I Need to Break My Lease. What Should I Do?

I Need to Break My Lease. What Should I Do?

I Need to Break My Lease. What Should I Do?

http://www.foxbusiness.com/personal-finance/2012/04/13/need-to-break-my-lease-what-should-do/

This column from San Diego-area property manager Salvatore Friscia gives a bit of good advice for handling things when one needs to break their lease- and for not making an inherently bad situation worse.  I must note that as in a number of other scenarios, what works or is legal in one area might not be so in another.  That said, those taking any advice of this kind must do so with great care.

My thoughts on points from the article...

These things happen.  That's accurate- although I've not had a great deal of this over the years.  Without crunching hard numbers, I'd venture to say my lease break rate's been between 3-5%.  I've been lucky in that regard- and do know that folks have broken their leases or flat-out skipped on some of my friends at a much higher rate.

Know your lease.  When renting, keep a copy of your lease handy.  Most brokerages will have some sort of opt-out clause.  That may be a set amount of money that's based on your rent range, or may simply be a clause that says there is no opt-ing out and that you're responsible for the entire lease term's rent- period.  Sub-letting as the author here mentions is rarely allowed in these parts- and your lease may very well prohibit it.

Know what your lease says- and ensure you understand the consequences of any actions you look to take.  Seek legal advice if you have any concerns- always trusting solid legal advice over any you've gotten from folks around the water cooler.

Double rent is a no.  Landlords are typically responsible for mitigating damages and not shafting their (former) tenants- so they will look to replace a tenant that's bailed (or looking to bail) as quickly as possible.  It's in everyone's best interests.  Though there are surely some dirtbags in our industry that would look to press their luck and see if they could get away with doing this, the vast majority of our industry wouldn't.

Know the law.  While offering to market the place they're looking to bolt from seems noble, it might not be legal.  Here in Florida, it'd be illegal for the tenant to market their property.  Unlicensed activity is never a good thing- but getting tagged for illegally marketing a property would only add more frustration to one's life.

And lastly, communicate...Communicate, communicate, communicate.  Know that your landlord or property manager isn't going to be pleased about your bolting early- but the more lead time you give them towards locating a suitable replacement for you, the better.

I Need to Break My Lease. What Should I Do?