To move or not to move? That’s the big question every renter faces at some point. For many, the answer is simple: DON’T MOVE. RENEW!
Renewing your lease is often the better option for your wallet, schedule, and sanity. Even if your rent increases slightly, the benefits of staying put far outweigh the moving costs. Let’s break it down.
1. Cost Savings: Moving Is Expensive
The expenses associated with moving can quickly add up, and they’re often underestimated. Here’s a breakdown:
- Moving Truck Rental: Renting a truck for a local move can cost about $100–$150, once you factor in taxes and fees.
- Gas Costs: Trucks guzzle gas, and with today’s prices, a local move could add another $100 or more to your bill.
- Long-Distance Moves: If you're moving cross-country, you’re looking at $3,000–$5,000 for professional movers. And that’s assuming no delays or surprise fees.
- Packing Supplies: Moving boxes cost about $3 each. Need 20 boxes? That’s $60. Add in tape, bubble wrap, and other supplies; you’re closer to $100.
- Bribing Friends: Whether it’s pizza, beer, or coffee, you must budget for your helpers.
And that’s just the beginning. Once you arrive at your new place, you’ll have to replenish household items you didn’t pack, like cleaning supplies, toiletries, and pantry staples—easily adding another $100–$200 to your total.
2. Time Is Money
Moving doesn’t just drain your bank account; it also eats up your time. Here’s what to expect:
- Apartment Hunting: Touring properties and filling out applications can take weeks.
- Packing and Planning: Packing your belongings, scheduling movers, and coordinating logistics can take days, if not longer.
- The Move Itself: From loading the truck to unpacking at your new place, the process can consume an entire weekend—or more.
Renewing your lease eliminates all of this. Instead of stressing over logistics, you can use your time to enjoy your current home or plan for your next vacation.
3. Avoid Hidden Costs
Moving to a new apartment often comes with fees you may not anticipate:
- Security Deposits: Most apartments require a deposit, even if you have a great rental history.
- Pet Deposits and Fees: If you have pets, expect to pay an additional $200–$500 or more.
- Utility Transfers: Some utility companies charge transfer or setup fees for new accounts.
- New Rent Rates: While your current rent may increase slightly, new apartments often come with higher base rates and additional fees.
By renewing your lease, you sidestep these extra costs and stick with a financial arrangement you already understand.
4. Comfort and Familiarity
Let’s face it: moving disrupts your routine. Staying in your current apartment means you:
- Keep Your Favorite Spots: From your local coffee shop to the gym, nothing changes.
- Maintain Your Commute: No need to adjust to a new route to work or school.
- Stay Comfortable: You’ve already decorated and settled in. Your current apartment feels like home.
5. Flexibility for the Future
If you're considering a move because of lifestyle changes or future plans, renewing your lease for another year can buy you time to make a more informed decision. This way, you avoid rushing into a move you might regret.
Final Thoughts
When you crunch the numbers, weigh the time commitment, and consider the emotional toll, renewing your lease becomes the obvious choice for most renters. By staying in your current apartment, you save money, energy, and stress—and you can focus on enjoying the space you’ve already made your own.
Instead of spending thousands on a move, why not treat yourself to something fun for your current apartment? A new TV, a stylish sofa, or even a staycation—all for a fraction of the cost of moving.
So, don’t move. Renew. Your wallet—and your future self—will thank you!
