Breaking A Lease

mchll · March 2009

I've been living in my apartment in Prospect Heights for 4 years, and I've loved living here. But, my rent has gone up and up and up each year, and now it's too much.

There are a ton of apartments in the area available for a lot less rent.

I really want to move. I have 5 months remaining on my lease.

What do I need to do to break it?

I can afford to lose the security deposit. But absolutely cannot afford to pay the remaining 5 months rent.

My building is run by a large management company and I do not have a personal relationship with my landlord.

Any advice?

goodprospect · March 2009

You should have figured out if you could afford it before you signed your lease last time. Now you are legally, ethically, contractually and every other way you can imagine obligated to fulfill the terms of the lease.

bkchickie · March 2009

Subject: Re: Breaking A Lease

mchll wrote: I've been living in my apartment in Prospect Heights for 4 years, and I've loved living here. But, my rent has gone up and up and up each year, and now it's too much.

There are a ton of apartments in the area available for a lot less rent.

I really want to move. I have 5 months remaining on my lease.

Any advice?

I'm sorry to say that I've lived in three leased apartments where I needed to break the lease (once for a job relocation, and twice because of a less-than-conveniently timed property purchase). In all but one case I lost the security deposit.

In this economy, though, your LL might come after you for the remaining money. Although, five months rent will is probably the same amount that the company will spend in court and attorney's fees....

bobbybrummel · March 2009

http://lifehacker.com/5152390/reduce-your-rent-with-this-simple-letter

mchll · March 2009

When I signed my last lease, I was able to afford it.

But I've been laid off and my financial situation has changed.
If I could continue to pay this rent, I would. But the reality is, I can't.

I'm trying to do the right thing. And with the market as bad as it is, it's unlikely that my landlord will be happy to hear that I want to leave early. I believe my apartment is above market value in my area.

I'm just trying to figure out a way to leave.

chekhovian · March 2009

get someone to assume your lease and move in for the next five months.

armchair_warrior · March 2009

sublease it out. find a cheaper place. before doing that just talk to them management or owners and see if they can let you out of it. if they threaten you, you threaten them back by saying i'll just stop paying rent and stay here for free!!!

modsquad · March 2009

They won't go after you for the rent. First thing they have to do is send a 3 day notice. If it is an uncontested non-payment in Part 52 it will take them 2 months to get a marshal to serve the warrant and get legal possession plus 2K for a RE lawyer to sit around Landlord Tenant court to push this stuff through. The one bargaining chip you have is for both of you to sign a one page agreement to null and void the lease, also stating it is no longer in effect. This would give them legal possession on what ever date you agree on and you go your separate ways. They have to get legal possession because the lease is still binding on them also. If you walked today and they rented it tomorrow you could show up in a couple of months and say "what the fuck, who's living in my apartment!?!?"

brooklynpotter · March 2009

GoodProspect wrote: You should have figured out if you could afford it before you signed your lease last time. Now you are legally, ethically, contractually and every other way you can imagine obligated to fulfill the terms of the lease.

i don't think this is helpful. you think the OPs the only one in this situation right now?

paraderest · March 2009

Are you currently employed or unemployed? It can be tough to get into a building that does credit/background checks without being currently employed. If you plan on getting an apt that doesn't do a thorough check...you can always just move out and take your chances with the landlord suing you. He probably won't even be able to find you.

mr. tips · March 2009

NYT Article from 2004

carapace shell · March 2009

I am struggling over whether to attempt to negotiate a lower rent when it comes up for renewal in a month or so. Anyone know the stats for Prospect Heights? Are rents coming down? I am having a hard time gauging the situation from Craigslist.

Is there any risk in trying to negotiate?

Breaking A Lease

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