Memphis Apartments

You have lived in your Memphis apartment for eleven months. Your landlord gives you a new lease to sign. The new lease is for another twelve months. You have to decide whether you are going to renew your lease or rent on a month-to-month basis.

There are several things to consider when deciding whether or not to renew your lease. The first thing you have to decide is if you want to stay in your Memphis apartment for another year. If you are not sure, you might want to rent on a month-to-month basis. Be aware of the potential risks of renting on a monthly basis.

Most Memphis apartment renters think that monthly renting is in their best interest. Keep in mind there are benefits to your landlord as well. If you rent on a monthly basis, you only need to give the landlord a 30-day notice informing him of your intent to move. However, your landlord has the same right. If he no longer wants you as a tenant, all he needs to do is give you a 30-day notice to vacate. He does not have to give a reason for the notice.

If you decide to renew your lease, you do not have the flexibility of giving notice and moving out of your Memphis apartment. Your lease obligates you financially to the landlord. If you decide two months into your renewed lease to move, there are ten months remaining on your lease for which you are responsible.

Your landlord may allow you to move, but it is unlikely he will allow you to break your lease. If a landlord allows you to break your lease, this means that he releases you of further payments on your lease. In reality, your landlord will hold you to your financial commitment.
Let’s use a calendar year to demonstrate this. You renew your lease in January. In February you decide to move out. If your monthly rent is $500, you still owe the landlord $5,000 for the remainder of the year. Your landlord can demand the full $5,000 as you agreed to pay in your lease. If the landlord is able to rent your Memphis apartment out in June, he may only make you pay $1,500 for the months of March through May.

Your prior rental history with the landlord in no way impacts your lease renewal. Your landlord does not have to be kind and let you out of your lease just because you have always paid your rent on time. Your landlord runs a business. He is not in the business of letting tenants out of leases.

Your landlord also has to be careful establishing precedent. He has to treat everyone the same. He can’t let you out of your financial obligations and not the next tenant who wants to break his lease.

Before you sign your lease renewal, check and see if the landlord increased the rent. The landlord should discuss this with you in advance, but he may not. The renewal is likely to include a rent increase. Make sure the increase is reasonable. The state in which you reside may have laws that limit the amount of rent increases. It is your responsibility to know your rights as a tenant.

You should also check to see if any housing related responsibilities have been transferred to you. Specifically, see if the new lease requires you to assume utility costs the landlord paid under the previous lease. If you do not want to assume those responsibilities, do not sign the lease. If you are now responsible for utilities and do not mind, ask the landlord for copies of bills so you know what to expect.

Renewing your lease involves more than just signing a piece of paper. Your lease is a contract between you and your landlord. It is a financial commitment on your part. Carefully read the new lease and know what you are signing and committing to for the next twelve months.

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