I’m trying to buy an Beacon Hill condo, and have just renewed my one-year lease. What’s the protocol? Is it likely I’ll have to find someone to take over my lease? What if I don’t? Can my landlord sue me for all the months until my lease is up? Is it likely in this market that that’s something a landlord would do?
As Boston’s condo rental market slows down, it’s very much in your best interest to find a replacement tenant once you buy and are looking to move out also make sure the landlord approves of the new tenant.
When you sign a lease you become liable for the full amount of the rent due under the terms of the lease, in this situation that is presented, the landlord can hold the tenant responsible for the full 12 months of rent or what is remaining on the lease.
“In an ‘up’ market a landlord might be happy to have the space to re-let at a higher rent, however, after September in Boston the rental market slows down. After September 1st, landlords are stricter when the market is softer. And the rental market has been softening, especially in Beacon Hill as more and more Boston high rise condo rentals hit the market.
If you find yourself looking for a new tenant to replace you besides your own social networks. You can also let someone else do the legwork and hire a broker—even if you end up paying the fee yourself, presumably, it will be far less money than having to pay rent for the entire rest of the lease.