4 ms·

Great on you! To complete the math, what was the "break" penalty and how much did your new rent save you? These economics are fascinating, SF is crazy.

0xffff2 6y ago
Unless the lease had other terms written in, California generally allows landlords to continue to charge rent until the unit is rented again (or the end of the lease term).
- finikytou 6y ago
  so considering the covid and the fact that it will be hard to get rented ... OP made a mistake?
  - wjossey 6y ago
    Not necessarily. I’ve lived in three rentals in LA over the past five years and each one had a clause that allowed me to break my lease in exchange for two months rent. Not saying the OP had that clause, but I’ve never had to ask for it and it’s been baked into the lease. I know my current landlord is going to be excited about me leaving in a month, as rent had gone up about $1,300 a month in this area over the last two years, but my increase are capped.
    - finikytou 6y ago
      I see. I am in NYC and read my lease break to see if I could brake it. Im from europe and this clause looks like illegal in my country but I guess USA is on a whole other level... If I move I could end up paying 1200$+ double rent for months... "In the event the lease is broken during the middle of the term, and the applicant did not pay a year up front due at lease signing, the lease break fee is $1,200.00 made payable to the Shareholder. The penalty fee is charged by the coop board to the Shareholder due to the lease break. Lessees are immediately relieved of his or her contractual obligations to the Shareholder & coop upon successful take over by the next Lessee(s) identified by the broker, and is board approved for move in."
      - tartoran 6y ago
        Sublet for a smaller amount till the lease runs out, at least you will lower your loss or even come even (considering that you'll be paying way less in the new place you move to)
        kelnos 6y ago
        Assuming that's allowed: many lease agreements in major cities in the US explicitly disallow sublets, or require landlord approval. Landlord wouldn't have any (financial) incentive to approve since they get money either way, and taking on a temporary subtenant is usually higher-risk than a regular renter. Then again, if the current tenant has a lead on someone to potentially take over the lease and become a long-term tenant, then everybody wins.
- legolas2412 6y ago
  I had a 1 month lease penalty clause. I thought it was pretty standard.
  - kshacker 6y ago
    The last time I moved, I had 2 months OR rent responsible till end of lease (or until they lease it again). It depends. I picked "rent responsible" per their friendly advise and paid 5 days of extra rent since they could clean and re-rent that fast (this was 2018).
legolas2412 6y ago
1 month rent penalty. The move did not save me money considering the security deposit and moving costs despite the lower rent, infact it cost me 200$. But i got a bigger home in a nicer area. Well worth the 200$ it cost me overall.

0xffff2 6y ago

Unless the lease had other terms written in, California generally allows landlords to continue to charge rent until the unit is rented again (or the end of the lease term).

finikytou 6y ago
so considering the covid and the fact that it will be hard to get rented ... OP made a mistake?
- wjossey 6y ago
  Not necessarily. I’ve lived in three rentals in LA over the past five years and each one had a clause that allowed me to break my lease in exchange for two months rent. Not saying the OP had that clause, but I’ve never had to ask for it and it’s been baked into the lease. I know my current landlord is going to be excited about me leaving in a month, as rent had gone up about $1,300 a month in this area over the last two years, but my increase are capped.
  - finikytou 6y ago
    I see. I am in NYC and read my lease break to see if I could brake it. Im from europe and this clause looks like illegal in my country but I guess USA is on a whole other level... If I move I could end up paying 1200$+ double rent for months... "In the event the lease is broken during the middle of the term, and the applicant did not pay a year up front due at lease signing, the lease break fee is $1,200.00 made payable to the Shareholder. The penalty fee is charged by the coop board to the Shareholder due to the lease break. Lessees are immediately relieved of his or her contractual obligations to the Shareholder & coop upon successful take over by the next Lessee(s) identified by the broker, and is board approved for move in."
    - tartoran 6y ago
      Sublet for a smaller amount till the lease runs out, at least you will lower your loss or even come even (considering that you'll be paying way less in the new place you move to)
      - kelnos 6y ago
        Assuming that's allowed: many lease agreements in major cities in the US explicitly disallow sublets, or require landlord approval. Landlord wouldn't have any (financial) incentive to approve since they get money either way, and taking on a temporary subtenant is usually higher-risk than a regular renter. Then again, if the current tenant has a lead on someone to potentially take over the lease and become a long-term tenant, then everybody wins.
legolas2412 6y ago
I had a 1 month lease penalty clause. I thought it was pretty standard.
- kshacker 6y ago
  The last time I moved, I had 2 months OR rent responsible till end of lease (or until they lease it again). It depends. I picked "rent responsible" per their friendly advise and paid 5 days of extra rent since they could clean and re-rent that fast (this was 2018).

legolas2412 6y ago

1 month rent penalty. The move did not save me money considering the security deposit and moving costs despite the lower rent, infact it cost me 200$. But i got a bigger home in a nicer area. Well worth the 200$ it cost me overall.