Renter's credit WHAAAAAAT?

Question

How does it work? Like if I'm always on time paying my rent and I've never broken a lease before, and then the apartment I'm living at starts to totally suck and i break the lease will it be hard for me to rent a different apartment? Like how does that c**p work?

Answer 1

You probably won't be able to rent another apartment from the same property management company.  They might sue you for the remainder owing under the lease agreement.

But no, you will not have any more trouble finding a new place otherwise.

Thankful For Fools

http://thankfulforfools.blogspot.com

Answer 2

Did they come after you for the remaining $ you commited to in the lease? If they did and you didn't pay it, it could effect your credit as a whole, not just renters credit...

I had a situation where the Apartment Complex and I agreed to terminate my lease, I had to pay one months rent even though I wouldn't be using the apartment, and they let the rest go... Did you make an agreement like that? I'd call them and find out if they just let you out of your lease or if they considered you to be in violation of your lease agreement. If they say you're in violation, find out if you can reach an agreement so it won't effect your future rental credit.

Good luck.

Answer 3

If they decide to try to get the money from you, when credit is pulled court records will show a forcible detainer.   This will be on your credit report until satisfied.

Answer 4

You want out of your lease, correct?

The landlord does not have to let you out of the lease without it costing you $$$.

You have three choices in this situation:

1. Offer to pay to advertise the rental. Offer to have the rental in show worthy condition and allow showings as often as needed in order to get a replacement tenant. Offer to stay until the replacement tenant can move in. This way, the landlord suffers no loss of rent, you are not paying for a place in which you do not live and all you are out is the advertising costs. Your credit and rental histories will not be affected.

2. Negotiate a lease buyout with the landlord. Start by offering the amount equal to 2 months rent. The landlord may require another month. If you come to an agreement, get it in writing. This way your liabilities end with the lump sum payment. Your rental and credit histories will not be affected.

3. Move out without any agreement. The landlord can hold you liable for the rent until either the lease expires or a replacement tenant is found. The landlord can hold you liable for any costs he incurs due to your breach, such as advertising costs, agent fees, etc.

If you do not pay the amounts above, the landlord can sue you. The judgment will include not only the costs mentioned, but court costs and accrued interest until the judgment is paid.

Your rental and credit histories will be ruined. The judgment can be renewed for up to 20 years and the landlord can garnish wages or bank accounts, place liens on (future) personal property, etc.

Future landlords will deny renting to you due to the unpaid judgment. Many employers check credit, so you can be scrutinized for having the open judgment against you. Insurance companies and other creditors pull credit and adjust your rates dependant on your credit, so you will be paying higher rates for many years.

You cannot sublet unless the landlord gives you permission to do so.

Subletting can be a bad idea, because you are essentially the subtenants landlord and remain liable to your landlord for the entire lease term. If your subtenant fails to pay rent, damage the place or default in some other way, you are responsible to evict them. You are still responsible to pay your landlord any rent or damages owed. You then have to sue your subtenant to collect from them.