When the academic year comes to an end and it is time to resign or renew your lease, you should not just do it blindly. Instead, there is a lot to think about. While it may seem easy to just stay in the same place for the next academic year, is it the right thing to do? The answer will be different for everyone depending on their circumstances. Here are many things you should consider before resigning your lease for the next academic year.
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Losing Roommates
One of the most important factors to consider is if you will be losing roommates. If any of your current roommates are graduating or there has been a falling out, you likely want someone else to fill their space and take over their portions of the bills. Unfortunately, finding new roommates, especially the right roommates, can be a long and difficult process.
Consider if you would prefer to find somewhere else to live as the new roommate as opposed to finding one, if you have another friend to offer the place to, if you can manage the bills without them, or if you want to post on the campus bulletin that you’re looking for a new roommate. All of these options have pros and cons to them, so find which is right for you! Take some time to think about it and come to an agreement with other roommates, but do this before it is time to resign your lease.
Proximity to Campus
As much freedom as it allows, living off-campus has its own challenges and one of those can include the commute to your college campus for classes. Maybe you rely on the bus but its schedule is spotty, maybe it’s an annoying drive, or maybe it’s the perfect walking distance. This is the next factor you should consider before resigning your lease for the next academic year. If the commute was something that drained you, you should consider trying to find somewhere a little closer. If the commute was a non-issue, then that is a potential reason you should renew your lease next year!
Lease Changes
If you signed a year-long lease, things have been stable throughout that duration. However, when propositioned with a new lease, there may be some changes your landlord has made. Read through the new lease thoroughly to ensure it still aligns with your expectations. If there have been any major changes, positive or negative, it will sway your opinion on renewing your lease.
Some of the most important aspects of the lease that are likely to change that you need to pay attention to are any rent changes, policies such as pet policies, or maintenance fees. However, you should still read through the entire document and compare it to last year’s in case something minor changes. You need to know what you are agreeing to.
Budget Changes
Before you resign your lease, you should also outline your budget and if there have been or will be any major changes. This includes rent changes as mentioned earlier, but also other bills such as electricity and internet, other costs including groceries, transportation, textbooks and school supplies for the next academic year, and of course eating out! Prices are always changing, unfortunately towards the higher end, so your budget plans may not be feasible at your current residence. You should consider if you will be able to resign your current lease under any changes. If you have the rooms, you may need an additional roommate on the lease before resigning, or you might want to cut down on one of your other expenses.
Budget changes don’t just mean that things have gotten tighter for you. If you have been able to loosen your budget due to a new job, then that’s great! However, would you be interested in moving somewhere a little bigger or nicer? Maybe it’s time you move away from somewhere with a leaky roof.
Amenities
Lastly, you should also consider any amenities that your place either has or what you are looking for. If you’re sick of lugging your laundry to the local laundromat, maybe it’s time to find a place with laundry included. On the other hand, are you paying for a parking space that you never use? Use this opportunity to negotiate for what you want and need on your lease next academic year. Take off amenities you are not using and, if desired, find amenities you do want or need.
While there may be some uncertainties this upcoming academic year, one thing should be certain: You should be happy with your living arrangements, even if it isn’t a forever home. Use this time as an opportunity to consider your options and if your current residence will be the right place for you next year.
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