Leasebreak FAQ

 

Can I break my lease in New York City?

 

Yes. There are actually a good few reasons such as active military duty and unhabitability that would most likely absolve you of your lease obligations without penalty immediately. However, most of the times the landlord/management company is not at fault and it’s you that had a change in their life plans.

Most leases in New York are either 1-2 years and life may come at you unexpectedly and you’ll need to downsize, upgrade or move out of state/overseas. Do not worry. According the NYS law, your landlord has the duty to let you find a replacement tenant and since one unit can only have one active lease, you’d be off the hook once the new tenant signs.

 

What are the penalties of breaking a lease?

 

This answer varies by landlord/management company. Many landlords already put an early termination clause into the lease you signed which might offer some guidance on your expectations. However, I recommend to reach out to me as soon as you have plans to move out early - I am most likely already aware of your landlord/management company’s policy on leasebreaks. In my experience, you are able to get out of your obligations as soon as I find a new tenant for the unit. Some landlords however, will charge a fee of up to 1-month rent just for breaking the lease. I’m always happy to negotiate that on your behalf! 

 

How long does finding a new tenant take?

 

This is hard to tell. I’ve had clients who I found a new tenant for in less than 24 hours. There were some units that I was just unable to re-rent for a very long period of time and during that time, you are on the hook for the rental payments - even if you already moved out. The timing of finding a new tenant depends on current market conditions, the unit price and the location.

I’ll always inform you about the best course of action on how to get out of your lease the fastest and cheapest.

 

Who compensates you for working on my lease break unit?

 

It depends. I always offer the choice of either the incoming tenant or the lease breaker to pay the brokerage fee, usually 1-month rent. If you pay this fee, it might incentivize new potential renters to apply quicker. However, if you have an apartment that’s a “great deal” - payment might not be necessarry from your end. 80% of my past clients have gotten out of their leases without paying ANYTHING extra.

 

What do you actually do to find a new tenant?

 

I’d be the real estate agent for the unit you are trying to find a new tenant for. We’d sign an exclusive listing agreement and I’d promote your unit on the NYC Rental Network (Streeteasy, Zillow, etc.), on the State MLS (ONEKEY/REBNY RLS) and within my own brokerage along with my social media channels and several other online sites.

If you are still occupying the apartment during the lease break process, you have the option to decide how much advance notice you require for showings to potential new renters. I work around your schedule, with your end goal in mind.

 

Will you be communicating with my landlord?

 

Yes. I will act as a liaison between you and your landlord/management company. While technically I represent you, it is also my objective to provide a great service to your landlord and bring a new tenant that is well-qualified and can easily get approved for the unit. I am able to work with small mom/pop landlords to large institutions, as all have different application procedures.

 

When am I officially done with my lease?

 

Once we found a well-qualified tenant who is approved and signs a lease, you are off the hook. You’ll likely have to sign a surrender agreement, which is an official document that relieves you of the duties outlined in your lease. You should expect to move out by the time the new lease starts and you can expect to get back your security deposit within 14 business days, in most cases.