Breaking lease with Irvine company

yoyo2012

New member
My lease is expiring in less than 2 months and I am currently house hunting. The renewal rates with Irvine company are excessively high for anything with some flexibility. Current rent is $1700. Month to month will be $2300/mo. 13mo lease is 1800/mo. 8mo lease 1900/mo. 4mo lease 2200/mo. That proprety doesn't have an early termination fee so I'm basically liable for the rent til end of lease unless they find another tenant. However, I am not sure why they would try to rent that property before any other given that one would already be paid for. What are my options here to keep some flexibility toward finding a house. The 2300 a month seems really excessive. I guess I could sublet the unit and offer some incentive but that comes with its own headaches. I was thinking of turning it into Airbnb as well once I move out to simply not lose any money but not sure if I would break even and there would be some hassle there.

 
Just go month to month until you find a new place.

Or temporarily move to another location for a short term lease.

You can consider some long term stay hotels for housing also.
 
I thought if you buy a new TIC house, they will refund some of the rent if you are renting from them too.
 
Lease breaks through ICAC are outrageously high so plan accordingly. Speak with the leasing agent for the different price points. I think the shortest is around five months and the longest of value is thirteen. Everything is estimated by their computer now so they can give you estimates, but not necessarily flexibility.
 
Depending on where you rent, the demand, and inventory, if they put your apartment back on the market and get a renter soon after you give your move out date, there is no lease break fee, I had that option when I was at the Village a few years ago. 

When they put your apartment back on the market, and if it rents you have to be out and you have no option to stay.  We actually had someone who wanted to move in early at the apartment I was in, so I gave it up even earlier than expected, made no difference to me, but you may be in a different situation.
 
My wife and I are in similar situation as you are. We lives in Woodbury apartment and still have 4 month lease to go before moving out to another place. So I am looking for a way to make the damage as minimum as it can. My current solution is put notice of vacate so that TIC could put my place back to market and hope for the best that someone could rent my place soon. Anyone here know if we can just add a tenant(If we found one) under out contract and and move ourselves out of contract?

 
I'm pretty sure this is what they told my roommate when he asked about switching names on a contract.

You can't transfer your contract, you can sublease it to them until your lease is up, just don't tell TIC, but you're still on the hook for any damages they may cause, and there's no guarantee that TIC will continue to rent to them when your lease is up.

I personally wouldn't sublease it, just asking for trouble.

nobody said:
My wife and I are in similar situation as you are. We lives in Woodbury apartment and still have 4 month lease to go before moving out to another place. So I am looking for a way to make the damage as minimum as it can. My current solution is put notice of vacate so that TIC could put my place back to market and hope for the best that someone could rent my place soon. Anyone here know if we can just add a tenant(If we found one) under out contract and and move ourselves out of contract?
 
TIC typically allows you to choose either option:

1. Pay the lost rent until your unit is rented out. Max loss here is all the rent until lease ending date if the unit did not rent till then.
2. Pay 2 months lost rent upfront at the lease break and you are not responsible if they took longer than 2 months to rent the unit out.

Check with the leasing office.
 
akkord said:
I'm pretty sure this is what they told my roommate when he asked about switching names on a contract.

You can't transfer your contract, you can sublease it to them until your lease is up, just don't tell TIC, but you're still on the hook for any damages they may cause, and there's no guarantee that TIC will continue to rent to them when your lease is up.

I personally wouldn't sublease it, just asking for trouble.

nobody said:
My wife and I are in similar situation as you are. We lives in Woodbury apartment and still have 4 month lease to go before moving out to another place. So I am looking for a way to make the damage as minimum as it can. My current solution is put notice of vacate so that TIC could put my place back to market and hope for the best that someone could rent my place soon. Anyone here know if we can just add a tenant(If we found one) under out contract and and move ourselves out of contract?

Maybe you'll get lucky and find someone who needs a short term lease to sublet it to. We were looking for a place between the sale of our house and move in (got lucky and pushing the builder and renting back a bit, pushing the escrow out paid off for us so we didn't need to find a place). It's REALLY expensive to short term lease a place, so that is why we were looking to sublet.

Ask at the leasing office. I never followed thru, but I found a few in various areas around the county (including one in Irvine) for sublease on Craigslist which specifically stated I needed to go thru the leasing office to sign the sublet agreement.
 
I actually ended up extending the lease for a year planning to pay someone to take it over if needed. But then we ended up buying Irvine pacific property so I can break the lease with 30 days notice.
 
Good for you. Glad it all worked out.

I might have to pay someone to take over the lease down the road. What would be fair offer that will motivate people?
 
My community had a high occupancy rate (which is likely the same everywhere else in Irvine). I saw a few postings trying to get someone to take over their lease and they were offering $500 or so. I figured I might have to go to $1000-1500 if occupancy rate gets worse.
 
So I'm in this situation. My lease is until next July and I'm moving into my new home in December of this year. I'll have to break my lease and the home isn't built by IP. Am I stuck paying 2 months rent?
 
Any reader on this board to share the experience of breaking lease and not paying 2 month rent as penalty? How long it took IAC to rent out your unit?
 
We were in the same situation in July. IAC was able to rent it out in a week. It was rented around 3rd week of July. I think we got lucky - since school year starts during this time. 
 
Cornflakes said:
Any reader on this board to share the experience of breaking lease and not paying 2 month rent as penalty? How long it took IAC to rent out your unit?

Given the current tight rental market, if the renter give ample of notice to the owners, then I would market the house quickly and avoid the penalties to all parties . Of course this would be in the renter best interest to return the home in pristine condition and cooperate fully with the landlord. The home should rent out fairly quickly when all of the ducks lined up properly.
 
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