To Renew Your Lease or To Move?

As your lease is coming to a close, you have to make a decision: are you going to stay for another year or are you going to look for a new place to live? Moving in Denver can be a competitive market, so let's examine a few criteria for you to use and determine if the time is right to move. You need to give yourself enough time to check out available apartments and weigh the odds before it's time to give notice to your landlord, so do not wait until the last moment to make the decision. Making a last-minute decision to move might mean rushing into another rental that doesn't entirely meet your needs.

Look at your current lease

About 8-10 months into your year contract, look over the rules for lease renewal and how much notice you need to give your landlord if you have the intent to vacate the property.

Plan to leave at the end of a month

Most landlords prefer to have leases that end on the last day of the month and start fresh on the first of the month, so check before making move-in plans at your new place to avoid overlapping rent.

Decide the pros and cons of your current living situation

What do you love about it, and what do you hate? Here's a list of things to consider: proximity to friends and family; commute to work; nearby shopping; parking; gym amenities; leisure activities; friendly neighbors (or not); views; layout; building style (walk-up or elevator); urban vs suburban; maintenance cost; response time for repairs; neighborhood crime; building turnover rate; walkability to modern conveniences (library, coffee shop, banks); and monthly rent.

Determine what means the most to you.

Maybe you demand a place with an in-unit washer and dryer, or you'd prefer ample parking instead. Realize that not every place will meet your residential dreams, but knowing what means more to you will help in the selection process.

Write down the costs.

Moving can be expensive and also stressful. However, if you find you can lower your rent, your monthly savings could offset some of your upfront moving costs. Just don't forget to factor in all the expenditures, like the cost of a rental truck, if needed, first and last month's rent on the new place, and potentially unpaid time off work if you can't get vacation time to make your move.