Let’s start out by stating, if you don’t have to break your lease, then definitely don’t. It can save you time and money in many cases, however, life happens. Things sneak up on us and the future is shady at best. So if you are looking into breaking your lease, there are a few things you may want to consider before making the decision.
U.S. News: Money has a few suggestions to consider when you are thinking about breaking your lease. It will help to make sure you are protected and not penalized more than is necessary.
- Read Your Lease – It seems simple, but it is super important. Most leases have an opt-out clause that lays out exactly what you will be responsible for. It will tell you what is required, step by step, for ending the lease early.
- Talk to Your Property Manager – Let your property manager know as soon as possible. Obviously, the better your relationship, the smoother the transaction will go. It always pays off to be nice! Giving them as much notice as possible allows them the proper planning for filling your vacancy.
- Find a New Tenant – In some states, both you and your property manager are required to try to find a new tenant if you break your lease. This is set up so that you can’t be sued for back rent in the event that the apartment is left empty. If a new tenant isn’t found, you may be required to pay for the days the unit stays empty. So, basically, find a new tenant ASAP!
The awesome folks at Apartment Therapy have a few tips, as well, for breaking your lease early.
- Know the Renters Rights in Your City – Are you responsible for finding a new tenant? What legal responsibilities fall on you before terminating the lease?
- Consider a Subletter – If the remainder of the lease is a short period of time, this may be your best bet. Remember, you will be taking on a little more personal risk, and it’s important that you ask your property manager first.
- Be Flexible, Proactive, and Willing to Take Responsibility – It is important to remember that you did sign this lease and will be responsible for fulfilling it. However, when working with your property manager, be sure to be as flexible as possible since they are doing you the favor. Keep your apartment clean at all times so that they can show it to new renters.
Again, we can’t stress enough, if you don’t have to break your lease then definitely don’t do it! It is something that should only happen in the event of an emergency or unforeseen life event. However, if something like that does pop up, be sure to follow these tips for a successful move!