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The Insurent Lease Guaranty is the first institutional guarantor of residential leases for renters, landlords, and brokers.
Please call 646-843-1712
Here is the legal answer from a respected real estate attorney in New York City in conjuction with REBNY (The Real Estate Board of New York):
Situation: A tenant would like to vacate his apartment prior to the expiration of the original rental term (eight months are left on the lease). Does the landlord have an obligation to mitigate the tenant’s damages by trying to re-let the apartment to another renter for the balance of the lease term?
Legal Answer: "No, unless otherwise provided for in the lease between a tenant and a landlord, a landlord in New York generally does not have an obligation to mitigate a tenant’s damages by re-letting the property to another tenant. New York courts have consistently held that landlords (regardless of whether the property is commercial or residential) are under no obligation to mitigate their tenant’s damages by placing a new tenant in the property if the tenant vacates the leased premises prior to the end of the original lease term.
Important Tip: New York law provides that a residential landlord cannot unreasonably withhold its consent to a sublease of an apartment (provided, amongst other things, that the tenant is renting an apartment in a dwelling having four or more residential units, the tenant has provided written notice to the landlord of the tenant’s request to sublet the apartment and the tenant has provided the landlord with a copy of the proposed sublease). Accordingly, prior to vacating a property early and thereby defaulting under a lease, a residential tenant should attempt to find a suitable tenant to sublet the apartment thereby mitigating his own potential damages."
-Neil B.Garfinkel, REBNY Broker Counsel Partner-in-charge of real estate and banking practices at Abrams Garfinkel Margolis Bergson LLP as part of REBNY's Legal Line Question of the Week (5/7/2015)
Leasebreak.com important follow-up: While a landlord may not be able to unreasonably withold its consent to a sublease of an apartment based on the above, we STRONGLY SUGGEST that every tenant get in touch with their landlord in advance, and try to work with them to come to a "win-win" solution. From our experience, if you do not seek the prior permission of the landlord and do not communicate to them your intentions, it makes things extremely complicated and decreases your ultimate success in being able to end your lease obligation early.
Are you tempted to enlist a broker to help you market your leasebreak or short term rental? Most of the time, this is a good idea, but not always. Here is an informative blog post which will help you make the right decision:
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