Often, apartment complexes based in populated college towns begin offering lease renewals to their current residents very early in the academic year. At first glance, this may be rather jarring. In the early Fall, many students are just beginning to get to know their roommates and settle into their apartments. Freshmen or transfer students may even still be adjusting to the fast pace and vigor of college life. Under these circumstances, renewal offers can catch residents by surprise!
Regardless, is it a good idea to renew your lease as soon as you reasonably can. Renewing early not only reserves your unit for the next term but also locks in the best possible rates and gives you the chance to cash in on special deals that are only available to early re-signers.
The following guide outlines the pros and cons of renewing your lease throughout the year. Depending on your personal finances, circumstances, and preferences, the best time to renew your lease can vary. Continue reading to learn more about the three main renewal seasons offered by most college rentals in the state of Florida.
Perhaps this is already your second year living in your rental house or apartment, and you are fully content with your living arrangements. Are you getting along great with your roommates? Is your rental perfectly situated between class and work? Are you getting enough use out of your amenities? Fall is the best time to renew your lease if you feel secure in your surroundings, finances, and plans for the following year. At this time, renewal rates will be at their lowest, giving you the best possible rates for the next lease term. Even more enticing, many complexes offer special deals, such as rent discounts, raffle entries, or giveaways for tenants who re-sign early that you won’t want to miss out on.
At Contemporary Management Concepts, we value our tenants. Like most Gainesville property management companies, we offer the lowest rates on our college student apartments for rent in the fall, when current residents are most likely to take advantage of these deals. We encourage our residents to renew early to lock in their spot for the upcoming year, saving them the hassle of yet another in-depth apartment search, moving process, and legal headache. To take advantage of these limited-time offers, reach out to one of our leasing offices today!
If you are still settling into the chaotic college lifestyle when renewals are first offered in the fall, early winter may be a better time for you to renew your lease. Additionally, if you are satisfied with the location, condition, and amenities offered by your unit, but aren’t sure about the compatibility of your current roommates or your future financial stability, it is not a bad idea to wait to renew your lease until your plans for the following year are solidified. Most apartment complexes will not start advertising occupied units for lease until later in the year, giving current tenants ample time to decide whether or not they want to stay in their current apartment. Take this time to evaluate the benefits of alternative living arrangements and decide whether or not moving is worth the inconvenience, hassle, and monetary cost it would bring the following year.
If you want to stay in your complex but would like to switch floor plans or roommates, you can even request a renewal transfer to lock in those renewal rates while still being able to move between units or floor plans of an individual property. Our apartment rental properties pride themselves on being flexible to the individual needs of each of our residents and will be happy to make arrangements should you decide to renew your lease in the wintertime.
Unless absolutely necessary, residents who want to remain in their current apartment the following year should avoid renewing their lease in the spring and summer. Spring is when most colleges release admissions decisions, which causes a sharp increase in the demand for housing in college towns. Rates will rise in response to this increased demand, and complexes will begin to fill much more quickly, increasing the risk of your current unit being assigned to a new tenant. In this case, you may be forced to move into a different apartment or floor plan altogether, at a higher cost than if you re-signed your lease earlier in the year.
Contemporary Management Concepts offers a variety of apartments and houses for rent near major colleges, universities, and business hubs across Florida. Whether you’re a current or prospective resident of our luxury apartments in Gainesville, Orlando, Jacksonville, Tampa, Lakeland, Alachua, or Winter Park, our management team is happy to answer any questions you may have about our properties, locations, lease renewals, or contracts. To learn more about our rental properties and the benefits of renewing your lease early, contact our leasing office today!