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Old 04-27-2017, 11:23 PM
 
Location: Back in the Mitten. Formerly NC
3,830 posts, read 6,689,279 times
Reputation: 5367

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OP- I get what you are saying. I see the flip side, too. The reason it is beneficial for a renter to sign a new lease is to keep rent from rising. It needs to be beneficial for the landlord, too. However, I feel maybe there is a compromise- fees for breaking a lease reduce a certain percentage for each year you've lived there? I don't know.

I just had to break a lease. My rent went up about 5% each year I lived there. In July/August, I originally asked for a 6 month lease, since it would be the same price. I went in to actually signed the lease and had it changed to 12 months. They didn't print a new one- they scratched the dates out and changed them.
Two reasons I changed my mind- I knew I wouldn't want to move in February and I didn't want to give them an opportunity to raise my rent again (at least that soon). Fast forward to February- I had a house under contract to close in early March. Should have listened to my gut and taken the 6 month lease. (I was not initially planning on buying so soon. Original plan was to wait 2-3 more years.) I now owe rent through August 31.... Thankfully, someone is scheduled to move in soon. I had a pretty desirable unit- top floor, facing the pond, washer/dryer, and remodeled/updated. (Majority face other buildings or parking lots, do not have in-unit washer dryers, and are the original 1960s/70s counter tops, cabinets, etc...) I'm hoping they are in by May 1. Fingers crossed....
Anyway, I was especially annoyed by my fees to break the lease. They originally printed a lease for me ending 2/28/17. What difference to them whether I moved out in March or August? They offered me the same rent price for 6 and 12 months. I do get it- a lease protects both parties. But I don't like it!
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Old 04-27-2017, 11:29 PM
 
Location: BNA
586 posts, read 548,604 times
Reputation: 1523
Quote:
Originally Posted by jaynarie View Post
OP- I get what you are saying. I see the flip side, too. The reason it is beneficial for a renter to sign a new lease is to keep rent from rising. It needs to be beneficial for the landlord, too. However, I feel maybe there is a compromise- fees for breaking a lease reduce a certain percentage for each year you've lived there? I don't know.

I just had to break a lease. My rent went up about 5% each year I lived there. In July/August, I originally asked for a 6 month lease, since it would be the same price. I went in to actually signed the lease and had it changed to 12 months. They didn't print a new one- they scratched the dates out and changed them.
Two reasons I changed my mind- I knew I wouldn't want to move in February and I didn't want to give them an opportunity to raise my rent again (at least that soon). Fast forward to February- I had a house under contract to close in early March. Should have listened to my gut and taken the 6 month lease. (I was not initially planning on buying so soon. Original plan was to wait 2-3 more years.) I now owe rent through August 31.... Thankfully, someone is scheduled to move in soon. I had a pretty desirable unit- top floor, facing the pond, washer/dryer, and remodeled/updated. (Majority face other buildings or parking lots, do not have in-unit washer dryers, and are the original 1960s/70s counter tops, cabinets, etc...) I'm hoping they are in by May 1. Fingers crossed....
Anyway, I was especially annoyed by my fees to break the lease. They originally printed a lease for me ending 2/28/17. What difference to them whether I moved out in March or August? They offered me the same rent price for 6 and 12 months. I do get it- a lease protects both parties. But I don't like it!
In DC I was offered 13 month leases at several places I considered. I ended up signing an 18-month lease to lock in a rate (which was the leasing agent's promotion) and I'm glad I did.
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Old 04-27-2017, 11:31 PM
 
13,053 posts, read 20,708,179 times
Reputation: 21229
Most of our property have twelve month leases. It's twelve months because if we go over twelve months in a written lease, different regulation can kick in regarding security deposits, interest, notice, etc. We usual won;t go under 12 months because it's just not worth it when we have a waiting list for 12 month leases.

If you know well in advance that you will need to stay a few extra months, we can always enter into a lease extension agreement that adds a fixed term to the expiring lease. This is something a tenant needs to discuss as soon as they know and be prepared to be told no.
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Old 04-27-2017, 11:35 PM
 
Location: UNMC Area
749 posts, read 726,212 times
Reputation: 1002
Quote:
Originally Posted by freemkt View Post
People who write residential leases have better lawyers than people who sign residential leases written by others. There's a real estate cliche which says you make money in RE when you buy, not when you sell. Landlords make money when you sign a lease because they've got you locked in for 12 months of payments.
Yeah yeah yeah.

Meanwhile, said landlords are paying mortgages, homeowners insurance, property taxes, repairs and renovations.

And all you can do is complain about paying rent.
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Old 04-27-2017, 11:40 PM
 
Location: North Idaho
32,487 posts, read 47,425,133 times
Reputation: 77716
OP, you never have to sign a 12 month lease. Just keep looking until you find a landlord who will let you rent month to month.

There is often no problem with renting for 14 months. Before you accept the apartment, just ask if you can sign a 14 month lease instead of a 12 month lease.

I suspect, though, that your complaint is that you can't leave at any time you want. So your real issue is that it is so unfair that the landlord must follow the lease precisly, but that you should not have to.
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Old 04-27-2017, 11:42 PM
 
Location: Riverside Ca
22,146 posts, read 33,209,527 times
Reputation: 35433
Quote:
Originally Posted by citycitybangbang View Post
What I meant was if I moved out and was released from the lease at fourteen months, it wouldn't cost the land lord any more than if I just hadn't renewed my lease when it expired at twelve months. It actually costs him a little less if turnover happens a little less frequently. However, it costs me an enormous amount of money if I need to leave at fourteen months instead of twelve months, which doesn't make sense. I'm costing the land lord a little less money but being heavily penalized for it.
Hey if you were my tenant I wanna keep you there as long as I can. Turnovers cost money. The reason I dont do long lease terms 14-16-24 month terms, is if you are not who you say you are (and every applicant I meet is the best and their LL loves them btw I usually question this as if you're so great and your LL loves you why are you looking ) we part ways long before.
Where I live I have to mitigate so a tenant can break a lease, so truthfully it's better for me to do month to month. If you're a ****ty tenant a 30/60 day notice gets you out.

I'm not sure how you are being penalized. Can you expand on that? The lease starts and ends at x dates. The LL isn't going to magically change the end date. It's not a secret. Neither is the renewal clause.

When my leases end the year long term I simply choose a month to month lease renewal. I have the option of doing a 12 month/year lease renewal but I choose not to use that option. Mostly because I don't know the type of tenant you are. So if you are late with rent, I get complaints, you don't take care using the property, I make the decision to no longer keep you as a tenant. But if you take care of the place, I don't get neighbors calling me , you pay rent on time, follow the rules set in the lease you're not going to get any notice from me and we just go on.

Last edited by Electrician4you; 04-27-2017 at 11:55 PM..
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Old 04-28-2017, 01:26 AM
 
9 posts, read 7,590 times
Reputation: 19
Quote:
Originally Posted by Volvo Driver View Post
That said, typically you can break a lease by paying a one month penalty.
I'm not sure that's usually the case in Texas. It would be great if it were!
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Old 04-28-2017, 04:05 AM
 
33,016 posts, read 27,305,232 times
Reputation: 9074
Quote:
Originally Posted by Volvo Driver View Post
Yeah yeah yeah.

Meanwhile, said landlords are paying mortgages, homeowners insurance, property taxes, repairs and renovations.

And all you can do is complain about paying rent.

Whole lotta landlords these days are CASH buyers - no mortgage to pay, and obviously if they can buy with cash, they are as liquid as water.

I'm paying half my income for rent - nobody paying half their income for rent becomes wealthy while doing so.
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Old 04-28-2017, 04:08 AM
 
33,016 posts, read 27,305,232 times
Reputation: 9074
Quote:
Originally Posted by oregonwoodsmoke View Post
OP, you never have to sign a 12 month lease. Just keep looking until you find a landlord who will let you rent month to month.

There is often no problem with renting for 14 months. Before you accept the apartment, just ask if you can sign a 14 month lease instead of a 12 month lease.

I suspect, though, that your complaint is that you can't leave at any time you want. So your real issue is that it is so unfair that the landlord must follow the lease precisly, but that you should not have to.

You can check out any time you like, but you can never leave.
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Old 04-28-2017, 04:13 AM
 
105,691 posts, read 107,663,235 times
Reputation: 79324
the hoa where we had a 2nd home only allowed 12 month lease minimums even if it was the same tenant each lease had to run for a year to avoid someone turning their home in to an inn
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