Getting out of a Lease early (sublease, apartment, credit)

[galore]

Originally Posted by ufcrules1

because we are stuck in a 1 year lease. Then giving up our deposit of $2200 + some early termination fee up to the amount of 1 month of rent? So we would be out of pocket $4400! Ouch.

Apartments usually can be had with a 6 month lease.

And if you want to be super flexible, just live in an extended stay hotel.

[caligurltotx]

Originally Posted by ufcrules1

CALIGURL,
Thanks for the info. So what happens to your deposit? Lets say you have a deposit of $2200 and then you have an lease termination clause of 1500. If you leave early do you lose your deposit and have to pay $1500 as well?

Ummmm not really. The early termination and the deposit are two seperate and different things under your contract. The 1500 is yr way of buying yr freedom but the conditions of the security deposit are the same. So if you leave the apt in good condition and after they deduct cleaning fees, etc you should get a refund. Now there are some shady prop mngmt companies so make sure u read the lease agreement very carefully.
But you must give a 30 day notice under ANY circumstance. Basically they wouldn't even accecpt yr 30 day notice without the early termination fee.
Everything has to be discussed up front but most important has to be incl in the lease. A verbal agreement will never override the lease contract.

[mckinneydeb]

Here is an example of what happened when we wanted out of our apartment lease early.

After living in our apt for 6 months, we knew we wanted to stay at least 2 more years. We signed a 2 year lease which would be up in mid Nov. In August we intensified our search for a house. We closed on our house in Sept and notified our landlord we would like out of our lease early. We had taken time to read our agreement very closely so we were already aware of the penalties but because we had been "good" tenants for almost 2.5 yrs, we hoped for the best. We were told "no" to getting out early without penalty. Since we were going to have to pay 1/2 rent for 2 months, we decided to maintain occupancy of the apt until mid October. That gave us time to make the changes to the house we were purchasing (paint) and move at our leisure. We turned the key in Oct 28th.

Our agreement called for us to pay 1/2 months rent for every month we wanted out early up to a total of 3 full month's rent. In addition, we'd loose our deposit (only $250) but would get our pet deposit back ($400). In the end we got back $118. The cost for "cleaning and painting" the apartment was nearly $300. All in all it worked out OK for us, but only because we wanted out a couple of months early.

It was all over the local news about an apt complex in McKinney where the renter wanted out of his lease early to move closer to his family while he rec'd treatment for terminal cancer. It took media pressure and perservance of friends to get the management company to come down from the $9000 in fees/rent/penalties they wanted. In the end I think he paid $1500, the amount of 1 months rent.

If you don't think you want to stay for a full year, a lot of places will allow 6months rentals. Our landlord also allowed for month by month rentals to tenants who were living there short term while a house was being built. But only after a 6 months agreement had run out. Read your lease agreement carefully and just be prepared for what comes.

[Grainraiser]

We moved into an apartment while our house was being built. The house was finished 3 months early so we inquired about getting our of our lease. The company wanted 3 months of 1/2 rent and we were responsible for the rent until the unit rented . It was cheaper to just rent the apartment of those 3 extra months. It came in handy because I could paint the rooms at my leisure. I would find a complex that offers a 6 month lease and will allow you to rent month to month after the 6 months are up. A 12 month lease would be to costly to get out of if you found a new home quickly.

[nsumner]

You may want to negotiate a month-to month lease for a slightly higher amount and you can get out of the lease with a simple 30 day notice. There are many homes vacant on the market where the owners may consider leasing... Most homes show better when they're furnished anyway.

Naima

[nelsconfused]

Originally Posted by ufcrules1

Lake,
No offense but I'm not looking for "I would imagine" answers. I'm well aware what a landlord would have to go through. Keeping the $2200 deposit should cover most of their tempory expenses but if there is an early termination fee on top of that then it is what is is. But I'm looking for concrete answers.

Imagine where I'm coming from. If we move there and start renting and then 3 months go by and we find the perfect house we want to buy but can't do anything because we are stuck in a 1 year lease. Then giving up our deposit of $2200 + some early termination fee up to the amount of 1 month of rent? So we would be out of pocket $4400! Ouch.

There are plenty of options you can do than to put a $2200 deposit that's crazy...Most Uhuals offer first month rent free to store your belongings and then month to month bases. Apartments normally have a really cheap move in specials if you sign a 6month lease...or you could do the month to month as well. Not sure where you are planning to sign but I wouldn't put down a big deposit for somewhere you are just going to be for a couple of months. At that point you will be out of pocket $4400...anywhere you go in dallas where you break your lease will keep your deposit and additional fees will be added as well. You shouldn't have a problem finding a new house with all the foreclosures and new homes being built in DFW metroplex. Wish you luck

[caligurltotx]

To OP let me call my former co workers about that security deposit. For some reason I am starting to wonder if I am wrong on that one. I know we had a few people break their lease and pay the fees but it's been 3 yrs now.

[loves2read]

if you can't afford to pay the piper don't call for the dance...

[caligurltotx]

I'm just wondering why the security deposit would be $2200. Most I've seen are less than $500 so to lose that to get out of a lease is not that bad I would guess. Most apts post the sec dep on their websites and I do know the standard amount is with decent credit. I'm guessing you will be okay on this and not lose too much.

[frogcollector3]

As a landlord, I changed my rentals a few years ago to "month to month". That way neither party is tied to a full year. With the costs of finding a new tenant and cleaning and all, I charge a fee if they move within the first year. The deposit is only used for damages, etc.