Many rentals are two-year contracts. As the term ends, a renewal notice arrives. Here we organize the difference between renewal and re-contracting, and the cues for moving.
Renewal vs. re-contracting
- Renewal: continue the same contract. A renewal fee (often about one month’s rent) or fire insurance renewal may arise.
- Re-contracting: as with fixed-term leases, a new contract is formed again.
Signs it’s time to move
- Your commute changed / your lifestyle changed
- When moving to a better place beats paying the renewal fee
- Cramped space or equipment dissatisfaction has built up
Timing tips
In the January–March peak, rent negotiation is hard and good listings go fast. If you’re not in a hurry, aiming for a calmer season is one option. There’s a deadline to declare your intention to renew, so consider early.
Summary
As renewal approaches, weigh the renewal cost against the benefit of moving, and decide with a margin of time. When it’s time for your next home, leave it to StandUp.