Renting an apartment means that you don’t have to worry about the expenses that come with owning, like property taxes, maintenance costs, or a mortgage. In many rental properties, however, there is a large possibility that as your lease renewal approaches, your rent may rise. So if you face this where you are now, here’s how to handle rent increases at your Edison, NJ, apartment.

Figure out the financial burden the increase will have

Each apartment is different when it comes to how much your rent will increase with each year. It’s general for this range to be anywhere from 2-4%, but it’s a great idea to confirm this with your landlord. Once you find this out and do some calculation to find out what your new rent will look like, you’ll have a better idea as to how much more money this will cost you each month.

Calculate your moving-in expenses

Not counting the cost of moving (hiring movers or renting a truck), think about all the small fees you had to pay prior to moving in. You may have had to pay an application fee, and chances are you had to submit a security deposit as well as the first month’s rent. To set up your utilities, there was also probably an installation fee. Once you’ve calculated all of this, you may realize that it may not be worth it to do this process all over again by relocating, or you may realize that it is indeed worth it because maybe you found a cheaper apartment or you found a place closer to other destinations in town.

Think about your level of happiness

Ultimately, your apartment should be a place of comfort, the place where you feel safe, at ease, and at rest. If your current place does not provide you with these sensations, then perhaps this is the perfect time to explore other opportunities. But if you love your current spot, then the rent increase won’t seem so hefty.

Learning how to handle rent increases at your Edison NJ apartment really comes down to budget. You should assume that your rent will go up each year and plan for it. If you find yourself in a new situation, or your place no longer brings you joy, it may be the perfect time to move on.