Rentals in Upper East Side>Question Details

Bunny22, Renter in Upper East Side, New...

I am about to renew my 12 month lease but I may have to end it early. what is a fair provision to include in the lease agreement to address such case?

Asked by Bunny22, Upper East Side, New York, NY Tue Sep 20, 2011

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I have worked for property managers and sponsor owned rental companies for over 8 years of my earlier career. If you may have to terminate your lease in less than the 12 month renewal period, speak to your management company. Agree to a 12 month renewat with the ability to break your lease early (without penalty) with the first 6 months leased and with 60 days notice to vacate, should that be necessary. Allow them access to show during standard business hours for the next rental lease.
1 vote Thank Flag Link Tue Sep 20, 2011
Ask for it to be a month-to-month rental instead of a fixed lease due to your good history. This will allow you flexibility to break the lease with little notice if necessary.

Loren E. Clive, R(S)
Maui Specialist
Hawaii Life Real Estate Brokers

Direct 808-250-6891
Private fax 678-791-4123

Search the Hawaii MLS at http://www.hawaiilife.com
0 votes Thank Flag Link Fri Oct 28, 2011
I was able to negotiate this provision for one of my clients with the management company:

Notwithstanding anything contrary in this Agreement, Tenant shall be entitled to terminate this Lease Agreement upon expiration of a 6-month period from the date of the Lease with a 30 day written notice to the Landlord.

They included it into the lease agreement and also let him use a security deposit towards the last month rent when he gave a notice.

Good luck negotiating your lease
0 votes Thank Flag Link Fri Oct 21, 2011
thank you everyone for the thoughtful suggestions.
0 votes Thank Flag Link Wed Sep 21, 2011
Hi Bunny,
As the answers, my best advice is to be honest and try to negotiate with the landlord/management before the lease renewal. It depends a lot on the Management you are dealing with. In many cases, there's a provision when you might have a penalty... And in many cases, it could be a financial penalty!
When you finally know when you need to move, a good provision would be to give the landlord a thirty (30) day notice.
Before becoming a Real Estate agent, I was renting an apartment and suddenly, I had to move before my lease was ended. I talked to the Management Company and they worked with me to not create them a gap and the whole experience went very smooth!

I hope everything works very well for you!

Laura Thierer
Licensed Real Estate Salesperson
Homestate Properties LLC
102 Fulton Street
(212) 693-9000
lthierer@homestateproperties.com
0 votes Thank Flag Link Wed Sep 21, 2011
It is always best to be truthful with about your situation. Lease terms can be negotiated upfront and tailored to meet your needs as well as the landlords. If you break your lease before the term is up, you may be legally bound to financially cover the remainder of the term. Good luck

Barbara Morello
NYS Licenced RE Broker/Owner, Accredited Staging Professional
Morello Realty
Staten Island, NY
718-987-6800
0 votes Thank Flag Link Wed Sep 21, 2011
Be upfront with your landlord and simply address any possible future issues....
0 votes Thank Flag Link Wed Sep 21, 2011
Bunny,
It really comes down to whatever you and the landlord agree to, ideally up front. You can ask for a 8 month lease, 10 months, 11 whatever works best for you. Landlords often don't want leases to come due in the winter months, so anything short of 12 months may not be a problem, just ask. If they say no, offer some incentive like higher rent, paint or other minor upgrades prior to leaving.
0 votes Thank Flag Link Tue Sep 20, 2011
Hi Bunny22,

I'd say talk to your landlord and see if he will agree to a 6 month extension instead with an option to extend month to month after that. Most landlords will work with you as long as there is no gap between you and the next tenant coming in.
0 votes Thank Flag Link Tue Sep 20, 2011
You will need to speak to the management directly to see what their policy is on cancelling your lease early. This is all on a case to case basis.
0 votes Thank Flag Link Tue Sep 20, 2011
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