or you think you can find somewhere with just a few more square feet of closet space.
But is moving really worth it? Here are a few things to think about when the decision between moving and lease renewal is hanging over your head.
The Location
When it comes to day-to-day living, finding the right location for your apartment is key. Commuting is stressful, so if your current location offers an easy commute to work and good public transportation or parking options, you may want to stay at least in the same area.
If you aren't happy with the location, research other areas you're interested in to see if they have better or faster commute options before deciding to pull the plug on your current lease. You may find that areas with better commutes are a little out of your price range or don't offer the same neighborhood benefits that your current area does.
The Building
Is having an in-unit washer and dryer the only way you're ever going to get laundry done? Everyone has their own apartment building deal-breakers, whether you require a building with laundry, an elevator, a workout facility or a doorman. With apartment vacancy rates decreasing, finding the "perfect" apartment is becoming increasingly challenging.
An apartment is like a significant other: When you've found a good match, you probably want to stay awhile. If you’re building has all of the amenities that are most important to you, you might want to consider staying put.
The Rent
Rental rates are on the rise. In a recent Rent.com survey of property owners and managers, 85 percent reported raising their rental rates over the past year, and 62 percent of property managers predict that rental rates will continue to rise over the next year.
If you currently have a great deal on rent, or you're simply in an area where you're paying less than people who live in other areas, you may find yourself wishing you stayed if you end up moving away. Some rent deals are once-in-a-lifetime, so really take that into consideration when you're trying to decide whether to renew your apartment lease.
Your Friends
Where do your friends live? Do you currently have friends nearby, or do you feel like they're all in a completely separate area of the city? If you're feeling a little isolated, moving might be something you want to consider.
However, don't let it rule your decision. If you feel like everything else about where you're living is right for you, and it's not that hard to make your way to other neighborhoods, staying put might be the right choice.
The Neighborhood
Neighborhoods are scored by how many food and entertainment options are within walking distance, public transportation options and even crime rates, among other factors, so consider scoring your current neighborhood yourself.
What about your neighborhood do you really like? Are there parts of the neighborhood you don't like or that worry you? Is it a little too noisy at night? Do you have a barista at the Starbucks down the block that takes great care of you? These are all things to consider. If you find your neighborhood cons outweigh the pros, you may want to check out other areas before finalizing a lease renewal.
The Cost of Moving
Moving is expensive. We're talking new apartment costs like safety deposits and non-refundable moving and administrative fees from your new building, along with moving costs like renting a truck, hiring movers if you so choose, and paying for gas on the day of.
First of all, can you afford to move? And second of all, if you can afford it, do the costs of moving outweigh the negatives of where you currently live? Renewing your current apartment lease is by far the cheaper option, so keep that in mind while making your decision.
Deciding between a lease renewal and finding a new place to live can really be a tough decision. Think about all of your options before making your choice, but most of all consider which route will make you happiest, because you'll be stuck with your decision for the next 12 months of your life.
