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Updated 7 months ago, 04/24/2024

User Stats

18
Posts
8
Votes
Ralph Noyes
  • Financial Advisor
  • Nashville, TN
8
Votes |
18
Posts

Breaking Rental Lease to Move into Duplex House Hack

Ralph Noyes
  • Financial Advisor
  • Nashville, TN
Posted

We've got a lease in our current rental that goes through July 23rd but just closed on our property last week. The landlord is "allowing us" to break lease (and handle all the rental ads and showings, of course) but has jacked the rent from $2250 up to $2500. We've been in the property for 9 months - a 3bd 1ba 1300 sq ft SFH in the Glencliff area. The ad has been up on Zillow, FB Marketplace, and Craigslist for 21 days now and we've had 3 inquiries and 0 showings.

My feeling is that 2500 is way too much and just not competitive, so I wrote the landlord with some comps demonstrating that and asking if he'll keep it at 2250. Basically he's got nothing to lose cause we're on the hook till July 23rd....so, we're considering just moving out at the end of May and letting him keep the 2250 deposit. 

What do you all think? There is language in the lease saying that if we move out before July 23rd we forfeit the deposit and are subject to "recovery by the landlord of other damages allowable by law". Can you shine some light on what exactly this may include? 


Figured I'd ask a bunch of professional landlords! Thanks everyone.