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Renew or Buy? The Lease Dilemma Facing Boston Renters Right Now
By James Riel, Principal Broker-Owner, JR Associates
As June 1st approaches, landlords across Greater Boston are gearing up to send out renewal notices—and if you're a renter, you're probably staring down one of the biggest questions of the year:
Do I renew my lease… or is it finally time to buy a home?
This is the crossroads many renters hit every spring, especially in a high-stakes market like Boston where September 1st is king for move-in dates. The decision isn’t always straightforward, but let’s break down a few key things to consider.
Renting vs. Buying: The Basics
There are well-worn pros and cons to both sides, but the landscape is constantly shifting. For example, while mortgage rates aren’t at the historic lows we saw in 2020–2021, many buyers are opting for 5- or 7-year adjustable-rate mortgages (ARMs), which—credit depending—are landing in the high 5% range. That’s a lot more manageable than the fixed 30-year rates making headlines.
And don’t forget: you can always refinance if and when rates drop.
On the flip side, if you’re not quite ready to settle down, or you value flexibility, renewing your lease for another year might feel like the safer play.
What If You Buy After Renewing?
We hear this all the time: “I just signed my lease and now I found the house.”
Don’t panic—it’s not the end of the world. If you’re serious about buying and you end up breaking your lease, most landlords in Massachusetts will require that the unit is re-rented at the same rent or higher. Until then, you’re contractually responsible—but you’re not trapped forever.
At JR Associates, we work with clients in this situation constantly. The key is communicating with your landlord, having a plan to backfill your lease, and getting sound advice early in the process.
What If You Don’t Renew and Don’t Find a Home?
This is the other side of the coin. Maybe you decline to renew, thinking you'll have a home purchase lined up by August. But what if inventory is tight? What if your offers aren’t accepted? Suddenly, your apartment is gone—and you’re effectively homeless come September 1st.
That’s not a position anyone wants to be in. The real estate market is unpredictable, and while timing it perfectly is near impossible, being proactive is entirely within your control.
The Bottom Line: Start the Conversation Now
Whether you're leaning toward renewing your lease or making the leap into homeownership, the smartest move you can make right now is talking to a real estate advisor. Understanding your numbers, your timeline, your flexibility, and your goals will help you make the right move—not just for today, but for the long term.
At JR Associates, we help renters explore their buying power, prepare for what’s ahead, and make smart decisions no matter what path they choose.
You can’t time the market—but you can be ready for it.
Let’s talk. If you're on the fence about renewing your lease, reach out today and let's put a strategy in place. Additionally, here is a link to our exclusive JR Associates Buyer's Guide.
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