Apartment Resigning: What would you do?

A while ago I saw online that my landlord was selling my apartment for $1295 per month instead of the $1350 that I have been paying (split with a roommate). I knew I would negotiate the cost for the next year, but I waited too long. I recently saw the price was raised to $1325. I wrote him an email explaining how I wanted the rate that was offered three months ago and he said the only option would be to get the $25 discounted rate before it goes back to normal again. Whatever. That’s fine. It is pointless to dwell on that right now.

I asked him whether a six month lease was possible. He said yes, at the same $1350 price I’ve been paying. Decision time! This means… a pro and con list! :) Of course my roommate’s thoughts will have to weigh in on this also, but here are the two options I have for housing this next year:

Option #1: Pay $1350 for six months–$660 per month split with my roommate (she has a larger room). This would cost me about $90 and potentially $180 if I resign for another six months. However, after the six months is up I would have the option to switch apartments or resign at the end of January. This could give me some flexibility to find something cheaper, but at the cost of moving–both monetary cost and emotional cost. I have a lot of stuff! This option would also give me the flexibility to change jobs or possibly move out of state, if I wanted to. (Something to think about with a long-distance boyfriend and a mom with breast cancer.) I do have contracts with both cable and internet for the next year and would have to negotiate with the companies if I choose to leave the apartment earlier.

Option #2: Pay $1325 for a 12-month lease–about $645 per month split with my roommate. I would save $180 for a whole year and have the security of knowing that I have a place to live, in an apartment and area that I love. However, if I choose to move I’d have to find a subleaser. This option would allow me to save on moving costs, contract agreements with cable/internet companies, and give me another somewhat guaranteed year at my job (assuming I do not get laid off).

I am leaning towards one of these options, but thought I’d pose the question to my trusty savers out there. If you were in this situation, would you do? Sign a one year or six month lease?

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  • that’s a tough one. if you really love the area and don’t want to risk losing the place (if rent for the other apts goes up in the next few months) then you may want to go with a one year. you also can make up that $180 in other income sources ;) $180 isn’t too too much that it can’t be made up in other places…

  • We found out first hand how expensive it is to have a place that you can’t get anyone moved into and need to move. If you are very serious about moving I would definitely go for the 6 month lease. We paid an extra 3 months rent after moving plus a fee so that the company could show the place to other possibles.