My Lease Isn’t Up for 80 Days – Why Do I Have To Decide So Early If I Want to Renew?

(March 25, 2015) / by Jean Jones

Lease Renewal questions answeredHave you recently received a letter about renewing the lease for your home at Springs Apartments? Our leasing teams send these letters 80 days in advance of every resident’s lease term expiration date.

We want you to be fully aware of our policies and how they’re designed to protect you and all of our residents. Here are the answers to some questions you may have about the lease renewal letters.

Why Do I Have to Make a Decision so Early?

Time flies quickly, especially when deadlines are involved. We send letters 80 days in advance so that residents will have plenty of time to make a fully informed decision. The decision to renew your lease is a big one that shouldn't be rushed.

All states by law require a minimum timeframe within which residents must submit notice about their intent to renew their lease. This notice period varies, but most states require 60 days. Please check your lease or contact your community's leasing team for the timeframe in your area.

What Happens if I Don't Submit Notice on Time?

If you haven’t given notice of your intent to vacate by the time your current lease term is over, we will extend it at the month-to-month rate. This is another reason to give you plenty of notice that your lease will be up: a month-to-month rate is typically significantly higher than other lease term options, and we don’t want residents incurring this kind of additional expense.

Here’s where it can get a bit confusing, but this is really important. If you are required to give 60 days notice, every day you go within that 60 day mark without letting us know in writing your intention, you effectively automatically extend your lease at the month-to-month rate. So, if you wait until day 55, your lease end date will be extended 5 more days, and those days will be billed at the higher month-to-month rate.

The First Offer is Likely the Best Offer

You have two weeks from the date of the offer to accept it. After that date, the offer may or may not change, but will not be lower. There are a couple of reasons for this. First, think about supply and demand. As we get closer to the date your lease ends, we are likely to have more potential renters interested in that apartment, and there are probably fewer apartments of your type available to rent. Second, think about how airlines sell seats. You usually get the best rate if you book early because the airlines know that revenue is locked in and they don’t have to spend money to market that seat. It is exactly the same with apartments.

What Are the Terms of My New Lease?

All the details of your new lease are included in your renewal letter. If you have any additional questions, reach out to the leasing team in your Springs community and they’ll be happy to answer them.

We know you have a lot of housing options to choose from, and we work hard to earn the spot as your unmitigated #1 choice for comfortable, convenient luxury living. Thanks for being a valued resident of a Springs community. For those of you who haven’t experienced Springs, take a look at what our residents say about us in this blog post!

 

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Topics: About Springs Apartments


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