Apartment Ratings :: Question - What will happen with my security deposit if I will end my lease early?

What will happen with my security deposit if I will end my lease early?

by marinushka in Breaking a Lease, VA

Asked 171 days ago

3 Total Answers

I'd like to move out to another area.

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3 Total Answers

Answer by goinwiththeflow on Mar 22, 2008 at 12:50AM

Usually a lease contains provisions saying that the security deposit will go first towards unpaid rent, and then to any damages that may be in the apartment.
You will be financially obligated to pay rent until then end of your lease or until the unit is rerented. If your unit is rented before your lease ends, then you cannot be charged rent after the new tenant has taken over the unit.
The chances that someone will move into your apartment quickly, thus reducing your financial obligations, are very slim.
Not only that, if the complex has other vacancies besides you unit, you can bet that the management company will try to rent those apartments before yours.
So it is a very good bet that your security deposit will be lost towards unpaid rent, and you will probably end up owing money as well.
Having said that, some companies will work a deal with a tenant and allow them to pay a "lease break fee" to get out of their lease. Depending on how long you have left on your lease, it may or may not save you money if the company will let you enter into a "lease break" agreement.
It never hurts to ask.

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Answer by MissDiva1228 on Mar 24, 2008 at 8:29AM

Yeah...I would suggest talking it over with the property manager or assistant manager. I broke my lease 2 months early because I was pregnant and was moving to a larger, better apartment. I talked it over with the assistant manager and all she did was put my security deposit towards the unpaid rent and someone did actually lease my apartment right away so that saved me over $600. So, definitely talk it over and see what kind of agreement you may be able to reach before you do anything else.

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Answer by mildmanneredsuperhero on Mar 26, 2008 at 11:18AM

Legally, both you and the manager are obliged to try to "mitigate" the problem by advertising for a new tenant. With free ad places like Craigslist.com this is a snap.
If you find a tenant with sufficient income, you're home free.
The manager does not want to charge for a vacant apartment.
They are on the renters side, being renters themselves, not home owners. So tell the manager right away.
I'm a manager and know many others. Their first choice is to rent the place. If there are other vacancies in the complex, however, this won't be a sure thing. But they will usually let you modify the lease to get out, for some extra amount. So ask.
If the place is actually vacant for the time value of your deposit, your deposit will not be returned. But it's unlikely they will sue you for the rest of the lease. If they do, the best defense is if you advertised and they didn't.

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