"You've lost the security deposit and probably next month's rent," he says, adding that this is a typical case for a lease takeover at one of his properties. Victor Mota, owner and property manager for Mota Properties in Anchorage, Alaska, says requests for lease takeovers are common, but not without penalty. Even if all goes according to plan, you can expect to pay an additional month's rent or a fee to cover the application process and paperwork for a new tenant. We've broken down the do's and don'ts of an apartment lease takeover for both the departing tenant and new tenant.Ī lease takeover requires not just finding a qualified tenant, but also the approval and cooperation of your landlord. And if you're a renter looking for a short-term option, taking over someone's lease can be an excellent way to take advantage of lower rental rates. For example, you may be able to sublease the unit or leave the apartment and continue to pay rent until the landlord finds a new tenant.īut your best bet may be a lease takeover, if your landlord permits it and you can find a qualified tenant. If you're breaking the lease for any other reason, though, talk to your landlord about lease-break options that could help you avoid hefty fees. There are legal stipulations that allow you to break a lease without penalty, including a move for active duty military assignment and failure of the landlord to maintain a livable environment.
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