Breaking your lease without losing a cent

Whatever your reason, it’s time to move on… only problem is, you’ve still got a few months left on your lease. Here’s how to end your fixed-term tenancy early without breaking the bank.

Check your lease for ironclad clauses

Your landlord and property manager generally lay down the ground rules in your lease, so check for any references to early termination – “early release”, “sub-let” and “re-let” are terms to watch for. These will spell out the rules around renting your room or property to someone else, and any fees and charges incurred through having to re-advertise the property.

Knowledge is power

The more you know about your state laws and terminating a fixed-term lease early, the more likely you’ll be able to break your lease with minor drama. Check for state-specific details around re-letting fees, advertising fees and any rent owing until new tenants can be found.

If your landlord is in breach of any of their duties, you might be able to end your lease early without any additional costs if you know your rights. This can apply if your landlord neglects to keep the property safe or in good repair.

Give your notice

If you’re planning on moving out ahead of your lease ending, you’ll need to let your property manager or landlord know in writing with as much notice as possible. A lease can be terminated early if you both come to a mutual agreement. For your own peace of mind and security, get any agreements around liability or additional costs in writing too.

Find a new tenant

If your landlord or property manager gives you the green light – in writing, of course – you might be able to hand over the tenancy to someone else. And the easier you make it to find new tenants, the less you’ll have to compensate your landlord in lost rent. Be aware of the state-specific laws around this reassignment, particularly in updating tenancy agreements, transferring bonds and the period for which you’re liable to pay rent.

Keep negotiating

Can’t come to a mutual agreement? Your landlord and agent could apply to your state’s tribunal to order a payment for any compensation. In the meantime, keep negotiating, make use of your state’s tenancy union for legal advice and apply to get your bond back.

These are just a few ways you can tip the odds in your favour when terminating a fixed-term agreement early. The more knowledge you have, the better off you’ll be come moving day.