Renewing a lease instead of moving to a new rental can add up to a down payment on a home.
Renewing a lease instead of moving to a new apartment can mean major savings for renters, according to a report released by Zillow Friday.
Those who moved in the past year paid an average of $3,946 more in 2015 on rent than renters who stayed in the same unit for the past five or more years, according to a new Zillow analysis of 2015 rent data from the U.S. Census American Community Survey (the most recent data available).
While rents increased across the country, market rate rents – those that are advertised for new renters – increased more than rents did for tenants who renewed leases. The annual market rate increase in rent from 2014 to 2015 was 5.6%, compared to a 3.6% increase for renewed leases.