There are some things that can happen to you in case you break a rental lease in NYC. So, you should try to avoid it. However, if you have to do it, then you should know what is going to happen next. In most cases, you will have to pay a penalty fee and if you do not that, you will lose your security deposit. So, a good idea would be NOT to break your rental lease unless you have no other choice. In any case, our team has decided to help you out and we have prepared a really amazing guide for you guys. There are some things you should know in any case and this is something that is really important, especially if you are living in NYC. So, without any other ado, let us start with our guide, shall we?
What exactly will happen if you break a rental lease in NYC?
If you break your lease, you will have to pay a penalty fee. If for whatever reason you cannot do it, you will lose your security deposit. In some cases, your security deposit will be higher than your fee. Thus, you should try to pay it on time. Usually, your fee will be the combined sum for two months of your rent. So, if you had to pay $1500 per month for your NYC apartment, you would have to pay $3000 to your landlord. The good thing about this is that you can talk to your landlord about it. In most cases, this seems to be the best option. So, before you hire the Queens best movers to relocate you, think about your lease first.
A good idea would be to call your landlord and try to prevent having to break your lease. Then, you will have to pay a termination fee. Of course, this can also vary. You will, most likely, have it in your contract you filled out when you rented the place. So, you should check it up and if it is less than a sum total of two months’ worth of rent, then you should talk to your landlord about canceling your rental lease early. This will be the best option if you really have to relocate early. So, think about this one before you do anything. The more you know, the better it will be in the long run, right?
Is there another way?
Unfortunately, there are no other ways you can break your rental lease. For starters, if you do not honor your end of the bargain, you might get sued even. This is the last thing you want. In most cases, it will be better to pay the termination fee. We can tell you this very moment that you would lose if you take the case to court. Even if you wanted to settle, the price would be much higher than what you would have paid initially.
Not to mention all the court expenses you would have to cover. So, if you are breaking something in a contract, the law cannot help you there, unless you have something that will determine the case in your favor. However, unless this is the case, we highly recommend avoiding getting sued. Remember, you will need to save your money to hire good movers for long distance move.
However, if you are breaking your lease due to something serious. For example, with the Covid-19 pandemic going on, you should talk to your landlord first. Then, we are certain that you can come to a mutually-beneficial agreement. You should not risk your life or your landlord’s life, for example. And you should not stay somewhere you do not think is safe. A lot of people have left NYC for this reason and you would not be the first one to do it. However, you will still have to talk to your landlord. This is not as simple as moving to Queens, so make sure that you are prepared for everything.
Is there anything else that can happen if you break a rental lease in NYC?
There is yet another thing that can happen if you break a rental lease in NYC. However, most landlords would not go out of their way to report you to credit agencies. However, if you do not pay, there is a possibility that your landlord will do just that. So, the next time you have to pay a credit for something, you will end up paying for your former apartment as well. Either way, once it is on the contract, there is no going back. So, you should think a lot about breaking a lease anywhere. After all, if you cannot do it in the best possible way, it might be for the better not to do it. Here is, once again, what can happen if you do it nevertheless:
- You can get sued. Your landlord has the right to sue you if you break the rental lease. In some cases, you are expected to pay at least a few months’ worths of rent. It works the same in New York City, Los Angeles, Houston, anywhere else.
- You will owe a penalty fee. This can be a lot if your rent is high in its base. However, this is still better than getting sued and losing much more. Think about this one in more detail.
- You can damage your credit score. Your landlord can report you to credit bureaus. That can affect your credit and how much money you will be returning.
If you can help it, do not break a rental lease in NYC. This will end up costing you a lot. However, if you cannot help it, then the best option would be to pay the penalty fee. You can even talk with your landlord about it. After all, some might have compassion if you have a good enough reason. Good luck in any case!