Are you considering breaking an apartment lease?
Broken leases are one of the most common reasons individuals accrue financial debt and poor rental histories.
Designed to protect the rights of both the property owner and the tenant, lease contracts are a crucial part of the renting process. But because they are so common, it can be easy to underestimate the importance of adhering to a lease.
Today, we’ll discuss the reasons why breaking an apartment lease should be your last resort.
2 Serious Repercussions of Breaking a Lease Agreement in any Charles County Apartment.
As we mentioned earlier, leases are essentially rental contracts that protect the tenant and the landlord equally.
What many renters forget is that breaking a lease agreement is the same as breaking a legal contract.
As with any legal agreement, there are serious repercussions should the terms of the contract be broken. These consequences include:
- Financial liabilities: One of the most common consequences of breaking an apartment lease is the fact that renters are still financially responsible for the monthly rent that remains unpaid.
For example: A tenant moves out of their apartment three months before the lease is scheduled to be finished. Unless the terms of the lease agreement states otherwise, that tenant is still financially responsible for paying the last three months of rent.
- Rental History: Anytime a rental lease is broken, that record shows up on the rental history for all adults listed on the lease. This could cause serious problems when applying for an apartment (or home) in the future.
Are there exceptions?
Depending on the terms of the lease you signed, there may be a way to break your lease without tarnishing your rental history and accumulating a large sum of debt.
We recommend speaking with your landlord as soon as you discover you’ll be unable to fulfill your end of the rental agreement.
Depending on the community you live in, some options for breaking your lease may include…
Pay to Terminate: Some agreements offer a “termination clause” that allows tenants to break their lease if they pay an agreed upon amount. While this is rare, it may be worth discussing with your landlord.
Sublease: Very few Charles County apartment complexes allow tenants to sublease. Although it is uncommon, some lease agreements allow tenants to sublet their apartment if the new tenant undergoes the entire application process first.
Breaking a lease agreement is a very serious decision. Before deciding to terminate your rental agreement prematurely, take some time to speak with your landlord about the options you have, and the repercussions you can expect from a decision to cancel.
