Rental Lease termination ? (apartment, renter, month-to-month)

[GNCamry99]

Rental Lease termination ?
=================

I am asking this for Maryland lease.


I stayed in apartment for awhile. My lease renewal is coming up and I am thinking of buying a home. I am not sure, how my plan will turn out based on raising interest, lack of home to see, & expectation of recession.


My property manager says, If I terminate the annual lease before its term, I need to pay 2 months rent and give 30 days notice or go into Month to month by paying $50.00/month extra. Still need 1 month notice before moving. She claims as per fair housing law, I cannot claim/expect and advantage/leverage as a long term renter with this community.


How do I handle this situation ?




Thanks for sharing.

[MrRational]

Originally Posted by GNCamry99

My property manager says, If I terminate the annual lease before its term....

You're still obligated for the full years rent-- in one manner or another.

The SIMPLEST and most straightforward manner (for them especially)...
is to pay a fixed known penalty -- in this instance 2 months rent.

How do I handle this situation ?

Plan your departure well.

[bufflove]

Originally Posted by GNCamry99

Rental Lease termination ?
=================

I am asking this for Maryland lease.


I stayed in apartment for awhile. My lease renewal is coming up and I am thinking of buying a home. I am not sure, how my plan will turn out based on raising interest, lack of home to see, & expectation of recession.


My property manager says, If I terminate the annual lease before its term, I need to pay 2 months rent and give 30 days notice or go into Month to month by paying $50.00/month extra. Still need 1 month notice before moving. She claims as per fair housing law, I cannot claim/expect and advantage/leverage as a long term renter with this community.


How do I handle this situation ?




Thanks for sharing.

You pay the extra $50/month for month-to-month, assuming the rent is higher than $750 and you're actually serious about purchasing. I'm shocked the month-to-month premium is that low - consider yourself lucky.

[personone]

Originally Posted by GNCamry99

Rental Lease termination ?
=================

I am asking this for Maryland lease.


I stayed in apartment for awhile. My lease renewal is coming up and I am thinking of buying a home. I am not sure, how my plan will turn out based on raising interest, lack of home to see, & expectation of recession.


My property manager says, If I terminate the annual lease before its term, I need to pay 2 months rent and give 30 days notice or go into Month to month by paying $50.00/month extra. Still need 1 month notice before moving. She claims as per fair housing law, I cannot claim/expect and advantage/leverage as a long term renter with this community.


How do I handle this situation ?




Thanks for sharing.

Legally, in all states you are required to pay the Full Rent for the Entire lease term, although landlords are required to make a good faith effort to rent out your place if you terminate the lease early. Once they find a new tenant, you are no longer responsible for rent payments. So your landlord is giving you an out. Legally she could require full monthly payments for the full lease term when you terminate your lease, although she would be required to actively find a new tenant (at which point you'd be off the hook for the monthly rent payments).