Breaking Lease Early
If I have to break my lease early, do I get my security deposit back?
By law, the answer is “No” in most cases.
In the event that the lease is being broken early within the first year of tenancy, then the security deposit is automatically forfeited.
In the event that the lease is being broken early within a lease renewal period then Bell Realty will typically try to work with a tenant to refund a portion of the security deposit on a case by case basis. A lot will depend on the Landlord being able to rent out the apartment quickly to avoid rent loss. In addition, to qualify for refunding the security deposit the following conditions must be met:
- The Tenant is in good standing and owes no back rent or fees.
- The Tenant has provided written notice at least 60 days in advance expressing a desire to vacate the unit providing a specific leave date and a forwarding address. They may use the Contact Form on the website.
- Tenant will provide reasonable access to the unit to a broker designated by Bell Realty, if requested, to show prospective future tenants. Tenants should not attempt to rent the apartment on their own or attempt to sublease the apartment.
- Apartments are not considered fully vacated until the keys are returned to the Superintendent or Bell Realty. This should occur prior to the end of the month. Keep in mind that most leases are signed on the 1st or the 15th of the month, the more time you provide the Landlord to rent an apartment the more likely you would be to receive a portion of the security deposit back.
- All move-out procedures should be followed.