It doesn't matter how much you love your rental: The day your renewal notice comes in with a rent hike you never imagined, all those fuzzy feelings might just fly out the window. That said, how do you know if it's worth it to move?
From an economic standpoint, know that your next landlord will need the first and last month's rent plus a security deposit, and for some apartments, a real estate broker's fee. "I always tell people to have at least four to five months of their new rent on hand before looking for a new apartment," says Charlie Panoff, an agent at Triplemint real estate in New York City. "Rent and security is a wash because it's money that's spent either way, but moving costs and brokerage fees aren't." His handy tip? Take the monthly rent increase and multiply it by the length of the lease. If it's less than the cost of three months' rent, you're saving by staying.
Though this is a good starting point, the situation is sometimes more nuanced than that (as they usually are). We went to the experts to find out some more scenarios where it might be better to move and when you should stay put:
from Apartment Therapy | Saving the world, one room at a time https://ift.tt/2KboeTR
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