Information on Breaking a Rental Lease
Breaching a rental agreement can have severe consequences. However, certain issues such as moving for employment or loss of income may justify ending your lease early. Some landlords give little regards to the reason for breaking a lease and may hold you to the agreement. Consider employing a few techniques to help you get out of a rental lease early.
Consequences
The consequences of ending a rental lease early vary. Some landlords may not accept your reason for ending the lease and take legal action to recoup monies from lost rent. This can involve hiring a collection agency to harass you for the balance due on the lease, or taking you to court and having a judgment placed on your credit file. This negative information on your credit file can lower your personal credit score and hinder your ability to rent another apartment or house.
Pay Off Lease
To avoid any legal troubles with your landlord you can propose paying off your lease balance to end the agreement early. This method works if you have the financial means to fulfill the lease agreement. For example, if you have two or three months left on your rental lease, rather than walk away from the contract, submit a check for the remaining lease balance. Thus, your landlord doesn't lose rental income, and you avoid having a negative mark on your credit file.
Negotiate with Landlord
An understanding landlord may let you out of a rental lease early, as long as there's someone new to rent the house or apartment. In the end, the landlord doesn't lose any income from a vacant house or unit. Offer to remain in the home or apartment until your landlord can locate a new tenant for the place. You can also take a proactive approach and help your landlord in the tenant search. Do you know someone who's interested in a rental? If so, show them your place and encourage them to complete a rental application with your landlord.
Subletting
Subletting, which refers to finding a new tenant on your own, is another way to break a rental agreement without the financial and legal consequences. With this method, you act as a middleman between the new tenant and the landlord. The new tenant submits a monthly rent check to you; in turn, you submit a check to your landlord. Legally you're still responsible for the apartment or house, and the lease agreement remains in your name. However, subletting allows someone to take over your rent payments while you move into a new place.
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