The Penalty for Breaking a Rental Lease
If you have a good credit history, breaking your rental lease agreement can potentially harm your credit score and trigger financial consequences. When you sign a rental lease, landlords count on your monthly rental income. But if you need to break the lease by leaving before the term of the lease ends, landlords can enforce the contract and take action to recover money.
Collection Agency
Rarely will a landlord let you break a lease agreement without trying to collect back and future rent payments. To encourage payment, your landlord may contact or hire a collection agency to collect the outstanding balance -- which is any past due payments and rent payments for the number of months remaining on the lease term. For example, if you move out with three months left on your lease, the landlord can demand three months' worth of rent payments, plus any applicable late fees and any costs incurred while advertising for new tenants and cleaning the unit. These payments may be taken from your security deposit, which means your security deposit may not be returned. Collection agencies are third-party companies that work for creditors, and they contact debtors to recover funds owed to the creditor. Agencies communicate with debtors with letters and by telephone hoping to work out a payment plan.
Lawsuit
If collection attempts fail, your landlord may pursue the issue in court. Landlords can file a lawsuit and bring a copy of your signed rental lease agreement to the hearing. It is difficult for you to win in court if you broke the lease. Lease agreements are legally binding, and walking away early is breach of contract. The judge may take into account your reason for breaking the rental agreement. However, if the landlord did not include in the lease agreement an early termination clause -- which would allow early termination for specific reasons such as illness, divorce or relocation -- you are liable for the remaining lease balance.
Judgment
A judgment issued by the court indicates that you owe the landlord money, and judgments appear on your credit report. With this negative item on your personal file, you can anticipate a drop in your personal credit score. This drop may have an impact on you ability to obtain approval for a mortgage loan or for renting another apartment. Speak with your landlord immediately after the ruling to create a plan to pay off or settle the judgment. Unpaid judgments remain on your credit file until the landlord submits a Satisfaction of Judgment letter to the court.
Avoiding Penalties
Not every landlord is understanding, but many are. If you need to break a rental lease, start by talking with your landlord and explaining your reason for vacating the apartment early. Knowing the cause of early termination may move your landlord to bend the rules and release you from the lease early. Suitable reasons can include job relocation, divorce or economic hardship. Negotiate to get out of the lease early by remaining in the unit until a new tenant moves in. If you're nearing the end of your lease, you may want to pay off the lease balance.
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