The Real Price of Moving vs. the Value of Renewing
When faced with the decision to renew a lease or move to a new rental, many tenants instinctively consider moving as a way to save money. While the idea of finding a property with slightly lower rent might sound appealing, the financial and logistical realities often paint a different picture. Moving involves a wide range of costs, both monetary and personal, that quickly add up, leaving tenants wondering if the move was worth the effort.
Let’s break down the true costs of moving within Washington County, Utah, and compare them to the benefits of staying in your current rental, even with a moderate rent increase.
The Financial Costs of Moving
Moving is far from free, and even a short-distance move comes with a significant price tag. When evaluating the costs of relocating, consider the following expenses:
1. Moving Truck or Professional Movers
Renting a moving truck for a day in the St. George area can range between $50 and $100, depending on the size of the truck plus mileage. Hiring professional movers to load, transport, and unload belongings adds another layer of expense, often exceeding $500 for a local move, according to a local moving company for an average-sized home under 2,000 square feet.
2. Time Off Work
Moving takes time, and for many, it means stepping away from work to pack, coordinate logistics, and settle into a new property. Missing one or two 8-hour shifts due to the demands of moving would result in lost income. This financial loss remains the same, even if PTO or sick time is used, as the income allocated to those hours is still lost. Beyond the monetary impact, taking time off work can also disrupt routines and add stress to an already challenging process, making the cost of moving more substantial than it might initially seem.
3. Utility Transfers and Deposits
Setting up utilities in a new rental typically involves activation fees or deposits. These costs can range between $100 and $300, depending on the services needed, individual municipality requirements, and your payment history. This is in addition to the hassle of coordinating utility disconnections at the current property and reconnections at the new one.
4. Cleaning and Security Deposits
To receive the security deposit back on the current rental, the property must be cleaned thoroughly and be free from any damage. Many tenants hire professional cleaners, which can cost around $150 or more, depending on the size of the unit. Additionally, tenants will be required to pay a new security deposit at their next rental, which can tie up funds for 30 days after move-out.
5. Application & Background Check Fees
When moving to a new rental, application and background check fees quickly add to the overall expense. In Washington County, application fees typically range between $40 and $65 per applicant over the age of 18. For households with multiple adults, these costs multiply, and all fees are non-refundable, regardless of the outcome.
Beyond these direct costs, there’s also the time and effort spent searching for properties, scheduling showings, and submitting applications. This process can lead to additional expenses, such as transportation costs or lost time that could be dedicated to work or other priorities.
6. Unforeseen Expenses
Moving inevitably comes with unexpected costs, such as replacing damaged items, purchasing packing supplies, or making additional trips to the new property. These seemingly small expenses can easily add up to hundreds of dollars.
The Hidden Costs of Moving
Beyond the immediate financial impact, moving comes with intangible costs that can affect your quality of life:
1. Emotional and Physical Stress
Packing up a home, coordinating logistics, and adjusting to a new environment takes a toll. The process can be overwhelming, especially for families with children or pets.
2. Loss of Community
Moving often means leaving behind neighbors, local businesses, and other familiar aspects of your daily routine. Rebuilding these connections in a new location takes time and effort. Moving disrupts daily life. From delayed deliveries to navigating an unfamiliar commute, it can take weeks, sometimes months, to fully settle into a new property.
Renewing Your Lease: A Cost-Effective Alternative
While moving presents significant costs, renewing your lease comes with far fewer financial and personal challenges. A moderate rent increase often pales in comparison to the expenses and stress associated with relocating. Here are some reasons why staying put might be the smarter choice:
1. Lower Immediate Costs
Renewing a lease eliminates the need for moving trucks, professional cleaners, or utility transfers. The upfront cost of renewing a lease typically involves only the new rental rate and a renewal fee of $99, saving hundreds (or even thousands) of dollars.
2. Stability and Familiarity
Remaining in your current rental allows you to maintain your routines and relationships. This stability is especially valuable for families, as it minimizes disruption to work schedules, school commutes, and social connections.
Additionally, a positive rental history demonstrates reliability and responsibility to future landlords or property managers, making it easier to secure approval for future housing opportunities.
3. Time Savings
Renewing a lease is a straightforward process that the Red Rock Property Management team can easily assist you with. It takes far less time than it would to move homes. Instead of packing boxes and coordinating logistics, you can focus on enhancing your living space and enjoying your home.
4. Long-Term Financial Benefits
While a rent increase might feel like an added expense, the cost difference is often much smaller than anticipated. For example, a $50 monthly increase totals $600 annually—less than the combined costs of moving services, deposits, and other relocation expenses.
The Value of Working with Red Rock Property Management
At Red Rock Property Management, we strive to create a rental experience that encourages long-term satisfaction. By offering clear communication, timely maintenance, and supportive services, we aim to make your current rental a place you’re happy to call home. Our team is here to address questions about lease renewals, discuss any concerns, and help tenants make informed decisions about their housing.
Focus on What Matters Most
When considering the decision to move or renew a lease, it’s important to weigh the true costs—not just financially, but also in terms of time, energy, and overall well-being. For most tenants, the benefits of staying in a familiar, well-maintained rental far outweigh the effort and expense of relocating.
Renewing your lease provides stability, continuity, and peace of mind, allowing you to focus on what matters most: enjoying your home and the community around you. At Red Rock Property Management, we’re here to support you every step of the way. Let’s make this year one of comfort and satisfaction in the place you already love.
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