Ask the Rental Pro: Terminating your lease

In this edition of Ask the Rental Professional, Minot Regional Apartment Manager Justin Hammer offers his expertise on the subject of lease termination.

Q: Is there a penalty for terminating my lease early? What procedure needs to be done if I need to terminate early?

A: Each property management company will have different termination procedures. Some companies will have a “buyout” or a “re-rental fee” for breaking your lease early and some may charge you rent until your lease expires or the apartment is re-rented, whichever occurs first. Almost always you will still be required to give the proper termination notice which should be outlined in your lease agreement. Lease terminations procedures should also be outlined within your lease agreement and is a good question to ask about before signing a lease agreement. If you need to terminate your lease early you should contact your management company right away so they know what is going on and you will know what needs to take place.

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