If you’re looking for a student apartment in Columbus, you’ll be faced with the choice between renewing your existing lease or signing at a new property.
As an OSU student myself, I’ve been in the same situation, and I can relate to the challenges of finding the right student apartment.
With new properties opening nearly every year, each offering modern amenities, determining which apartment aligns with your lifestyle can be challenging.
Read Next: 9 Additional Costs to Consider When Looking for Apartments in Columbus, Ohio
At Rambler, our leasing experts have guided students through the leasing process, and we’ve received numerous questions about the choice between transitioning to a new property vs. renewing your current lease.
To help you understand your options, we wrote this article comparing the decision to relocate to a new property or renew your lease, helping you to determine what best suits your needs.
Moving to a New Property in Columbus
Pro: Newer Amenities
The Columbus student housing market is competitive, and growing quickly. In response to the increasing demand, apartment developments compete by introducing unique, state-of-the-art amenities.
These amenities vary from facilities like a fitness center, pool, basketball court, to a golf simulator or pet spa. When considering an apartment, you can explore features such as floor-to-ceiling windows, walk-in closets, and contemporary finishes.
If you prioritize amenities and desire more than just the essentials, a recently developed property might be the ideal choice for you.
Read Next: 7 Best Student Apartments in Columbus, Ohio near OSU
Con: Moving Costs and Time
One of the most exhausting aspects of securing a new apartment is the moving process.
While a few properties provide moving assistance, most do not. The process of moving requires a substantial amount of time and effort, often an entire day, even if you hire professional movers.
Pro: Upgrade
Choosing to live in a newly constructed development in Columbus grants you the privilege of belonging to the first group of residents in that building.
You get to be the first person to sleep in your bedroom and take a shower in your bathroom. 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.
Read Next: 5 Benefits of Living in a New Student Apartment in Columbus, Ohio
Con: Pricing
Living in a newly built apartment offers premium amenities and a sense of novelty, but these advantages typically come at a higher price point. The cost of living near at OSU ranges from around $400 to $2,000, contingent on many factors.
Read Next: Student vs. Traditional Apartments at OSU: Which is Right for Me?
New, upscale student housing developments in Columbus usually position themselves towards the upper-middle segment of this pricing range. In contrast, if your current residence is within an older complex, your renewal rate is inclined to fall towards the lower end of the price spectrum. When it comes to renewing your current apartment lease, the cost can fluctuate across the spectrum.
It’s important to evaluate which option aligns best with your budget while delivering the most value for your investment.
Pro: New Roommates and Community
A recently constructed apartment doesn’t just offer state-of-the-art amenities but also offers a chance to become a part of a brand new student community.
As the first residents of the apartment complex, you and your fellow tenants have the opportunity to establish the community’s atmosphere.
If you intend to live with new roommates or adjust the number of roommates you share the space with, you’ll probably need to relocate to a unit that suits this living arrangement. If this is the case for you, you might consider a shift to a different apartment, because you will have to move units anyway.
Renewing Your Lease in Columbus
Pro: Comfort
Deciding to extend your lease allows you to maintain a familiar and cozy living environment. Continuing in your existing space offers comfort and predictability, given your prior experience of living in that apartment. You will most likely have a solid grasp of the amenities, community dynamics, and the property’s staff.
Con: Same Environment
When you renew your lease, you make the decision to prolong your stay in the same surroundings for another year. While familiar staff and amenities can bring a sense of comfort, you may want a change of scenery. Plus, if your apartment complex hasn’t been recently constructed, it could potentially lack some of the contemporary amenities and modern finishes found in newer developments.
Pro: No Moving Fees
One of the prime benefits of lease renewal is the ability to keep all your belongings in one location. Remaining in your current apartment eliminates the need to allocate time and resources for moving.
Given that Columbus student apartment leases typically run from mid-August through the end of July, there could be a gap of a week or so between leases, which can pose an inconvenience for students staying on campus over the summer. Many students opt for storage units to store their belongings while they are away.
When you renew your lease, you usually have the option to stay in your apartment during these transitional weeks. Make sure to check with your apartment management about their renewal policy to ensure you’re permitted to remain in your apartment during the period between move-out and move-in.
Read Next: How to Sign an Apartment Lease: Step-by-Step Guide for OSU Students
Con: Potential Rent Increase
Most student housing apartments adjust their rental rates to align with the escalating costs in the housing market. Therefore, electing to stay in the same apartment might entail a slightly higher expense compared to the previous year. If you’re considering lease renewal, it’s essential to inquire with your leasing team about the pricing structure for the upcoming year.
Pro: Keep the Same Roommates
Your choice of roommates can significantly influence your college experience, particularly during the first few years. Many OSU students opt to live with their friends, with the expectation of maintaining the same roommates for multiple years. If you wish to keep your existing group of roommates, renewing your lease may provide a more convenient option since it ensures continuity in your living arrangements with the same individuals.
Moving vs. Renewing: Things to Consider
At the end of the day, you’ll want to ask yourself:
- Am I content where I currently live?
- Do I feel safe at my property?
- Is my management dependable?
- Is my rent too high, or could I find something better elsewhere?
- Is it worth it to relocate?
- Does this apartment still feel like home?
If your apartment is continuing to fulfill your requirements and you genuinely want to stay, renewing your lease could be the right choice. Also, if you’re growing tired of your current living situation and want upgraded amenities and features, the idea of moving to a brand new apartment may provide you with benefits you did not think of.
We trust that this article has provided you with valuable insights into the pros and cons of transitioning to a new student property in Columbus versus renewing your lease.
Deciding whether to move or renew your lease is a major decision. To start exploring your options and find the perfect fit for your next year at OSU, read more about what we consider to be 7 Best Student Apartments in Columbus, Ohio Near OSU to begin your search for your next lease.
If you have any questions about OSU student living or want more information about Rambler, please feel free to reach out to our leasing team, who are happy to help in your search for housing.
