Anyone else here forced to retire and scared to death?

[2017ish]

...

I pushed the property management company again about letting me out of my lease and they again said ...NO! I thought I had six months on my lease, but instead it is eight months. My rent is about $2500.00 a month so I will be paying about $20,000 to pay off the lease. If I were to move to a place like Richmond I could move into a nice one bedroom for about $800 a month, so could have saved $13,600 in the next eight month and forward.

...

Until I can get away from my overpriced apartment, my life is on hold.

You can get away. Find another place, pack up the car, and drive off.

Unless there is something weird in the governing law, the nolo link given earlier indicates Virginia follows the general rule that the landlord is obligated to mitigate its damages and relet the apartment. If they relet quickly, they may be obligated to refund any deposit and if the unit and complex is attractive, they most likely are going to relet well before 8 months.

 

[razztazz]

I have been holding back mentioning this because I don't want to imply the OP hasn't read his lease. But sometimes you can lose sight of details. To wit:

I spent 30 yrs living in apartments in several states. All but one of them required 1 year leases. They all very clearly said I was on the hook for 1 yr, X-thousands of dollars, and that paying 1/12th per month was an acceptable way to pay it off.

They also all said either party, lessee or lessor, could end the lease for any reason with, usually, 30 days written notice. New York I think had a 60 day clause. That part was never as boldly stated nor easily readable as the 1-Year for $7200 bucks at $600 a month part. All of these were standard mega-development corp apartment complexes.

The office manager isn't going to call this to your attention. They just want your money and be able to report to HQ 90% full units. If you haven't yet, tease through the lease and see if there is something like a 30 or 60 day clause that says YOU can leave with written notice and that the owners can oust you for any reason with written notice.

Just a thought

 

[karen1972]

I have been holding back mentioning this because I don't want to imply the OP hasn't read his lease. But sometimes you can lose sight of details. To wit:

I spent 30 yrs living in apartments in several states. All but one of them required 1 year leases. They all very clearly said I was on the hook for 1 yr, X-thousands of dollars, and that paying 1/12th per month was an acceptable way to pay it off.

They also all said either party, lessee or lessor, could end the lease for any reason with, usually, 30 days written notice. New York I think had a 60 day clause. That part was never as boldly stated nor easily readable as the 1-Year for $7200 bucks at $600 a month part. All of these were standard mega-development corp apartment complexes.

The office manager isn't going to call this to your attention. They just want your money and be able to report to HQ 90% full units. If you haven't yet, tease through the lease and see if there is something like a 30 or 60 day clause that says YOU can leave with written notice and that the owners can oust you for any reason with written notice.

Just a thought

In a similar vain once you have read your contract, review rights on tenants on your states website... every state has protections for renters and most landlords don't even know them and often write contracts that aren't even enforceable. I've never not had an out clause, mine was 60 days notice plus 1 month... which 3 months of rent was better than 8.

 

[gauss]

I think that he is still in denial.

Forced: Sign a lease for a new $800/month place move your stuff, write the current place a letter sent certified mail (<$5) and drop off the key. Don't pay any more of your valuable capital on the old place.

Why is this so hard? You mentioned first that you had no family and no attachment to the expensive area, but in a later post you mention family and friends in the area that would be convenient from Richmond.

Talk to one of the free legal service clinics in your area and have them explain to you the worse case scenario if you break your lease early.

Your attachment to the current lease appears irrational.

I hate to keep harping on this and throwing the smelly fish on the table, but it is the #1 thing you can do to help yourself.

 

[Llep]

Your situation defies my understanding. How long was your lease? I have never had one for longer than 12 months. You say you have been out of work for 9 months and you no longer receive unemployment payments. Are you saying that 4 months ago with 1 month left on a typical 6 month unemployment run, that you renewed your lease for another year? Are you sure you aren't trolling us?


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[lucky penny]

Of course if you ask the management company about getting out of the lease, they will say NO! It's in their interest for you to stay & pay. But as other have noted, if you vacate, the landlord cannot simply sue & recover what's owed on the lease; they have to try to mitigate damages by renting to someone else, so they will have to do that when you leave. Seems to me the worst case scenario if they sue is that you'd be liable for another month's rent, maybe two -- if they sue at all. For reassurance, see if you can talk to Legal Aid, but every day you stay there is costing you money that will add up fast, so your focus should be on getting out ASAP. Don't let yourself be paralyzed by fear & anxiety about the unknown. You didn't get into this situation by choice, but how you react to it IS your choice.

Easy to give advice from afar, I know. Most people in your shoes would feel anxious too. But sometimes you just gotta leap.

 

[ivinsfan]

No your life in not on hold until your lease expires, in fact you are losing options every month that you continue to pay that rent, options you will not easily get back. Money=Options. As long as they say No and you continue to pay the rent, why the H#$l would they give any other answer.

Don't throw down with them right now, go a find an apartment for less money and move there ASAP. Look through your lease if you can't find it get a copy from management follow any lease breaking options to the letter and you might even get your deposit back. I remember the first lease my daughter signed on her own out of college had a loss of employment clause allowing you to vacate the lease. Read your lease and call for some free legal help, it will be the easiest 20K you have ever made.

 

[Texas Proud]

I am with others to just pack up and leave....

BUT, I would not move out on the 1st day of the month... they can claim that month for sure even if they do rent it out again (that is debateable as I have seen it both ways on the TV judge shows)... but, there is no way they will get 8 months... the most I have seen a judge give is 3 months... and that was a roommate situation where they live in the same place....

I would also be less concerned about my credit rating if it is going to cost me $15K.... you might be able to put something in your file about becoming unemployed etc. etc...

 

[nash031]

Yep, serve notice, then leave. They can sue you, but they'd be better off just keeping your deposit and re-renting. VA law prohibits them from collecting rent from you at the time they re-let the apartment, and in your shoes I'd take my chances. Even if you pay a month or two in rent to terminate, that's still money in your pocket.

You're going to end up spending almost 7% of your available assets just renting that place for 8 months. That's not a good way to start your retirement. If you leave, get sued and pay two additional months rent plus the loss of deposit, and rent an $800 place, you have only spent 4.5%. If the best case happens and they seek no damages or rent right away, your spend is down to 3% (deposit plus new rent).

This is a no-brainer. You're talking big bucks relative to your situation. Take action.

 

[Walt34]

As the others have suggested I think your best option is to find a cheaper place to live like Richmond, rent the apartment there, and then move. Only then let the management in Fairfax know. Yes it may ding your credit score for a while but by the time that matters you'll have a full year in the new place reestablishing good credit.

Frankly I'd make the move to a different state like MD or WV to make it harder for them to sue you. It isn't likely they'll bother but why make it easy? Both states have low COL places that are within an hour or two of DC if that is important to you.

 

[SumDay]

I agree with the "get the h*ll out of Dodge" sentiment. Find a place, give them notice, no forwarding address, and move. I've been a landlord, and there are people who are professionals at getting a free place to live. In my state, there's very little you can do when they stop paying. It takes months to get them out, and even if you do get a judgement against them upon eviction, the landlord never sees the money. If they can't find you, they can't sue you. And if you had to give them a contact when you filled out your application, alert them so they can tell the collector they have no idea where you moved. Get a new cell number too. Seriously, this not worth 7% of your assets. You're being too nice to them. Be nice to yourself and get this process moving, literally. I see getting out of that apartment as your #1 priority. JMHO, of course.

 

[Ready]

I agree with everyone's sentiments regarding bailing on the lease and finding a lower priced apartment. But I can understand the OP's anxiety over doing this. I have some family members who see the world as very literal and don't believe they can do things unless other people tell them it's OK to do so.

Sometimes you just have to do what you have to do to survive, even if that means doing something that you have been told is not possible.

 

[RetireAge50]

I think someone mentioned dog walking for 50 cents a minute. Do this for 5,000 minutes per month. Two birds with one stone: Get healthy and live in a sweet apartment.

 

[CountryGal]

Gosh, for that 20K you could BUY a place in FL at the link someone provided a few pages ago.

 

[CountryGal]

OK, someone asked me to stopping complaining and make some changes to my attitude and DO SOMETHING about my situation.

Talk to a legal aide attorney about how I can break my lease without destroying my credit so I could not rent in the future.

Drive down to suburban Richmond VA and check it out. I can live there and be within 100 miles of my friends and family in the DC area but live in a cheaper more low keyed town. I see nice apartments advertised there for under $800 a month. I will talk to them about how I can rent without a job but with assets. (Maybe pay a year ahead in rent?)

Forced - what about these items on your plan? Curious how they turned out.

 

[Amethyst]

If this is a big property management company (which it sounds like) the property manager is basically a big old butt-in-a-seat, who has no power to negotiate. All they can do is quote policy at you. Their job would be in danger if they didn't.

There might actually be company "management," who will see reason ("I have no income, and no prospects of getting any. I literally cannot pay the rent any more. Would you prefer me to stick around until you are forced to evict me, or would you please accept my security deposit as my parting gift?" This is why security deposits exist.

But an attempt to find, and deal with, a responsible party might be more trouble than it is worth. And I speak as a former landlord, who pays her bills and cares deeply about her own credit rating. In this situation, you, not the property managers, are in the driver's seat.

Amethyst

Of course if you ask the management company about getting out of the lease, they will say NO! It's in their interest for you to stay & pay. But as other have noted, if you vacate, the landlord cannot simply sue & recover what's owed on the lease; they have to try to mitigate damages by renting to someone else, so they will have to do that when you leave. Seems to me the worst case scenario if they sue is that you'd be liable for another month's rent, maybe two -- if they sue at all. For reassurance, see if you can talk to Legal Aid, but every day you stay there is costing you money that will add up fast, so your focus should be on getting out ASAP. Don't let yourself be paralyzed by fear & anxiety about the unknown. You didn't get into this situation by choice, but how you react to it IS your choice.

Easy to give advice from afar, I know. Most people in your shoes would feel anxious too. But sometimes you just gotta leap.

 

[FI by 2024]

Your situation defies my understanding. How long was your lease? I have never had one for longer than 12 months. You say you have been out of work for 9 months and you no longer receive unemployment payments. Are you saying that 4 months ago with 1 month left on a typical 6 month unemployment run, that you renewed your lease for another year? Are you sure you aren't trolling us?


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Leases over 12 months are fairly common in this area. Mine is 18 months.

Forced, the Virginia Residential Landlord and Tenant Act 55-248.33 and 55-248.35 is what you need to look at. Per state law the landlord is required to try to re-rent the property and then you are only responsible for the difference. Also, any lawsuit would probably be in small claims court and the small claims limit in VA is $5000.

Honestly...you should move. I'm 100% an "ask permission" type but you really don't have a choice unless you go get one of the jobs people keep bringing up. You need to take some sort of action. No more sitting around telling us why you can't do something. Just get out there and do it.

 

[aaronc879]

I have to disagree with the majority here. Maybe it's only a Wisconsin thing but I know that around here you can't just break a lease whenever you want. The landlord can and will sue you and put a lien on you. A lease is a contract that you need to fulfill or there will be consequences. Maybe it varies from state to state and I agree that the OP should look into the details for his area. The OP should only consider breaking the lease if he's certain he'll never buy a property and also won't need a good credit rating for the next decade or so or a good rental reference.

 

[jazz4cash]

In light of landlords responsibility to fill the vacancy if you leave, what is the current vacancy rate in your bldg? If someone anonymously inquired about a unit comparable to yours, are they readily available?


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[haha]

There has been an incredible number of replies and views of my posting. It shows that early retirement is not all smiles and joy for many.

Though you clearly would love this to be true, it isn't. What is true is that many people here are very helpful, and perhaps a bit slow to recognize a human entropy generator.

 

[ivinsfan]

LOL! The OP just needs a little hand holding and some encouragement

 

[Bigdawg]

LOL! The OP just needs a little hand holding and some encouragement

You can lead a horse to water but you .........

 

[Texas Proud]

I have to disagree with the majority here. Maybe it's only a Wisconsin thing but I know that around here you can't just break a lease whenever you want. The landlord can and will sue you and put a lien on you. A lease is a contract that you need to fulfill or there will be consequences. Maybe it varies from state to state and I agree that the OP should look into the details for his area. The OP should only consider breaking the lease if he's certain he'll never buy a property and also won't need a good credit rating for the next decade or so or a good rental reference.

It does vary from state to state, and in some cases in a city...

Just my guess, but since OP is renting now I doubt he is looking to buy...

I also do not think his credit would be bad for 10 years... maybe 1 or 2....


LAST... to the OP... another option since some people are mentioning it... what ARE the laws in your state IOW, if it takes them a few months to evict you.... just stop paying the rent... tell them you lost your job and cannot find a new one... once you get a job you will be happy to start paying rent again.... if it does take months to evict, then I bet anything they will agree to let you out of your lease... or, just stay there and live rent free for awhile...


From what I have seen on the news there was someone who lived for over 6 months rent free... they would never answer to get served... and since you could not evict without a court case and if you are not served there is not court case... you can drag it along.... now, for me I would not go down this road as I would bet they would come and try to collect... but not paying the rent for a couple of months I might do....

 

[ERD50]

...
I spent 30 yrs living in apartments in several states. All but one of them required 1 year leases. ...

They also all said either party, lessee or lessor, could end the lease for any reason with, usually, 30 days written notice. New York I think had a 60 day clause. ...

I'm curious about this. In that case, what makes it a one year lease? Sounds like a 30 or 60 day lease with a 1 year maximum term?

I just looked through my daughter's lease, it's a standard contract (the landlady is a RE agent), and I didn't see anything like that.

-ERD50

 

[gayl]

Having a hard time reading all 9 Pages because I'm doing this on my cell phone. Computer is dead. Not sure I'm getting another one.

That said, isn't the landlord required to attempt to rent the apartment once you give notice? I mean don't they have to mitigate the damages at some regards? That's the first question you should be asking your local Agency on Aging.

The second comment that I have is that tax preparation stores will be gearing up very very soon. If you have collected unemployment, are you eligible for training benefits? I know tax preparation at one of the stores, that would be H&R Block, Liberty Tax, Jackson Hewitt, and the like, only pay minimum wage plus maybe 10%. But if you got a job with one of them you could utilize that 4 month employment for another 6 months of unemployment.

Plus we are going into the holiday season. What about retail just to get you through the holiday season until taxes start up again

Anything you can do to save dipping into your 300,000 savings will go a very long way. Working a minimum-wage job at a tax store is not going to increase your Social Security. But by limiting the amount that you have to take out of your retirement savings you will increase your overall take home.