Stickin' it to ya: The myth of the reletting fee
Breakin' up is hard to do. Especially if you're a tenant who needs out of your lease early and your scorned lover is Megalopolis Management Consortium, Inc.
"But my Texas Apartment Association lease clearly states that if I pay 85% of a month's rent, I can get out of my contract,right??"
Not so fast. If your property is like most others in Austin, the 85% reletting fee is just the beginning. You'll also continue to pay rent on the place until a new tenant has moved in. In all likelihood, you'll also have to repay the concessions that you've used on the place. Example: On a 12 month lease, Jane received two months free, which she used up front to ease the expense of moving into her new $900/month pad in the Arboretum. Nine months into the lease, Jane decides the downtown life is for her and wants out of her contract. It continues to sit on the market for 15 days after she breaks the lease and moves.
Jane is screwed. After the reletting fee, concessions and pro-rated rent are totaled, Jane now owes the property $3015.00. Minus her $200 deposit, she's still screwed. The remainder is on her credit for seven years, and she can't lease another apartment until she pays up.
Read the fine print. Sorry Jane.
posted by BradleyPounds @ 8:07 PM
6 Comments:
i have an apartment i wanna relet and have found someone to relet it to who is truly interested so why is the new company that bought my apartment complex saying there is no relet? is this legal?
You are wanting to sublet. If you have a TAA lease, read paragraph 30. The landlord is not required to let you sublease unless you get them to agree to it in writing.
I read on texashousing.org that the reletting fee has to be a "fair amount" to cover actual expenses in reletting the apartment. Is this true?
He's overstating the case for the complex. If at any point, the complex leases the apartment again, the amount owed is far less than $3,015.
Don't let them convince you that there isn't any negotiating. Just because they run the complex does not make them the highest authority on tenant law.
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