However, recently, the trend to terminate their leases early has been due to the Covid-19 pandemic. Tenants are moving out of New York City at higher rate than ever before. Unfortunately, unless you exercise your right to terminate your lease pursuant to the lease agreement (if there is an early termination clauses – with some sort of a penalty) or there are dangerous conditions in the apartment the suggest that make your apartment uninhabitable, the landlord can hold you responsible for the remainder of the term of the lease, or until the apartment is re-rented to someone else, whichever comes early. Keep in mind, if your rent is $2500 per month, and the apartment was re-rented for $2300 per month for the remainder of the lease term, the landlord can still hold your responsible for the difference of $200 per month through the end of the lease term. The tenant may also be liable for the landlord’s attorneys’ fees.
It is therefore essential that the early lease termination is negotiated with the landlord. The agreement terminating the lease agreement should be in writing with the proper releases, which releases the tenant from any further liability for rent or any other claims. It is highly advisable to have an attorney represent the tenant to negotiate an early termination.
We have assisted numerous tenants in negotiating an early termination of their leases. This gives the tenants a peace of mind moving forward with their lives, without having to worry about a legal action hanging over their head. Give us a call to help you negotiate an early termination of your lease.
The information above is intended to provide limited information only and it is not legal advice. If you are interested in terminating your lease early, or otherwise need further guidance in this or a related area of law, SINGH & RANI, LLP can assist you, please call at 212-729-6920.