If you’re a downtown Phoenix resident, you may be deciding if you’re going to renew your current lease or move to a new apartment. With new properties opening every year, boasting new, state-of-the-art amenities, it can be difficult to decide which apartment best fits your needs and lifestyle.
At Moontower, our leasing team has helped hundreds of people sign leases, and we understand how challenging it can be to decide on the right place for you.
To help you understand your options, we will be comparing moving to a new apartment vs. renewing your lease near downtown Phoenix to help you decide which is right for you.
Moving to a New Apartment in Downtown Phoenix
Pro: Newer Amenities
The housing market in Phoenix is growing rapidly. Therefore, new housing developments offer increasingly new and unique amenities in an effort to beat out their competitors.
These amenities range greatly in size and scope, from a fitness center or a rooftop pool to a putting green or dry clean service. In your apartment, you can look for features like floor-to-ceiling windows and modern finishes.
If you value new amenities and would enjoy having more than just the basics, a new development may be right for you.
Con: Moving Fees and Time
Many people agree that the most draining aspect of getting a new apartment is the moving process.
While some new properties offer moving services, many do not. Plus, even if moving fees are not an issue, there is still the matter of time and energy spent moving. It can be very tiring and is often a full day commitment, regardless of whether or not you hire movers.
If you choose to move to a new development in downtown Phoenix, you get to be a part of the first group to live in that apartment complex.
You get to be the first person to take a shower in your bathroom and sleep in your bedroom. The entire building is brand new, so you are one of the first people to use the community amenities. Your new apartment will offer a sense of novelty, as you are the first person to call the space home.
While a new development may offer newer amenities and novelty, these things often come at a higher price point. The typical cost of housing near downtown Phoenix tends to range from approximately $1,200 to over $5,000, depending on a variety of factors.
If you live in a recently constructed property in downtown Phoenix, your renewal rate will likely be similar to what you would pay in a new construction. On the other hand, if you live in an older apartment complex, your renewal rate may fall on the lower end of the spectrum. It is important to consider which option better fits into your budget while offering the best value for the cost.
Pro: Less Crowded
Since you get to be a part of the first group to live in your apartment complex, the building will most likely not be full if you move in within the first year of opening. You can take advantage of all the amenities the building has to offer without feeling crowded. You could potentially have the whole rooftop pool or gym to yourself!
Renewing Your Lease in Downtown Phoenix
When you choose to renew your lease, it allows you to stay in an environment you know is comfortable. You likely have a good understanding of your property’s amenity offerings, community and staff. There will be few surprises, so you will know exactly what you’re getting into.
Con: Same Environment
By renewing your lease, you choose to remain in the same environment. Though having the same staff and amenity offerings can provide a sense of comfort, this comes with a lack of novelty. Depending on when your apartment complex was built, your amenity offerings may not be as modern or efficient as newer developments.
Pro: No Moving Fees
Arguably one of the best perks of renewing your lease is the ability to leave all of your things in your apartment. Since you are able to remain in your apartment, there is no money or time spent on moving out.
Con: Potential Rent Increase
Most apartments will raise rent prices to keep up with the increasing costs in the market. For this reason, choosing to remain in the same apartment complex may cost a bit more than it did for the previous lease term. If you are interested in renewing your lease, be sure to ask your leasing staff about potential rent increases.
Moving vs. Renewing: Things to Consider
At the end of the day, you’ll want to ask yourself:
- Do I like my property’s management? Are they responsive and trustworthy?
- Does my property feel safe?
- Do I need (or no longer need) access to parking?
- Does the rental rate work for my budget?
- Can I afford something better?
- Is leaving worth the hassle of moving?
- Does this apartment still fit my needs?
If your apartment still meets your needs, and you value staying in the same place, you may want to consider renewing your lease. However, if you value newer amenities and novelty, you may want to consider moving to a new development in downtown Phoenix.
While both housing options have their selling points, we hope this article helped you better understand the pros and cons of moving to a new property in downtown Phoenix vs. renewing your lease.
Read Next: Ultimate Guide to Living in Downtown Phoenix
If you have any questions about downtown Phoenix living or want to learn more about Moontower, contact our leasing staff, who are more than happy to answer any questions you may have during your housing search.