Blog Layout
Everything You Need To Know About Lease Renewals
Alexis Borman • January 31, 2020
Everything You Need To Know About Lease Renewals In Ames
It’s that time of year, everyone! Apartment renewal offers in Ames have been sent out and you now have to decide if you want to renew your apartment lease for next year, or move.
What is a lease renewal offer?
When your lease is up, you will have the chance to opt for a lease renewal, which means that at the end of your lease term, both you and your property manager agree to renew the lease. The property manager will create a new lease with similar terms to that of the original, and both you and the property manager (and any of your roommates who are also choosing to renew) will need to sign this new contract. Your renewal lease could be slightly different that your original lease, with the most common changes affecting the rent and concessions.
What is the process for a lease renewal in Ames?
After you’ve been notified by your property manager of your impending end date, it will be time for you to make a choice. If you choose to renew your lease, then you will need to login to your online portal and sign your renewal offer, or stop in the office for a paper copy. If your property manager does not have an email address on file for you, a paper lease will be mailed to you. Be sure to keep track of your lease renewal deadline!
What is a rental concession?
A rental concession is a reduction in the cost of rent by the property manager in hopes of finding a tenant quicker. This tactic is often used when the rental market isn’t as promising as expected. For instance, if your monthly rent is $1,200, but your lease states a concession of $50, then you will only be paying $1,150 in rent. A concession could also be in the form of "1st Month Rent Free". Though concession fees are great for renters, they may not stick around for your lease renewal. Be aware of this when you’re reviewing your lease renewal offer.
If you decide to renew, you will be accepting your new rental rate, and your property manager will send you a new lease agreement to review and sign. You will not be required to pay any further fees when you renew your lease, such as an application fee, or security deposit. Those were taken care of when you originally moved into the apartment – phew!
Moving into a new apartment
If you’ve opted out of a lease renewal, then your final option is to move out of your current apartment and find a new rental. Whether your rent is increasing too much for you to renew, you are interested in a new location, or you simply want to look for a new place, we have you covered when you’re ready to find your new apartment! But before you begin your search, make sure that you provide your property manager or landlord with a written notice to vacate letter, and that your lease terms have been fulfilled.
When you move out of your apartment after your lease is up, you can possibly receive money back from your security deposit and your pet deposit (if you paid one), depending if the apartment is left free of damage and cleaned to your property manager’s standards. But how exactly do you get your security deposit back after you move out of your apartment?
Getting your security deposit back
Getting your security deposit back from your property manager or landlord isn’t always a guaranteed deal. The amount (if any) that you receive after you’ve moved out of the apartment depends on the state your unit was left in. To secure yourself the return of your security deposit, you’ll want to:
- Thoroughly clean your apartment, from the floor to the ceiling fans
- Make any and all repairs to the damage you caused, such as holes in the wall
- Return your keys, including your mail key, garage remote, etc.
- Use the checklist provided by your property manager to make sure you don’t miss anything!
Your best chance of getting your security deposit back is leaving your apartment in tip-top shape, back to the condition you found it in. As long as you (or your pet) did not damage the property and you paid rent in full on time, every time, you should receive your security deposit back after you move out of your apartment. You can expect this payment by check through the mail to your new address (as long as you provide your property manager with new address prior to moving out) within 30 of your lease end date.
If you have roommates and would like the security deposit split between you please make sure that all roommates have provided their forwarding address as well. If one roommate will be receiving the full security deposit, all other roommates must email their permission to the property manager.
After your lease ends
When it comes down to it, you have two logical options of what to do when your lease is up. You can: renew your lease for another term, or move out of your apartment (with proper notice) and find a new rental. Do your research regarding the cost of rent in the area, decide what your budget is, determine potential moving costs, and ultimately figure out which option is best for your living situation. Best of luck, renters!
Looking for an apartment in Ames? We've Got You Covered.
Hunziker Property Management offers over 1,100 units all around Ames! We offer 1-4 bedroom housing for students, professionals, pet or non-pet friendly, and more! With locations in West, South, East, and North Ames, and apartments ranging from efficiency to luxury style, no matter what type of apartment you are looking for, We’ve Got You Covered!
Are you trying to decide whether to live in a dorm or off campus in Ames next year? The Hunziker team weighs the pros and cons of on- and off-campus living.
Daylight savings time came and went, and spring has arrived. Find a day or two this spring and take the time to clean your apartment. Follow our tips for a successful spring cleaning session.
One of the biggest decisions you will make in college is where you will live, after all, this is where you will spend most of your time! There are apartment listings all over your social media, and Apartments For Rent signs everywhere you drive. How will you know if you’ve chosen the right one? Follow our tips below to guide you to your perfect home!
Ideally, working from home means you have a designated office. However, as quarantine is creeping on, this isn’t the case for many people. Add some certainty to these uncertain times by making the most of your time and space. Take a look at our top tips for working from home!
Wintertime in Iowa can seem to last forever, but living in an apartment means you get to avoid a few of the most miserable parts of winter. Let's take a look at some of the perks of apartment living during these long and cold months!
With the holidays just around the corner, many of you may be getting ready to travel! Use the winter tips below to stay warm and minimize your bills while you’re away!
Renewals have started, and it is time to start thinking about where you want to live next year. With over 1,100 units all over Ames we have something for everyone, and we would love to help you find your next home!
Halloween is over, and the rest of the holiday season is fast approaching! You might still be working through your Halloween treats, but it is time to put the skeletons and pumpkins away because Thanksgiving is right around the corner. Time with family and friends is always great, but if it is your turn to host the festivities, you might be feeling some pressure. To make things easier on yourself, here are four tips to help you get through Thanksgiving dinner relatively stress-free!
Getting your dream job, graduating, or moving across the country can be so exciting... until you remember your lease goes until next summer. No need to worry though! Our sublease options are meant to help you transition into your next exciting stage of life as smoothly as possible!
We are so excited to be welcoming and getting to know our new residents this autumn! Whether you just moved to your Ames apartment or have been a resident for years, there are many great things to explore and learn about! We hope you love Ames as much as we do!
