Finding the perfect rental property in Tampa can take time and effort, with high rental rates, application fees, and expensive moving costs. When you find the Tampa rental property that feels right, we highly recommend renewing your lease. We say, “It pays to renew your lease” because a Tampa lease renewal can spare you from the additional costs and stress of relocating.
What is a Lease Renewal?
When a tenant wants to stay in the house, apartment, or condo they are currently residing in, there is likely an option to renew the lease. A lease renewal happens after the initial lease term has ended, which is usually 12 months.
All parties, including the landlord, tenant, and property managers, must agree to lease renewal. If a property owner is unsatisfied with the current tenant, there is no guarantee or obligation to renew the lease. A property owner can choose to extend a lease renewal to a tenant and also has the option not to.
A lease renewal allows the tenants to stay in the home for an extended period, commonly an additional 12-month period, but it can be any agreed-upon term.
How Does A Florida Lease Renewal Work?
The lease renewal process may vary depending on the property management company or landlord dealing with the property. In general, after the initial 12-month lease period ends, a new lease renewal addendum will be written and signed. This is to ensure that the lease terms are understood and enforced by all parties.
At The Listing Real Estate Management, we take proper action to ensure the tenant is well-suited to renew the lease. We will perform a home inspection near the end of the initial lease term and before lease renewal. As real property managers, we take great responsibility to ensure the tenant has been responsible and reliable – taking care of the property and paying rent on time. Like how we screen tenants before allowing them to live in the property, we will ensure that this tenant is still keeping up their end of the deal.
Our utmost priority is to keep your property safe, take care of it as it is our own, and ensure our tenants do the same.
Lease Renewal Benefits
Renewing your lease can be highly beneficial. Not only is it convenient to stay where you are, but renewing your lease can save you a lot of money. Many costs are associated with moving out of your current property and relocating to a new one. Between hiring moving companies and fees to apply and move into a new home, the moving expenses add up quickly.
Moving Costs
First (or last) month’s rent:
When moving into a new home, whether a rental home or an apartment, paying your first (and possibly last) month’s rent before moving in is standard practice.
This can be a substantial financial burden as rental rates in Tampa are pretty expensive. If you’re renting a property that requires paying the first and last month’s rent upfront, you could potentially be paying $3,000-$4,000 or more.
When you renew your lease, you won’t have to go through the process of paying your first and last month’s rent in advance. This allows a tenant to remain financially stable and reduces the stress of gathering funds for this lump sum payment.
Security deposit:
In addition, renewing a lease agreement does not require the payment of an additional security deposit. Florida landlords typically require one and a half to two months of rent to be paid before move-in as a security deposit.
In the case of a lease renewal, the tenant has already paid a security deposit at the beginning of the lease term.
Application fees:
If you do not renew your lease, you may have to apply to multiple properties, as you may not be approved for your first choice. Generally, with each application comes an application fee. Application fees can be anywhere from $30-$75, depending on where you are applying.
When submitting multiple applications in hopes of finding a new home, these fees will add up quickly.
Packing supplies:
Packing supplies is a cost that people frequently tend to forget about. Most people living in a rental property do not have boxes or ample storage bins, bubble wrap, or packing tape lying around.
Moving supplies can cost you a couple hundred dollars depending on the size of your home and the belongings you are taking with you.
Moving company or rental truck:
Many people choose to hire a moving company or a rental truck to assist in moving their belongings from one place to another.
In Tampa, the expense of a moving company can cost up to $2,000. The exact price will vary depending on the size of your home, the amount of belongings you have, the location, and the moving distance.
Although renting a moving truck will be less expensive than a moving company, it will still cost you close to or even over $100. While renting a moving truck, you must also worry about the liabilities of damaging the truck.
Credit/background check:
A landlord or property manager may charge a credit check or background check fee during the application and tenant screening process. This fee can be around $50. If you are applying to multiple properties, this additional fee will begin to add up.
When renewing your lease, the landlord or property manager will not perform another credit or background check, so this fee would not be something to worry about.
How Much Notice Do You Need to Renew Your Lease?
When seeking a lease renewal, tenants must provide a 60-day written notice with the intention to renew the lease. This means you must submit your intent to renew at least 60 days before the lease’s end date.
For example, if your lease ends May 1st, you must provide your written notice by March 2nd.
Is a Lease Renewal Guaranteed?
Lease renewals will be subject to your specific lease agreement; a lease renewal offer letter is not always guaranteed. If you have a desire to renew your lease, it can be denied by the landlord or property manager.
Reasons for denial can be late rent payments, damage to the property, or failure to perform assigned responsibilities such as mowing the lawn. It is essential to remember that when renting a property, it is still someone else’s house. As a tenant, you are more likely to be able to renew your lease if you adhere to the lease agreement and act responsibly.
What is a Lease Renewal Fee?
Some Tampa property managers will charge a lease renewal fee. A lease renewal fee will be charged if your tenant renews the lease agreement for another year after the initial 12-month term.
The lease renewal fee covers:
- Updated/increased rental rate
- New lease agreement signing
The standard Lease Renewal fee in Tampa, Florida, is commonly 25% of one month’s rent for the lease renewal fee. However, The Listing Real Estate Management does not charge a lease renewal fee.
Tampa Property Manager Summary
As experienced property managers of over 15 years, we firmly believe that it pays to renew your lease. Many people fail to consider the amount of fees and moving expenses associated with moving and how much it really does add up.
Lease renewals also take the stress and time commitment out of moving. Searching for a new home, completing applications, paying fees, and packing up and moving can put extreme pressure and take up much of your time. Without going through this process, you will save money and won’t have to worry about taking time off work, school, or other obligations.
At The Listing Real Estate Management, your boutique property manager, we are skilled in all aspects of property management. Whether you are a tenant or a rental property owner, we want to help you have the best experience possible. Contact us today for more information and to speak with a professional property manager!
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