When Breaking a Lease for a Move Makes Sense

Breaking a lease isn’t fun, financially. There can be significant penalties involved (fees, credit score, etc.) and tenants often have the responsibility for the entirety of the rent contract. 

It also usually means you’re moving pretty quickly following your last move, which can be stressful in itself. But it makes sense for certain situations, especially as more and more people experience skyrocketing rent prices and are considering breaking their leases as a result. 

Let’s go over a few instances when breaking a home or apartment rental lease for a move makes sense.

1. It’s Better for You Financially

As alluded to above, rent prices are increasing across the country. In New York, the “effective median rent on new leases passed $4,000 for the first time in Manhattan in July,” according to an article by Bloomberg. This isn’t sustainable in the long run for some people, which is where we start discussing breaking a lease early. 

If your lease is nearing its end, you can expect a hefty increase these days. This might mean breaking the lease and absorbing the cost of the remaining rent on your contract is the wisest decision in the long run, especially if you have another living opportunity available. 

2. You Have a Lucrative Job Offer

The job market is crazy these days as well, with more and more employers offering lucrative incentives for coming aboard. You could very well negotiate a deal where your new employer pays for the costs associated with breaking your lease.

Or, the job might be so good (or pay so well) that you are willing to risk all the fees, credit score issues and potential legal issues that can come with breaking some leases. Weigh the financial pros and cons and make a decision.

3. You Have a Replacement Tenant

A win-win for both the tenant and the landlord is when you can provide a replacement for your lease before you move. When looking for potential sublease candidates for your contract, be sure to get credit and/or background checks, as the actions and payments of the new tenant could still affect you for the rest of your current lease term. If you do go this route, having a residential moving company on call would also be beneficial so you can act quickly, if needed.

4. You’re Legally Protected

Finally, there are some legal protections for tenants who really have no other choice than to move and break the lease. These include:

• Active duty military personnel
• Intrusive/harassing landlords
• Domestic violence
• Uninhabitable living spaces
• Natural disasters

Whether for breaking a lease or another reason, if you’re planning on a residential move soon, contact IMS Relocation for a no-obligation quote today!