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living room of an apartment

What You Need To Know About Renewing Your Lease

living room of an apartment

Has it been a year already? It feels like just yesterday that you moved into your new apartment. 12 months later, you’re faced with a tough decision: will you decide to renew your lease?

Everyone can agree that moving is a hassle. When you renew your lease, you don’t have to:

  • Pack up your belongings or move all your furniture
  • Find a new place to live and a new roommate
  • Figure out parking/new routes to your job, school, or favourite stores

Before you renew your lease, what do you need to know? Here are a few things to look into first:

Talk To Your Roommate 

First, we suggest talking to the person/people you live with about their plans. Have they enjoyed living at the place so far? Is there anything about the living arrangement that they’d like to change? This is a good opportunity to touch base with your roommates about your living situation. 

If you both agree to renew the lease, that’s great! But if not, that takes us to our next tip:

Finding New Roommates

Even if you’re happy in your new place, your roommate might decide that it’s time for a change of scenery. This can put you in a difficult position: You may want to continue living at your current place, but you can’t afford the cost of rent on your own. 

Hopefully, your roommate has given you adequate notice that they want to move out. If you’re looking for a new roommate, consider advertising the suite on sites like Facebook Marketplace or Kijiji. Once you’ve found a new roomie, be sure to seek approval from your property manager first. 

Review The New Lease

Your new lease may not be exactly the same as the previous one; it may include different terms than what you signed 12 months ago. Be sure to review things like the rent rates (which are subject to change after 12 months).

Talk To Your Property Manager

Do you have any questions about the new lease? If so, be sure to talk to your property manager well in advance. Depending on where you live, the property manager will need 60 days of notice for lease renewals. 

Renew Your Tenant Insurance

You might pay for tenant insurance annually or monthly. Don’t forget to renew it! You may need to contact the company directly to do so. We suggest doing this a few months in advance to ensure you’re covered. 

Reaching A Decision

When it comes time to renew your lease, you might just find that it’s best to stay put. Even if you’ve found a less expensive rate elsewhere, consider that moving incurs a cost of its own

There’s the cost of renting a moving truck, and the time you’ll spend packing your belongings. You may need to find a new roommate; if the perfect candidate doesn’t appear right away, you could lose hundreds of dollars each month. 

In Winnipeg, there are plenty of excellent places to live. Are you looking for apartment rentals in Winnipeg? At Globe Property Management, we have hundreds of available suites on our website. To learn more, contact us today.

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