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End of Lease & Rent Increase: to Move or to Renew?Everything that starts must come to an end-including rental leases. With most renters having to renew on a yearly basis, many face a choice of renewing at a higher cost or moving to a new apartment. An average yearly increase in rent of 3.18% is typical for most apartment complexes and rentals. With this choice to make, renters often find themselves in a dire situation-to move or to renew? As the most visited apartment listing site, Apartments.com weighs the pros and cons of both moving and re-signing a more expensive lease. Reasons to Move There are countless reasons one could think of to move after notice of a rent increase. Depending on budget and your current life stage, moving may be the only option. Despite the nation's average rent increase percentage of 3.18%, renters may not be able to afford that additional cost to their current expenses. Keep in mind that it is recommended to spend no more than 30% of your income on living expenses. Consider moving as a fresh start. Moving provides an ideal opportunity to go through your belongings and be out with the old. Moving into a new apartment is a clean, fresh start with only the items you still value, a new view, and possibly a new outlook on life. Sometimes a move is just what a person needs, especially if a renter is moving into a new life stage such as getting married or starting a family. Apartments.com includes local guides for renters to learn all about the city and its rental trends-the perfect place to discover new experiences. Cost of Moving Although the cost of moving may not outweigh the total cost of increased rent, moving fees add up quickly. Searching for a new place, purchasing boxes, hiring movers, renting a moving truck, the hours spent packing the unit and unpacking at the new rental-everything comes with a price tag (News - Alert). Transferring utilities, Internet and cable comes with fees as well. Shut-off/turn-on feeds are common across these luxury providers. Renters can expect to spend hundreds of dollars on moving fees, varying by the size of your rental. Reasons to Renew If you love your apartment and are willing to sacrifice that extra bit of spending money each month, renewing your lease may be the best option. Amenities play a large role for renters when searching for a place to live with - 10% of visitors to Apartments.com utilize the amenity filter before submitting a lead. Finding the perfect place with everything you want in a community may be more difficult than it's worth for you. A rent increase could also be a result of bettering those favorite amenities offered. It is best to consult the leasing office to ensure you have a complete understanding of the increase. Being comfortable in your space, near your favorite coffee shops, work, friends, etc. is a pro when it comes to renewing your lease. Moving may result in longer commute times and less-favorable proximity to your favorite things. Cost of Renewing a Lease The lack of affordable housing across the nation sets a precedence for a high cost of living. Depending on budget, renters may have to cut back in one area, such as eating out with friends, attending concerts, or traveling, in order to pay the newly-increased rent. If you're a socialite, music lover, or wanderlust, this may be someting to consider when deciding to renew or move. Rental properties may have fees associated with lease renewal. Be wary of these fees and factor them into the total cost when deciding to move or renew. Renters looking to search for their dream apartment that best suits them and their budget can visit Apartments.com. For more advice on moving or renewing your lease, go to https://www.apartments.com/blog/my-rent-is-increasing-do-i-move-or-renew. About Apartments.com Apartments.com is the leading online apartment listing website, offering renters access to information on more than 1,000,000 available units for rent. Powered by CoStar, the Apartments.com network of sites includes Apartments.com, ApartmentFinder.com, ApartmentHomeLoving.com, Apartamentos.com, WestsideRentals.com, ForRent.com, ForRentUniversity.com, After55.com and CorporateHousing.com. Apartments.com is supported by the industry's largest professional research team, which has visited and photographed over 400,000 properties nationwide. The team makes over one million calls each month to apartment owners and property managers, collecting and verifying current availabilities, rental rates, pet policies, fees, leasing incentives, concessions, and more. Apartments.com offers more rental listings than any other apartments website, and innovative features including a Polygon™ tool that allows users to define their own search areas on a map, and a "Plan Commute" feature that lets users search for rentals in proximity to a specific address. Apartments.com creates easy access to its listings through a responsive website and iOS and Android (News - Alert) apps, and provides unmatched exposure for its advertisers through an intuitive name, strategic search engine placements and innovative emerging media. The Apartments.com network reaches millions of renters nationwide, driving both qualified traffic and highly engaged renters to leasing offices. For more information: www.Apartments.com.
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