How to Renew Your Lease

So your lease is up, but you'd love to stay on another year or more. Here's how to renew.

Instructions

Difficulty: Moderately Easy

Things You’ll Need:

• Financial Calculator
• Real Estate Attorneys
• Notebooks
• Personal Organizers
• Writing Pens

1. Check the terms of your current lease to see whether the document includes renewal provisions.
2. Inform your landlord in writing that you would like to renew the lease under the same terms for a definite period of time, such as one year. (Do this before your current lease expires.)
3. Realize that you have the right to negotiate a new lease with different terms or switch to a month-to-month rental agreement instead of renewing your current lease on the same terms.
4. Understand the terms of your lease before signing any documents; seek legal counsel if necessary, especially in states with rent-control laws.

Tips & Warnings

• Renewing your current lease could help you avoid any increases in your monthly rent in the near future, especially if you are satisfied with your lease terms and plan to occupy the premises for an extended period (usually one year).
• Your landlord may readily agree to renew your lease under the same terms as your current lease if you're a responsible, trouble-free tenant.
• Landlord-tenant laws vary from state to state, so always protect yourself by checking with community housing authorities or a real estate attorney about the specific rental laws in your area.