Here's what to know if you are considering breaking your lease. (via CNBCMakeIt)
, tells CNBC Make It. If they have multiple tenants, they are likely already having these conversations and might have a financial hardship plan in place.
If your landlord won't play ball, as Taylor's wouldn't, then check what your rental agreement says about breaking your lease. Many require a penalty payment — sometimes as much as two months' worth of rent — and you will need to give proper notice, which varies by situation but is typically between 30 to 60 days. Additionally, research the tenant laws in your state to see what protections, if any, you might have.
You should also check your lease language to see if you can find a new tenant to take over the lease. That might be difficult right now, but it would save you from being on the hook for the rent. Alternatively, find a subletter. In New York City, landlords "cannot unreasonably refuse consent to a sublet," even if the lease says otherwise, Hammelstein says.
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