Are you contemplating breaking your apartment lease? Although this might seem like the most intelligent decision, it can have severe affects upon your credit and ability to lease an apartment again. Before you make any rash decision, take a few minutes and ponder whether you absolutely must take this course of action.
We have outlined a few factors you should strongly consider before you go through with it. Should you really break your lease?
What is The Reason
If you just cannot afford to pay your rent next month, you are not the first person in this position. Especially if you are living in a larger apartment community with hundreds of units, this happens on a regular basis. If you walk down to the leasing office and make an appointment with the property manager, they will be much more likely to work with you.
Most apartments will want to regain as much cash from your lease as possible. They probably even gave you an apartment lease special too. You will have to pay a certain amount of money in order to get out of your lease. Read your lease contract to determine what this penalty might be. The manager of your apt complex might let you work out a payment plan over a longer term. But you will never know if you don't try.
What Can Happen if You Break Your Lease
The management company will probably report you to the 3 major credit bureaus. You credit will reflect a broken lease. Your credit score will decline and you will have a very tough time leasing an apartment home in the future.
Your landlord can even take you to small claims court for the remainder of the rent. And if they have proper documentation you probably will lose. You might also be responsible for attorneys fees.