How Much Does It Cost to Extend a Lease?

Extending your lease can be a great way to stay in your home or apartment for longer, but it’s important to factor in the costs involved. Here’s a comprehensive guide to the expenses you can expect to pay:

Negotiation Fees

Broker fees: If you’re using a real estate broker to negotiate your lease extension, you can expect to pay a fee of 5-10% of the first year’s rent.
Attorney fees: If you’re hiring an attorney to review or draft your lease extension, you can expect to pay an hourly rate of $150-$300.

Move-In Expenses

Security deposit: Most landlords will require a security deposit equal to one or two months’ rent.
First month’s rent: You will typically need to pay the first month’s rent in advance.
Last month’s rent: Some landlords may require you to pay the last month’s rent in advance.
Pet fees: If you have pets, you may be required to pay a pet fee.
Cleaning fees: You may be responsible for cleaning the property before you move in.

Other Costs

Rent increase: Your landlord may increase your rent as part of the lease extension agreement.
Utilities: You will be responsible for paying for utilities such as electricity, gas, and water.
Parking: If you need to park a car at the property, you may be required to pay a parking fee.
Amenities: If the property has amenities such as a pool or gym, you may be required to pay a fee to use them.

Negotiating a Lease Extension

The cost of extending a lease can vary depending on a number of factors, including the following:

The length of the lease extension
The location of the property
The current market conditions
Your landlord’s willingness to negotiate

It’s important to negotiate a lease extension that is fair to both you and your landlord. Be sure to consider all of the costs involved before making a decision.

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