Sponsor Message:
Non Aviation Forum
My Starred Topics | Profile | New Topic | Forum Index | Help | Search 
Consequences Of Breaking A Lease  
User currently offlineAirstud From United States of America, joined Nov 2000, 2667 posts, RR: 4
Posted (4 years 2 weeks 2 days 19 hours ago) and read 1930 times:

When I got to Minneapolis in June, there were "APARTMENTS FOR RENT" signs blanketing the city. I don't why but things have changed dramatically and at this point, vacant apartments seem to be flying off the shelves - well, so to speak.

It seems I may get into a studio at the lovely Park Glen complex in St Louis Park. It really is a nice property and having an apartment there would be nothing to complain about - especially these days. But it's smaller than the place I had in California!! I moved here to take that big ol' promotion, bigger paychecks on top of a lower cost of living; I didn't expect that would mean having a smaller apartment!!

Well. C'est la vie; and that's what I get for having dragged my feet re the apartment search. The truth is I'd have zero trepidation about taking this place if it were a 6 month lease, rather than 12. (They do write 6 month leases but only with manamagerial approval and she said it's unlikely since there's plenty of demand out there for 12-monthers.)

Breaking the lease is an option of course, you'd have to give 60 days notice and you're also automatically on the hook for two months' rent even if they fill the apartment a day or two after your notice. That's not what worries me though, what worries me is the adverse impact on any future rental applications of mine at other properties. On the apps I've looked at so far there's a box you have to check if you've ever "not fulfilled a lease." Granted it's not the same as have you ever been in bankruptcy or convicted of a felony, but still...

My guess is that a lease breakage would be a minus on an application but that my decent-sized income and ever-climbing FICO score would be pluses; and that those pluses would outweigh the minus depending largely on market conditions.

Am I right about that, or is lease-breakage a bigger deal than I'm making it out to be?


Pancakes are delicious.
11 replies: All unread, jump to last
 
User currently offlineNIKV69 From , joined Dec 1969, posts, RR:
Reply 1, posted (4 years 2 weeks 2 days 18 hours ago) and read 1918 times:

It's a negative but not the end all. As long as you pay the penalty and give the proper notice they will still be a decent reference I would think as long as you paid your rent on time and didn't trash the apartment.

User currently offlinestasisLAX From United States of America, joined Jul 2007, 3283 posts, RR: 6
Reply 2, posted (4 years 2 weeks 2 days 18 hours ago) and read 1906 times:

I have broken leases twice due to job relocations. I provided the property managers with the offer letters from my employer for the new position, giving the location of my new assignment and the expected start date. In both cases, they wanted 2 months rent to break the leases without any negative outcomes. I simply told them to keep the security deposit and paid them one month advance rent and both of them were fine with this. Good luck!


"Those who would give up essential liberty to purchase temporary safety deserve neither liberty nor safety!" B.Franklin
User currently offlineAirstud From United States of America, joined Nov 2000, 2667 posts, RR: 4
Reply 3, posted (4 years 2 weeks 2 days 18 hours ago) and read 1899 times:

Well sure I can understand them being totally OK with it if you had to relocate for a job...if I were to break it'd be just because I'd found a better place. (She said if a 1BR opens up during my lease, I could "transfer up" within the same lease; it's just that I could get a 1BR in Minnetonka or Edina for the same price as the studio in this place.

I guess perhaps I'm thinking too far ahead.



Pancakes are delicious.
User currently offlinetype-rated From United States of America, joined Sep 1999, 5033 posts, RR: 19
Reply 4, posted (4 years 2 weeks 15 hours ago) and read 1778 times:

The landlord could come after you legally with collection actions and a lawsuit in small claims court to collect money for the "unused" portion of the lease. And that will stay on your credit report for 7 years. A lot of landlords will allow you to trade up since you are still under their roof and are making money off of you.

About collecting money from you for an unused portion of the lease and also collecting money from new tenants of the same place. I don't think this can be done. It's double dipping. If you break the lease the landlords damages are only the months that the apartment remains vacant.

I would try to be nice the the landlord and see if they will let you out of the lease.



Fly North Central Airlines..The route of the Northliners!
User currently offlineplaneguy727 From United States of America, joined Mar 2007, 1247 posts, RR: 1
Reply 5, posted (4 years 2 weeks 13 hours ago) and read 1759 times:

You can always see if the lease allows a sub-let for the time you might not be there. It's a way to avoid breaking the lease and paying the penalty. Some places do it, others have strict no sub-let clauses in the lease.


I want to live in an old and converted 727...
User currently offlinesw733 From United States of America, joined Feb 2004, 6323 posts, RR: 9
Reply 6, posted (4 years 2 weeks 13 hours ago) and read 1753 times:

Quoting type-rated (Reply 4):
The landlord could come after you legally with collection actions and a lawsuit in small claims court to collect money for the "unused" portion of the lease. And that will stay on your credit report for 7 years

This all comes down to the wording on the original lease, which is why it's oh so important to read every word before signing (and often run it by a lawyer friend if you have one who will do it for free). Back when I had apartments, I would not sign, no way no how, unless it was air tight wording that there was a penalty for breaking the lease, but if you paid that penalty no further action could be taken by either party. Done and done.


User currently offlinecasinterest From United States of America, joined Feb 2005, 4619 posts, RR: 2
Reply 7, posted (4 years 2 weeks 12 hours ago) and read 1743 times:

Quoting Airstud (Thread starter):
My guess is that a lease breakage would be a minus on an application but that my decent-sized income and ever-climbing FICO score would be pluses; and that those pluses would outweigh the minus depending largely on market conditions.

Am I right about that, or is lease-breakage a bigger deal than I'm making it out to be

Breaking the lease is a sign of bad faith on the term you rented for. You probably got a better price than you would have with a shorter term.

Quoting type-rated (Reply 4):
I would try to be nice the the landlord and see if they will let you out of the lease.

This is the best policy. Try and work it out with them. Also you could try to sublet the apartment to someone else.



Older than I just was ,and younger than I will soo be.
User currently offlinetype-rated From United States of America, joined Sep 1999, 5033 posts, RR: 19
Reply 8, posted (4 years 1 week 6 days 22 hours ago) and read 1676 times:

Quoting planeguy727 (Reply 5):
You can always see if the lease allows a sub-let for the time you might not be there.

I had forgotten about sub-letting. This is pretty common in large cities. But here in Houston, I have never heard of anyone doing it here.



Fly North Central Airlines..The route of the Northliners!
User currently offlinesw733 From United States of America, joined Feb 2004, 6323 posts, RR: 9
Reply 9, posted (4 years 1 week 6 days 11 hours ago) and read 1639 times:

Quoting type-rated (Reply 8):
I had forgotten about sub-letting. This is pretty common in large cities. But here in Houston, I have never heard of anyone doing it here.

It happens everywhere...big and small. I have never been to a big city where I have not seen ads asking for sublease.


User currently offlineNAV20 From Australia, joined Nov 2003, 9909 posts, RR: 35
Reply 10, posted (4 years 1 week 6 days 11 hours ago) and read 1638 times:

Quoting Airstud (Thread starter):
On the apps I've looked at so far there's a box you have to check if you've ever "not fulfilled a lease." Granted it's not the same as have you ever been in bankruptcy or convicted of a felony, but still...

Airstud, a lot of property (especially leasing) is about 'people,' not 'paper.' If you DO find yourself in the position of wanting to break a lease, it would be because you have found a property that you prefer. In that event, your best option might very well be to go to the leasing agent for the first apartment you rented and tell him your problem. If - as you imply - the market is picking up (and, of course, provided that you have been a 'good tenant' in all respects) there's every chance that they would seek to switch you to a better apartment owned by the same landlord, and even waive some or all of the penalties prescribed in the original lease.

Sounds improbable on the face of it; but bear in mind that - if you're right about current market trends - you would represent a tenant who is prepared to pay more money for a bigger place. That would make you a potential 'asset' rather than a liability.   And, again assuming that the market is 'hot,' they'd presumably have no trouble in re-letting the smaller apartment almost overnight to another 'punter,' very probably at a higher rent than you'd been paying.

So don't think that they'd necessarily 'throw the book at you' for breaking the lease. Real estate agents are just that, agents, negotiators - they're not lawyers or debt collectors. If you get to the point where you feel that you must make a change 'soonest,' it would probably be far better (as in most situations) to 'negotiate' rather than 'confront.'

[Edited 2010-09-04 08:18:25]


"Once you have flown, you will walk the earth with your eyes turned skywards.." - Leonardo da Vinci
User currently offlinetype-rated From United States of America, joined Sep 1999, 5033 posts, RR: 19
Reply 11, posted (4 years 1 week 5 days 20 hours ago) and read 1565 times:

If you are dealing with the person who actually owns the building your chances of being allowed to leave are greater than if your building is owned by some corporation half way across the country and the "landlord" is only acting as their agent.


Fly North Central Airlines..The route of the Northliners!
Top Of Page
Forum Index

This topic is archived and can not be replied to any more.

Printer friendly format

Similar topics:More similar topics...
Freedom Of The Press... Or Breaking The Law? posted Tue Jan 22 2008 09:33:36 by MDorBust
Breaking News: Ronald Reagan Dead Sort Of... posted Fri May 9 2003 09:09:54 by Airworthy
Lease Holder Of WTC Site Still Fighting Insurance? posted Wed Oct 16 2002 07:31:20 by TWAL1011
Consequences Of Breaking A Lease posted Wed Sep 1 2010 00:36:20 by Airstud
Ullman On 7 Years Of War posted Tue Aug 31 2010 22:33:15 by Baroque
Last Surviving Player Of 1st World Cup Final Dies posted Mon Aug 30 2010 14:57:00 by Derico
Demise Of Parachute Regiments In The UK? posted Mon Aug 30 2010 00:30:27 by overlander
The 10 Commandments: Not The Basis Of Western Law posted Sat Aug 28 2010 01:45:17 by tugger
Alex Lifeson Of Rush In The Movie Suck posted Fri Aug 27 2010 17:53:08 by varigb707
Obama Admin Halts Prosecution Of USS Cole Bomber posted Fri Aug 27 2010 10:31:23 by slider