How should a renter compare a renewal offer with moving to another apartment?

Quick answer

Compare the renewal percentage, current same-property market rent, new-resident specials, and the effective annual cost of competing apartments. Grant’s rough guide is that under $1,000 per year of savings usually is not enough to move solely for money; $1,000–$2,000 is a judgment call; and $2,000 or more makes moving worth serious consideration if the alternative apartment is also a good fit. Include realistic moving cost, but do not let small utility-transfer inconveniences outweigh thousands of dollars in annual savings.

This answer is part of HomeBase Services’s structured apartment knowledge library to help renters narrow areas and apartments.