We’ve all been there: Your lease is expiring very soon, and you only have a few days to notify your landlord if you’re moving or renewing your lease.
Use these guidelines to determine your all-in, out-of-pocket cost of moving.
New Security Deposit – $1,000 (usually equal to 1 months’ rent)
First Month’s Rent – $1,000
Application & Admin Fees – $350
Pet Fees – $300 (if applicable)
New Utility Deposits – $350
Moving Company or Truck Rental – $200
Moving Boxes/Supplies – $100
Groceries – $150
Unexpected Expenses – $100
Total Moving Budget = $3,250 – $3,550
Creating a budget is the first step to determine if you’re ready to move. Although new groceries and utility deposits seem excessive, remember that starting over often means starting from scratch on both fronts. Be sure to add a cushion for unexpected expenses like gas for the 20 trips between your old & new places or your car needing repair in the middle of the big move.
Not ready to fork over that amount of dough? Ask yourself why you want to move in the first place.
- If it’s related to maintenance or unit condition, contact your property manager to discuss possible resolutions.
- Does the rent increase bother you? In truth, rents usually increase about 3% per year to keep up with inflation. Talk to your property manager if you think there’s room to negotiate a better rate. Remember, rents will increase everywhere, so moving doesn’t guarantee a fixed rental rate for the future.
- Switching jobs and need a better location? Your community manager may have other properties closer to work, so ask! You may be able to transfer your security deposit or negotiate your rental amount just for being a loyal renter.
Renewal perks are becoming pretty common, so find out if there could be a free carpet cleaning or unit upgrade offer for renewing your lease. The more years you sign on for, the bigger your bargaining power.
If your landlord participates in Till’s Loyalty Program, your monthly on-time cash incentive may increase to $20, $30, or even $40 per month! Wow!
Total up your costs versus any potential savings or perks to renewing before making your ultimate decision. Happy renting!