My boyfriend and I have decided to move in together. He recently renewed his one year rental agreement in December (circumstances changed recently to cause our plans to be altered for us to move in together way earlier than we expected). His rent is $800 a month and the early cancellation fee is $2300 plus he forfeits the $500 security deposit. It’s been a while since I’ve rented an apartment but that amount to cancel a lease seems insane to me. You can see that it’s still a savings to move in together now rather than waiting for December…but that cancellation fee is a lot of money!
Do you all have any suggestions on whether I could negotiate with the landlord on this? With the current rental shortage I’m wondering if I can ask them if we could just pay the rent until they find a new tenant, or for three months, whichever comes first. Is that a reasonable thing to ask? Or ask them if we could pay the full amount but get the security deposit back since he has kept the apartment very clean? I’ve never been a landlord so I don’t know if they normally do any negotiating at all and what circumstances they might be willing to accept a deal.
If that is what was agreed upon at commencement of the lease…those are the terms for breaking lease as agreed upon.
Another posters comment of it being excessive is irrelevant at this point.
You could certainly try and negotiate with the LL…but they are under no obligation to change terms all parties agreed to.
Yes it is excessive cancellation fee. You can ask the landlord to change it but if the rental market is really hot in your area they can also just refuse and move onto somebody else who is willing to live with those ridiculous terms.
To cancel my apartment it would be 2 months rent $7k, plus repairs/maintenance aka $1k
Yes, you can definitely negotiate with the landlord to change the terms of the rental contract.
The landlord does not have to engage in negotiations. But if you offer them a way to make more money – such as paying part of the penalty and they can rent it out again right away – then it would be in their financial interest to entertain the offer.
Working in the multifamily industry, here’s my advice.
Arm yourself with all the information you need to have a discussion with the property manager. Main 2 things:
What is his apartment going for right now for someone new to lease it? (Usually renewals are less than market rate) if he’s paying $800 but they will get someone in for $1000, that’s $$ for them.
Has he suffered any problems while living there that were brought to the office’s attention and didn’t get handled appropriately? AC/heat out for extended periods, bug issues, leaks, etc. Don’t bring up anything you didn’t communicate to the office.
Be nice, courteous, etc. and bring the above stuff up if it’s relevant and ask if there’s anything they are willing to do to with the termination fee or deposit.
Property manager/landlords are sometimes inclined to negotiate, but they can get into hot water due to fair housing laws if they provide your bf with a discount but not the next person, so they may just decline anyways but it’s worth a shot. In the end, he signed a contract agreeing to that.
Edit: also he can see about a payment plan on the termination fees so he doesn’t have to pay it all at once.
At the end of the day all that really matters are the terms of an early cancellation laid out in the lease.
If these are the terms laid out in the lease then whether it’s excessive or not doesn’t really matter.
Although I don’t think that’s excessive really. It’s 9600 for rent for the year and he basically still owes that entire month. There’s no telling who could be the next person to move in there would be and if they’d pay their rent on time so if the lease is going to be broken the LL wants to make sure they get a good chunk of money no matter what.
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