Lease Details
Moving to a large city to start as a first year analyst. Have a lease signed with a large high rise apartment building with my roommate. He decided to bail on our lease less than 30 days before start of lease. Am i screwed out of the lease or what will happen? I don’t know the fee to terminate the lease? Is it smarter for him to just pay the yearly lease or take the fee to terminate it? I communicated to him i’m not paying anything to exit the lease so he has to cover my half because i signed this lease fully anticipating to live there? What typically happens in this situation?
This isn't really a question for the real estate forum lol. More so for Off-Topic. But I'll bite:
Option 1: First off, who's your landlord? Is it a mom and pop landlord or is it a large company? Reason being is that you could probably talk with the mom and pop landlord and try to get out of the lease. Very doubtful that a large company will budge though.
Option 2: You tell your friend that he has to pay his half regardless. Doubt that he will be willing to do that if he's moving to another city.
Option 3 (Most realistic): You find someone else to take his room. Tell your friend that he needs to help find a new roommate or he's on the hook for it. And also on the hook for the difference in rent, if you have to lower the price. Since you're moving to a large city, it shouldn't be hard to find someone. You could also list it on AirBnb as a long-term rental if your apartment building allows for it. I lived in a long-term AirBnb twice, each time for 3-4 months, when I moved to a new city just so I could figure out the city and where I actually wanted to live. Definitely a lot of demand for those.
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