Can early rental lease termination affect credit history?

[ht6969]

Our apartment lease ends in December; however, I wish to notify the lease/mgmt company before the end of this month, and that we'll be moved out by June.  I will inform the lease/mgmt company that we will continue paying the rent until the apartment is rented, which expect will be rather quickly (within 2 months).   Will our credit reports be affected in any way, if we opt out this way?  

[EmpressLuv]

No it won't.  This is actually what we did, once you pay everything that you are supposed to pay then you will be fine. 

[adymax]

Do you want to sub-lease? Doaes your renter allow sub lease?  You have to pay your rent until your lease expire id they dont alow sub-lease.

[ht6969]

EmpressLuv - that's what I thought as well. Just wanted confirm before doing so. Thanks.

adymax - they don't allow subleasing.

[adymax]

You got me confused when you wrote "we will continue paying the rent until the apartment is rented, which expect will be rather quickly (within 2 months)."  You are on the hook for the rent until December if you have a contract. They can rent the apartment next day after you move out and still ask for the remaining rent. 

[foofighter74]

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@ht6969 wrote:

Our apartment lease ends in December; however, I wish to notify the lease/mgmt company before the end of this month, and that we'll be moved out by June.  I will inform the lease/mgmt company that we will continue paying the rent until the apartment is rented, which expect will be rather quickly (within 2 months).   Will our credit reports be affected in any way, if we opt out this way?  

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That depends on whether the lease/mgmt company agrees to allow you out of the contract early.  You can't dictate those terms to them unless there is some provision in the contract that states if you buy a house, you have the right to terminate the lease. Some people mistakenly believe that their is a law on the books that says landlords have to let you out of a lease early if you buy a house.  This isn't true.

If you move out, and the company has not agreed to let you out of the lease, you'll be responsible for 6 months of rent.  If they have agreed to let you out early, you'll be fine.

[tooleman694]

They let us break ours early, they had our place rented to another family before we even moved out. It worked out great and I even got my deposit back.

[foofighter74]

In our case, I've lived in the complex for a total of 8 years, so they're letting us out of the lease early.  But anyone that hasn't been renting for at least 5 years has to pay every cent agreed to on the lease with no exceptions. 

[adymax]

Just make sure you get in writing that if they rent you are not liable for the rest or the contract.

[tooleman694]

We signed a lease for a year, and we were required to stay for the year. But if they could get it rented out then it was no big deal. We broke the lease at 8 months and they were cool with it because they found someone to move in.