![]() ![]() Legally, they can (within fair housing laws). So here are a few FAQs about the facts: FAQs about the FactsĬan a landlord not renew a lease without a reason? Those are the facts - and inspire a few frequently asked questions. If you’ve been sitting on your renewal paperwork for too long, somebody from the outside market may snatch your place up. But keep in mind that you’re always at the mercy of the marketplace. Any owner would be happy to welcome you back. If you can’t make up your mind by the deadline, you can renew down the road. FACT: If you don’t renew your lease by the deadline, you can change your mind and renew later, BUT… Many downtown owners will start getting inquiries and building waiting lists in October for a following August lease. But do you realize how heavy the market demand can be?Ī building like Lucky Apartments can rent up to 50% of their apartments the first week they go on the market. Downtown Madison is hot, and students especially want to be close to campus. FACT: Downtown apartments rent faster than you think.įor the seasoned downtown renter, this comes as no surprise. For example, Steve Brown Apartments may ask for your renewal in early November, but not require your final decision until yours is the last remaining apartment in the building. Owners love renewals! They want you to stay in your current apartment and, if possible,will work with you on the timing of your renewal. Is it worth the risk? FACT: Owners prefer to have you renew your lease. You have to remember that if you resign your lease, but then change your mind later, the apartment – and the rent – will be your responsibility until a new resident is found to take your place. Unfortunately, if your future is up in the air, it may be best to wait to sign and risk losing your ability to renew. It takes time to make decisions about roommates gauge your expenses and see if the location of the apartment matches your needs for next year. FACT: Renewing before you’re ready can be risky. Yes, even though you just moved there in August, landlords are already fielding inquiries about your apartment. If you waited in line to get your current apartment, or signed the lease for your current apartment before winter break, chances are you’re going to be asked if you want to renew your lease for the following fall in October or November. FACT: Renewal timing is determined by demand. A 2- or 3-year lease term can be golden to a property owner. If you know you’re in it for the long haul, request a longer lease term right off the bat. Typically, a lease only covers one year, and it doesn’t guarantee you get to stay for a second year. Legally, the renewal process is a courtesy not a requirement. Property owners don’t HAVE to let you renew (but they usually want you to). You may think you’ve got squatters’ rights, but you don’t. You as a renter don’t have right of first refusal. Let’s start by addressing a big misconception among newbie renters (and some veterans too): Leases don’t automatically renew. Fact: Your lease doesn’t automatically renew - and a landlord doesn’t have to rent to you again. Here are six tips to help you avoid the Renter Apocalypse! Must-know facts about renewing your apartment leaseīefore we get to the tips, let’s take a look at some facts that apply to leases here in Madison, WI, and in most lands traversed by zombies. The Renter Apocalypse can take place in any city, and in some cities, it’s a year-round occurrence. It’s when apartment-searching zombies start crawling all over town, relentlessly seeking out unsigned renewal leases. Take action, or zombie renters on the prowl may rent your apartment out from under you.ĭuring the fall in Madison, a Renter Apocalypse occurs. It’s almost apartment lease renewal time, commonly referred to as the Renter Apocalypse. Apartment Lease Renewal: 6 Important Tips to Avoid a Renter Apocalypse ![]()
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