While a lease is a legally binding contract between a tenant and a landlord, breaking it constitutes a breach of that agreement. There are various reasons why someone might need to terminate a lease early, and doing so can present challenges. However, here’s some guidance on how to navigate this process effectively.
When you enter into a lease agreement, you’re committing to a legally secure contract. However, circumstances can arise that necessitate breaking the lease. A tenant might experience job loss, illness, a required relocation for work or personal reasons, or a relationship breakup. In such situations, terminating the lease becomes necessary. This can be a daunting task, and you may face fees and penalties. Here’s some information to help you understand your tenant rights.
Typically, a tenant is expected to provide the landlord with 60 to 90 days’ notice that they won’t be renewing the lease. The responsibility then falls on both the tenant and the landlord to find a new occupant. In a competitive rental market like New York City, and especially with a desirable apartment, finding a replacement shouldn’t be overly difficult. It’s crucial to review your lease agreement, as many contain automatic renewal clauses. You might unknowingly find your lease has been renewed if you haven’t carefully read the fine print.
There are certain circumstances under which a tenant is legally permitted to break a lease without penalty. These conditions are critical and must be adhered to. All rent payments must be current, and there should be no existing or past breaches of the tenant’s obligations. Therefore, when entering into a lease with a new landlord, ensure you fulfill your contractual duties and establish yourself as a reliable and responsible tenant.