When you receive your lease renewal letter, it’s important to weigh up the advantages and disadvantages of moving. You might be surprised how much happier you’ll be by renewing today.

Photo: iStock/vladans.

It’s cheaper in the long run

If you choose to renew your lease as a fixed-term agreement, or move onto a periodic agreement, the only new expense you may face is an increase in rent. Compare that increase with the likely costs of moving (i.e. moving truck, moving supplies, cleaning supplies, rental bond, food). Even if the rent at another place is slightly cheaper, think about what it’s going to cost you to move. In most cases, it’s probably more economical to stay where you are.

You have more bargaining power

The landlord who pays attention to their bottom line is going to want to keep you on as a tenant, rather than spending time and money on finding someone new to fill the vacancy. If you’ve been a good tenant who always pays on time, this will put you in a great position to negotiate on your rent – or even better lease terms.

You’ll reduce unnecessary stress

Let’s face it – moving is never a fun experience. Moving day itself will involve some hard, physical labour and you’re going to need to be on your game all day to keep things organised. Plus, you’ll be up against whatever weather decides to make an appearance that day – it may be raining or extremely hot. You could easily avoid that stress by renewing your lease.

Save yourself time

Time spent renewing a lease? 5-10 minutes, at most. You’ll be asked to sign a renewal agreement and pass it back to the property manager at most. Now you’re set in your current place for the next 6-12 months. But moving house comes with a number of tasks that will chew up your time if you’re not careful. Everything from searching for a new place, viewing properties, filling out applications, changing your utilities and forwarding your mail will take up time you could better spend on enjoying your current rental.

Reduce uncertainty

You’ve been in your property for awhile, right? If you stay there, chances are you’ll know what to expect out of the deal. Moving, however, can open a whole new world. You could end up with bad neighbours or potential maintenance issues. If you like the landlord you have now, there’s no guarantee that you’re going to like the next one. If you have a connection with your landlord or property manager now and know you can rely on them to help you out with any issues, there’s a big benefit there.

If your lease end date is approaching, use this time to really crunch the numbers and work out the pros and cons of your situation. Staying put for now might just be the best choice you can make.

For advice specific to tenancy laws in your state or territory, visit our Important Numbers page.