Your original Security Deposit and Last Month's Rent payments will both carry over to next year.

IMPORTANT:

Your Last Month's Rent prepayment (made at the beginning of the lease) will transfer over to your new actual last month.

This means that you'll need to manually pay rent for the "last month" of your ORIGINAL term.

• (unless you're on autopay, in which case, let it pay that original "last" month, then log in and update the autopay to the new rent amount - if different from the original term.)

Then, your ACTUAL final month of residency will be credited by your prepayment.

*If the rent is going up after the original term, you will need to manually pay the difference for your new (actual) last month*

• Example (Lease starting June 2024, renewed through May 2026):

  • Rent in 2024-25 was $750/bed.

  • Rent in 2025-26 is now $770/bed.

  • On May 1st 2025 (original last month), pay $750 like all the previous months.

  • On May 1st 2026 (new last month), pay $20.

Your security deposit will remain the same amount, even if the rent increases for the new year. No need to pay that again. It'll be mailed back after the end of your actual residency here.

More info on deposits / prepayments here.

TL;DR: Often, but not much. We are a small family business, not a large corporate landlord. We need to keep up with yearly inflation to stay in business and keep the property well-maintained.

Firstly, we greatly appreciate your renewal, so renewing tenants are always offered a lower rate than new tenants!

If there's any increase, it's typically around 5% or less (unless you're currently receiving a discount).

Your renewal e-lease will contain the new price. Please make note of this before signing.

-Why?-

When renewing a lease, a slight rent increase in rent is often necessary to keep up with rising costs. Inflation typically drives up expenses faster than the rent increase.

• For example, in 2024 alone, property insurance and building supplies went up 10% or more. The rent increase is likely closer to 5%.

Each year, property managers face higher costs for insurance, energy, maintenance, taxes, and other expenses, all of which contribute to the need for a modest rent adjustment to ensure the property remains well-maintained and financially viable, while saving for big expenses such as roofing, renovations, and elevators.

If such a rent increase is all that stands in the way of you signing a renewal, please let us know. We'll see if we can offer any further reductions.

Nope!

You're welcome to stay in your unit as if it were any other day.

Your new e-lease may start on the day after your current lease expires, making it seem as though there's a 24-hr gap. This is just a feature of our e-leasing software, to prevent overlapping dates.

There is NO NEED to vacate on the last day of the lease...

• Unless any current tenants are moving out, to be replaced by someone else.

  • In this case, the outgoing and incoming tenants should work out their move-out/in dates and key swap privately (not through MGMT unless there's no other way).

  • All remaining tenants are OK to stay the whole time.