Renewing your lease can be a straightforward process if you plan ahead. Whether you love your current apartment or are weighing your options, here are some tips to help you navigate lease renewal smoothly.
First of all, it is important to start thinking about your lease renewal early - at least two to three months before it expires. This gives you enough time to consider your options and communicate with your property manager about your plans.
When your lease expires, you might have the option to continue living in your apartment on a month-to-month basis. While this provides flexibility, it may also come with different terms, such as slightly higher rent or shorter notice periods for ending your tenancy. If you value stability, signing a new lease may be the better option.
Rent increases are a normal part of lease renewals, but in Alberta, landlords must follow specific regulations. They must provide three months' written notice for any increase and cannot raise rent during the first year of a lease. Take these factors into account when deciding whether to renew or explore other options.
Once you've decided to renew, let your property manager know as soon as possible. This ensures a smooth transition and allows time to finalize the paperwork. If you're unsure, discuss the pros and cons of renewing versus moving to make the best decision for your circumstances.
Renewing a lease is an important step for renters who want to maintain a stable and comfortable living situation, and planning for lease renewal ahead of time is a great way to maintain your housing stability, and make informed choices about where you live. By understanding your options, considering rent regulations, and communicating early, you'll set yourself up for a smooth renewal process.