As a tenant, when your lease agreement comes to an end, it`s essential that you understand what happens next. If you’re moving out, you need to make sure you do everything according to the terms of the lease agreement. But what should you expect when your lease agreement expires? Here’s what you need to know.
1. When the lease agreement expires
When the lease agreement expires, the first thing you should know is that you should start making arrangements to move out of the property. Some lease agreements may require you to give the landlord a notice before the expiration of the lease, so make sure you check your lease agreement so that you know how much time you need to give the landlord before moving out.
2. Renewing the lease
If you have enjoyed living in the property and would like to continue doing so, you may want to consider renewing the lease. However, this is something that you will need to discuss with your landlord before the lease expires. If you haven’t already done so, it’s important to ask your landlord about the terms of the renewal lease proposal. You need to make sure that you understand the terms and conditions before signing a new lease.
3. Rent increase
When the lease agreement expires, there is a possibility that your landlord may want to increase the rent. This is something that you should be aware of, especially if you want to renew the lease. Your landlord may want to increase the rent due to market conditions but this is something that you should negotiate before signing a new lease. The amount of the rent increase will depend on different factors, but it`s common for landlords to increase the rent by a small amount every year.
4. Moving out of the property
If you decide not to renew the lease, you should prepare to move out of the property. However, before doing this, make sure you read the lease agreement and check for any requirements that you need to fulfill before moving out. You need to make sure you leave the property in good shape and in the same condition that you received it. This may include cleaning the property, fixing any damages, and returning the keys to the landlord.
In conclusion, when your lease agreement expires, it’s important to understand what happens next. Whether you decide to renew the lease, move out, or negotiate the rent increase, make sure you communicate with your landlord so that everything is clear. Understanding the terms of the lease agreement and knowing your rights as a tenant will help ensure a smooth transition.