A new management company has taken over my apartment building, and my lease is up. Should I stay where I am, or should I start looking for a new apartment?
I love my location, am cool with my apartment, and get along well with my neighbors/door staff. I rarely deal with our management company
, since all work orders and rent payments are done online, but all my interactions with them have been positive or neutral. I've lived here for nearly four years and my rent is very, very reasonable (maybe even cheap). I have a 800 square foot apartment that I pay $1,140/month for. My rent goes up to $1,215/month if I renew.
My building is was constructed in the mid-70's. It's comfortable, but not luxe. For instance, my kitchen cabinets are the standard issue mid-80's apartment cabinets. My dishwasher has seen better days cosmetically, but still works like a charm. So, some rehabbing would do the property good, but it's not necessary for my continued enjoyment of my apartment.
I got a notice under my door that our building has been sold to a new managment company, Waterton Property Management
. Waterton comes in and rehabs "B" level properties, from what I can tell from a non-exhaustive Google search (and from the letter itself - "We are excited to add River North Park to our portfolio and have exciting plans for future improvements to the property.").
My concern is that my lease is up for renewal in July. I'm not sure about the new management company, and I'm also not real keen on dealing with bunches of construction in my home. If the building is going to be extensively rehabbed in the next few months, I'd really rather avoid all that noise and dust and inconvenience and move to another building.
Then again, if I move, there's almost no way I will get the space I have for the rent I pay. I will probably have to pay more like $1,500+ to live in the way I have enjoyed in my current building. Also, if I move, I will have to hire movers, since I purchased a bunch of nice, heavy, grown-up furniture when I moved into this place.
As a note - I enjoy leasing - I am not ready to purchase property right now and I will be leasing an apartment for the foreseeable future. I really want to stay close to my office and the neighborhood I have come to love, so my rent estimates take that into account. I know I could move to Schaumburg or some other suburb and pay $1,000 for a bigger condo. Then I'd have to buy a car and deal with a long commute (even by train), which I don't want to do.
Has anyone had a similar experience? What did you do? Should I renew my lease (and enjoy my location with the understanding that I may be miserable with future construction) or should I move (and incur the expense and inconvenience of moving)?