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How to Break Your Lease in NYC

brickunderground.com · 847 words · saved by 1 readers

Owners are required to try to find another tenant to take your place if you break your lease—and these days, that's not hard to do. iStock When you sign a lease for a New York City rental apartment, you are essentially signing a contract: You are on the hook to pay rent for the entire length of the lease term. This is usually 12 months but sometimes it can be as much as three years. If you need to leave your apartment before the end of your lease, you risk losing your security deposit, or worse, have to pay rent until a new tenant is found. The good news is NYC landlords have what’s called a duty to mitigate damages—this means they have to do all they can to find another tenant at the same rent or market rent, whichever is lower. They can choose to increase the rent if it’s a really competitive market and by doing so, it lets you—the original tenant—off the hook. [Editor’s note: An earlier version of this story ran in June 2022. We are presenting it again here with updated information

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