The short answer is no. Your lease is a legally binding contract between the both of us. On your end, the lease obligates you to pay rent for the entire lease term. If you break the lease midway through, you’ll be obligated to pay the remainder of the rent, even if you’ll no longer be living in the unit. On our end, with a fixed term lease we cannot change the terms or increase the rent during the lease term. This offers you tremendous protection during the lease term.
What if I have no choice?
Situations change for people and we understand that. However, early lease terminations are costly and we do not think it’s fair to just pass those costs off on other tenants with unnecessary increases. However, while we are not legally obligated to allow an early lease termination, we will attempt to work with you. Keep in mind however, that you will be required to absorb some of the costs of the early termination.
So what are the steps if I absolutely have to break my lease?
First, let us know as soon as possible. While we prefer at least 60 days notice, we require a minimum of 30 days to work with you.
We will ask for an additional 1 1/2 month’s rent in advance of your move. That amount is in addition to the time you will be actually occupying the unit.
The advance rent payment must be received prior to the lease termination being approved by us.
Be sure to check out the “What to do when it’s time to move” section and make sure to follow it closely. The better the condition of the unit at move out, the quicker we will be able to re-rent it.
When you move out, we will attempt to re-rent the unit. You will be responsible for rent at the current market rate for the period of time the unit remains unoccupied. Current market rent may be greater than your current rent amount.
You will be responsible for fees to advertise the unit for rent and a prorated fee for preparing the unit for rent.
When the new tenant moves in, we will calculate what you owe and refund you the difference between that amount and the advance rent paid.
The amount you owe will be the actual costs incurred by us. We will never simply charge you with a “Early termination fee”
What about my security deposit?
Your security deposit will be calculated separately and as outlined in the “What to do when it’s time to move” section. An early lease termination has no impact on your security deposit.
Please keep this in mind...
Unfortunately, some tenants choose not to honor their lease obligation and just move out. That usually ends poorly. While we will still attempt to “mitigate” our losses and re-rent the unit, we have no choice but to hold the tenant responsible for any charges incurred during that process. Remember, a tenant breaking a lease is still responsible for the balance of the lease term. While we hate to do it, this could lead to us pursuing legal action. That action can have a adverse effect on a former tenant’s rental history and credit standing. We report all outstanding balances to Trans Union and rental history to the National Landlord Database..
Questions? Email us at email@example.com Sooner is always better than later. We are here to help and make your transition as smooth as possible.