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View Poll Results: What should I do?
Renew the lease for a full year, save money and hope for the best 1 5.26%
Renew for month-to-month and protect yourself against uncertainty 18 94.74%
Terminate the lease and move into another apartment around here 0 0%
Voters: 19. You may not vote on this poll

 
 
Old 02-14-2017, 09:57 AM
 
Location: Jacksonville, FL
11,279 posts, read 15,175,319 times
Reputation: 7299

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So here is my situation. My one year lease is about to expire on April 30th and I need to notify my leasing office of what I intend to do, by March 16th. My options are (a) renew the lease for another year, (b) renew the lease on a month-to-month basis for an additional 10% rent per month, or (c) move out and find another apartment in the area. My contract rent is currently $1,010 and I do not expect it to change for the next year. But if i go on month-to-month, it will be $1,111, so an extra $1,212 per year.

Normally, I would just renew for another year and lock in the lower rate. However, sometimes I feel like I might possibly be laid off from my current job, which I started last March. My most recent performance review was slightly below average, which was disappointing and shocked me, because I thought I was performing average. Over the past month, they have been having me train literally everything that I do, to this new manager (who joined in Nov), so he is capable of doing everything faster and better, and eliminate a layer of review. Over the past 11 months of working here, I have had about 40% idle time, despite bringing this up to my manager, who struggles to find things for me to do. This position was newly created a few years ago and was only held by one person before me. The company is not doing well financially and we closed down a few warehouses throughout the nation, and we continuously lay people off and hire people, which is strange. I would like to stay here though, because I want to commit to my job and build stability on my resume (I'm on my 6th job in 10 years).

So, what would you do in my situation? I would like to renew for another year on the lease, but then I run the risk of not being able to relocate to another city just in case I get laid off after I renew the lease. I would be limited to local job opportunities, which are not THAT plentiful in my area. On the other hand, if I renew at month-to-month, I would be allowed to move out of the apartment upon a 30-day notice at any point in time, and have the full ability to search for jobs anywhere in the country, if necessary. But it would suck to have to pay an extra 10% in rent, which adds up to $1,212 over the course of the year, and if I end up keeping my job, then it was all in vein. I can easily afford the 10% increase, but it's just additional money out the window. And I'm really trying my best to save money so that I can buy a home someday. There is no clause that allows me to break a lease during a lease contract period whatsoever.

What would you do in this situation?
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Old 02-14-2017, 10:01 AM
 
Location: Omaha, Nebraska
9,126 posts, read 5,298,423 times
Reputation: 23861
I'd renew month-to-month, given what you've said, unless the penalty for breaking a one-year lease early is less than $1200.
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Old 02-14-2017, 10:09 AM
 
Location: Jacksonville, FL
11,279 posts, read 15,175,319 times
Reputation: 7299
Quote:
Originally Posted by Aredhel View Post
I'd renew month-to-month, given what you've said, unless the penalty for breaking a one-year lease early is less than $1200.
You can't break a lease at all, in my complex. I would be liable for the entire contract rent for the whole remainder of the lease. There is no clause that allows this, either.
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Old 02-14-2017, 10:32 AM
 
Location: Back in the Mitten. Formerly NC
3,832 posts, read 5,671,358 times
Reputation: 5317
First and foremost, I'd be searching for a new job. Something more stable. For me, that would be more important than my resume.

I would scratch finding a new place off the list, unless it is significantly less expensive. They will want you to sign a lease, putting you in the same situation. And you'd be out moving costs.

If you cannot break the lease, I feel month to month is the best way to go.
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Old 02-14-2017, 11:09 AM
 
272 posts, read 169,616 times
Reputation: 219
1) I would go month-to-month. If things stabilize down the road you can always go back to yearly.
2) If my company were struggling to find things for me to do I would very actively try to find extra things I could do or pick up additional skills.
3) Job hunting at the same time would probably be a good idea.
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Old 02-14-2017, 11:43 AM
 
Location: Jacksonville, FL
11,279 posts, read 15,175,319 times
Reputation: 7299
Quote:
Originally Posted by Grumpty View Post
1) I would go month-to-month. If things stabilize down the road you can always go back to yearly.
2) If my company were struggling to find things for me to do I would very actively try to find extra things I could do or pick up additional skills.
3) Job hunting at the same time would probably be a good idea.
I have raised the issue of having nothing to do multiple times to my manager, and he gets it. He's known this since last June. And I don't want to keep hounding, otherwise (a) I come off as a nuisance and (b) they might lay me off on the spot. So I occasionally let him know that I am caught up with everything and have availability, but at the same time I do not want to be a nagger. So it's a balance.

I do not believe I can find a new job at all, because I changed jobs 5 times over the past ten years (two times which were not my choice, due to lay off and being fired). I've been told that I need to hunker down and stay put for at least 4 years, otherwise I will be unemployable. Oddly however, I receive at least one email per month from employers and recruiters who are interested in my potential candidacy for open roles throughout the country. But I also want to prove to myself that I can hold a job for 4+ years.
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Old 02-14-2017, 11:51 AM
 
Location: Omaha, Nebraska
9,126 posts, read 5,298,423 times
Reputation: 23861
Quote:
Originally Posted by nep321 View Post
You can't break a lease at all, in my complex. I would be liable for the entire contract rent for the whole remainder of the lease. There is no clause that allows this, either.
That makes the decision a no-brainer. Go with a month-to-month lease.
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Old 02-14-2017, 01:48 PM
 
3,463 posts, read 3,361,583 times
Reputation: 4010
Are you currently in NC as the zip code in your profile indicates? If so, LLs in NC have a duty to mitigate losses if a tenant breaks a lease so they can't legally tell you that you can't break a lease or demand that you pay the rest of your lease term IF someone else is found or can be found to replace you. So either you find someone who meets their qualifications to replace you OR your LL/PMC has to make every attempt possible to find someone to replace you.

More thorough and detailed explanation below:

Renter's Rights Breaking a Lease in North Carolina | Nolo.com
Landlord’s Duty to Find a New Tenant in North Carolina
If you don’t have a legal justification to break your lease, the good news is that you may still be off the hook for paying all the rent due for the remaining lease term. This is because under North Carolina law (Isbey v. Crews, 284 S.E.2d 534 (N.C. Ct. App. 1981)), your landlord must make reasonable efforts to re-rent your unit—no matter what your reason for leaving—rather than charge you for the total remaining rent due under the lease. So you may not have to pay much, if any additional rent, if you break your lease. You need pay only the amount of rent the landlord loses because you moved out early. This is because North Carolina requires landlords to take reasonable steps to keep their losses to a minimum—or to “mitigate damages” in legal terms.

So, if you break your lease and move out without legal justification, your landlord usually can’t just sit back and wait until the end of the lease, and then sue you for the total amount of lost rent. Your landlord must try to rerent the property reasonably quickly and subtract the rent received from new tenants from the amount you owe. The landlord does not need to relax standards for acceptable tenants—for example, to accept someone with a poor credit history. Also, the landlord is not required to rent the unit for less than fair market value, or to immediately turn his or her attention to renting your unit disregarding other business. Also, the landlord can add legitimate expenses to your bill—for example, the costs of advertising the property.

If your landlord rerents the property quickly (more likely in college towns and similar markets), all you’ll be responsible for is the (hopefully brief) amount of time the unit was vacant.

The bad news is that if the landlord tries to rerent your unit, and can’t find an acceptable tenant, you will be liable for paying rent for the remainder of your lease term. This could be a substantial amount of money if you leave several months before your lease ends. Your landlord will probably first use your security deposit to cover the amount you owe. But if your deposit is not sufficient, your landlord may sue you, probably in small claims court where the limit is $5,000 in North Carolina.'

How to Minimize Your Financial Responsibility When Breaking a Lease
If you want to leave early, and you don’t have legal justification to do so, there are better options than just moving out and hoping your landlord gets a new tenant quickly. There’s a lot you can do to limit the amount of money you need to pay your landlord—and help ensure a good reference from the landlord when you’re looking for your next place to live.

You can help the situation a lot by providing as much notice as possible and writing a sincere letter to your landlord explaining why you need to leave early. Ideally you can offer your landlord a qualified replacement tenant, someone with good credit and excellent references, to sign a new lease with your landlord.
Rate this post positively
 
Old 02-14-2017, 01:52 PM
 
Location: Jacksonville, FL
11,279 posts, read 15,175,319 times
Reputation: 7299
Quote:
Originally Posted by Corn-fused View Post
Are you currently in NC as the zip code in your profile indicates? If so, LLs in NC have a duty to mitigate losses if a tenant breaks a lease so they can't legally tell you that you can't break a lease or demand that you pay the rest of your lease term IF someone else is found or can be found to replace you. So either you find someone who meets their qualifications to replace you OR your LL/PMC has to make every attempt possible to find someone to replace you.

More thorough and detailed explanation below:

Renter's Rights Breaking a Lease in North Carolina | Nolo.com
Landlord’s Duty to Find a New Tenant in North Carolina
If you don’t have a legal justification to break your lease, the good news is that you may still be off the hook for paying all the rent due for the remaining lease term. This is because under North Carolina law (Isbey v. Crews, 284 S.E.2d 534 (N.C. Ct. App. 1981)), your landlord must make reasonable efforts to re-rent your unit—no matter what your reason for leaving—rather than charge you for the total remaining rent due under the lease. So you may not have to pay much, if any additional rent, if you break your lease. You need pay only the amount of rent the landlord loses because you moved out early. This is because North Carolina requires landlords to take reasonable steps to keep their losses to a minimum—or to “mitigate damages” in legal terms.

So, if you break your lease and move out without legal justification, your landlord usually can’t just sit back and wait until the end of the lease, and then sue you for the total amount of lost rent. Your landlord must try to rerent the property reasonably quickly and subtract the rent received from new tenants from the amount you owe. The landlord does not need to relax standards for acceptable tenants—for example, to accept someone with a poor credit history. Also, the landlord is not required to rent the unit for less than fair market value, or to immediately turn his or her attention to renting your unit disregarding other business. Also, the landlord can add legitimate expenses to your bill—for example, the costs of advertising the property.

If your landlord rerents the property quickly (more likely in college towns and similar markets), all you’ll be responsible for is the (hopefully brief) amount of time the unit was vacant.

The bad news is that if the landlord tries to rerent your unit, and can’t find an acceptable tenant, you will be liable for paying rent for the remainder of your lease term. This could be a substantial amount of money if you leave several months before your lease ends. Your landlord will probably first use your security deposit to cover the amount you owe. But if your deposit is not sufficient, your landlord may sue you, probably in small claims court where the limit is $5,000 in North Carolina.'

How to Minimize Your Financial Responsibility When Breaking a Lease
If you want to leave early, and you don’t have legal justification to do so, there are better options than just moving out and hoping your landlord gets a new tenant quickly. There’s a lot you can do to limit the amount of money you need to pay your landlord—and help ensure a good reference from the landlord when you’re looking for your next place to live.

You can help the situation a lot by providing as much notice as possible and writing a sincere letter to your landlord explaining why you need to leave early. Ideally you can offer your landlord a qualified replacement tenant, someone with good credit and excellent references, to sign a new lease with your landlord.
Where do you see me having a zip code in NC? That is false. I am in CT.
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Old 02-14-2017, 01:59 PM
 
3,463 posts, read 3,361,583 times
Reputation: 4010
Quote:
Originally Posted by nep321 View Post
Where do you see me having a zip code in NC? That is false. I am in CT.
Sorry, I had another posters profile up when I saw that. I will have mods delete that post.

Here is info for CT which is pretty much the same:

Tenants Breaking a Lease in Connecticut | Nolo.com

Landlord’s Duty to Find a New Tenant in Connecticut
If you don’t have a legal justification to break your lease, the good news is that you may still be off the hook for paying all the rent due for the remaining lease term. This is because under Connecticut law (Conn. Gen. Stat. Ann. § 47a-11a), your landlord must make reasonable efforts to re-rent your unit—no matter what your reason for leaving—rather than charge you for the total remaining rent due under the lease. So you may not have to pay much, if any additional rent, if you break your lease. You need pay only the amount of rent the landlord loses because you moved out early. This is because Connecticut requires landlords to take reasonable steps to keep their losses to a minimum—or to “mitigate damages” in legal terms.

So, if you break your lease and move out without legal justification, your landlord usually can’t just sit back and wait until the end of the lease, and then sue you for the total amount of lost rent. Your landlord must try to rerent the property reasonably quickly and subtract the rent received from new tenants from the amount you owe. The landlord does not need to relax standards for acceptable tenants—for example, to accept someone with a poor credit history. Also, the landlord is not required to rent the unit for less than fair market value, or to immediately turn his or her attention to renting your unit disregarding other business. Also, the landlord can add legitimate expenses to your bill—for example, the costs of advertising the property.

If your landlord rerents the property quickly (more likely in college towns and similar markets), all you’ll be responsible for is the (hopefully brief) amount of time the unit was vacant.

The bad news is that if the landlord tries to rerent your unit, and can’t find an acceptable tenant, you will be liable for paying rent for the remainder of your lease term. This could be a substantial amount of money if you leave several months before your lease ends. Your landlord will probably first use your security deposit to cover the amount you owe. But if your deposit is not sufficient, your landlord may sue you, probably in small claims court where the limit is $7,500 in Connecticut.

How to Minimize Your Financial Responsibility When Breaking a Lease
If you want to leave early, and you don’t have legal justification to do so, there are better options than just moving out and hoping your landlord gets a new tenant quickly. There’s a lot you can do to limit the amount of money you need to pay your landlord—and help ensure a good reference from the landlord when you’re looking for your next place to live.

You can help the situation a lot by providing as much notice as possible and writing a sincere letter to your landlord explaining why you need to leave early. Ideally you can offer your landlord a qualified replacement tenant, someone with good credit and excellent references, to sign a new lease with your landlord.
Rate this post positively
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