A useful guide to help you decide between renewing your flat lease or moving out
A useful guide to help you decide between renewing your flat lease or moving out When your lease is coming to an end on your flat, you start to wonder if you should renew the lease or start searching for another flat elsewhere. It’s normal to face this dilemma because life is...
When your lease is coming to an end on your flat, you start to wonder if you should renew the lease or start searching for another flat elsewhere. It’s normal to face this dilemma because life is constantly changing, and so do your circumstances, wants and needs.
Maybe you’ve experienced a pay cut or lost a job and need to downgrade, or maybe you’ve bagged a new job and need to upgrade. It could also be that you’re looking to move in with your partner, have a baby on the way or simply need a bigger space with better security, and closer to important amenities. Whatever the case may be, it’s only natural to want more for yourself. If you’re unsure about whether to move out or renew your lease, keep reading below as we’ve compiled a useful guide to help you make this big life decision.
What you should know about rental lease renewals
In your existing rental lease, there should be a renewal clause which explains the terms and conditions applicable to you as a tenant at your current rental flat. However, if there isn’t a renewal clause, you’ll need to know what lease renewal rights for tenants are.
For example, can your landlord force you to sign a new lease? How much time do you have to think about your decision about staying or leaving? Can you negotiate new terms and conditions should you decide to renew your lease? When should you renew a lease? Will there be a lease renewal increase? These are questions you’ll need to investigate.
According to the Consumer Protection Act 68 of 2008 (CPA) under section 14, “if a consumer agreement is for a fixed term of not more than 80 nor less than 40 business days before the expiry date of the fixed term of the consumer agreement, the supplier must notify the consumer in writing or any other recordable form of the impending expiry date.
The act further explains that on the expiry of the fixed term of the consumer agreement, the contract will be automatically continued on a month-to-month basis, unless the consumer directs the supplier to terminate the agreement on the expiry date or agrees to a renewal of the agreement for a further fixed term.
In a nutshell, your landlord can’t force you to sign a new lease renewal agreement unless you’ve already decided that you wish to renew it.
Questions to ask yourself before making a decision
To determine the best option for you, you need to weigh up the pros and cons. To do that, you have to ask questions about your rental situation such as; does your apartment fit your needs and lifestyle? Does it fit your financial circumstances? Is it safe? Are you happy with your landlord? Based on your experience, would you say it’s easy to resolve disputes with your landlord? Are you happy with your neighbourhood? Can you afford to move out? Do you have a place to move to?
All of these questions can play a huge role in your decision, and if you can comfortably answer yes to most of these questions, it may indicate that you are happy where you are.
However, if you’re still unsure, start doing your research on what’s available out there to see if there’s anything that might match what you’re looking for. Reach out to any housing agency that may have available housing in Jozi. Use our guide on the questions to ask yourself as you search for a flat to rent.
The decision on renewing a lease on a flat or moving out depends on a number of factors. The most important thing to do is the necessary research to weigh and come to the best possible decision that you will be happy with. It’s good to look at all of your options.
From accommodation in Newtown to Heritage View and Cosmo City, make sure to check out the Johannesburg Housing Company flats to rent and reach out to us to ask anything about our rental agreements. You will definitely find that, as a leading property company in Johannesburg, we can advise you on a rental home for your needs.