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Author Topic: Renewing my lease - don't know what option to choose?  (Read 328 times)
Almir
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« on: December 03, 2008, 12:35:32 PM »

I live in Irvine, CA and I got a letter to renew my lease for my apartment. My lease expires on Feb 1st, 2009. When you are answering my question, keep in mind that I am planning to rent here for another few years and I am not planning to buy a home.

Option A: 
If renewed for 12 months, the rent goes up $20  and of course it will expire on Feb 1, 2010 during winter low season when rent is generally cheaper.

Option B:
If renewed for another 16-18 months, then the rent actually stays the same but it will expire in June 2010  when the rents are generally higher because there is higher demand. So if I renew again, the increase might be much higher.

Which one should I choose and why?
Is there some web site that can show me the rent trend month to month?

Thanks.


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Brent
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« Reply #1 on: December 03, 2008, 07:41:13 PM »

Your landlord is probably worried about vacancies as much as you are increased rent.  If you are sure you are going to be there for another three years, why not negotiate the same rate to sign a three year contract?  You could even include a clause that the lease can be renewed at the end for a predetermined rate.
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