Premature Vacancy
For whatever reason, you have informed us that you may vacate your unit prior to the end of our lease.
Regardless of circumstance or move-out date, it is important to remember that the tenant is responsible for all aspects of our lease - including damage and on-time rent payment - through the end of the lease.
Possible Options
As a courtesy and determined on a case-by-case basis, we may offer the below option(s) to a departing tenant. Please use the form below to indicate your request to the landlord.
1. Replacement Tenant
Departing tenant and landlord work together to find a mutually-agreeable replacement tenant. Once the new lease is signed and deposit received, the landlord would release the departing tenant from the lease early.
This straight-forward option may provide financial savings (as opposed to paying for a vacant unit) and liability protection (not responsible for the damage and related costs of a third-party to the unit) for the departing tenant, and a quality replacement tenant for the landlord. The landlord usually offers the replacement tenant a term equalling the time remaining on the original release + a new term. If the replacement term is shorter than the time remaining on the original lease, this option can be combined with a buyout for the remainder of the term.
2. Buyout
Landlord offers early termination in exchange for a buyout. If offered, this is usually equivalent to half of the total rent that would be due had the lease not been ended.
This straight-forward option is easy for the tenant as they do not need to do anything to enjoy financial savings (as opposed to paying the full amount that would be due had the lease not been ended for a vacant unit) and liability protection (not responsible for the damage and related costs of a third-party to the unit) for the departing tenant, and some monies for the landlord in exchange for the work/costs and vacancy risk assumed.
3. Sublet
Departing tenant and landlord work together to find a mutually-agreeable subletter. Any successful subletter candidate would be required to be approved by the landlord as if they were a prospective tenant, including interview, credit check (www.HydeLofts.com/apply), and reference check. Aside from landlord approval, other aspects of a sublet situation - including contract, deposit, compliance, damage liability, etc. - are assumed by the tenant. Tenant is responsible for marketing costs incurred by landlord related to this option.
WARNING: Sublet situations do not release tenant from liability. In fact, they expose tenants to increased liability / risk, as they would be introducing a new person to the unit. Tenant remains fully responsible for following through the end of the lease:
- on-time payment of rent (+ any relevant fees / utilities) to the landlord
- any harms/damages caused to the unit for the duration of the lease, normal wear-and-tear excluded
As our units and furnishings are costly, this considerable risk can be greater than the monies saved (much less time spent) via a sublet.
As a result of these significant risks, subletting is strongly discouraged.
4. Honor Lease
Doing nothing and fully honoring the lease through the end of the lease is also an option. Note that the lease requires that a tenant notify landlord of long absences from the unit. If a tenant completely moves-out early (returns keys, etc.) thus returning the unit to the landlord, landlord may assume unit-related risks post-vacancy.