IAC Raising Lease Break Fee

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wendyinoc_IHB

wendyinoc_IHB

New member
Starting Monday it will be around $5K. If you renew your lease you will get an addemdum. I guess they don't want anyone to leave.
 
Ouch! That sounds painful. I kind of liked having the lease break option but not at $5K. My lease is coming up soon but going month to month would cost me $200 more per month than a 1 year lease.
 
What is the deffinition of kidnapping? Is anyone willing to pay the ransom if I want to leave?

Our lease break was/is $2400....

They are getting desperate now
 
wendyinoc said:
You think they would be doing well due to the market. Why would they raise it in our current market?
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The Market is horrible Wendy, they are just trying their hardest to keep Residents, imagine losing your Job, as so many people are doing, you can't afford high IAC Rents and have to come up with $5000 to leave?

IAC are scraping the Barrell now, it's absolutely despicable! It's a clear sign of desperation on their part.
 
PeterUK said:
wendyinoc said:
You think they would be doing well due to the market. Why would they raise it in our current market?
Click to expand...

The Market is horrible Wendy, they are just trying their hardest to keep Residents, imagine losing your Job, as so many people are doing, you can't afford high IAC Rents and have to come up with $5000 to leave?

IAC are scraping the Barrell now, it's absolutely despicable! It's a clear sign of desperation on their part.
Click to expand...

Not sure that your perceptions of a horrible housing market are accurate. This is the first article i've been able to come across on the positive correlation between for rent and for sale. most other's are negative citing the shadow market.http://www.reuters.com/article/marketsNews/idINN0330368320080403?rpc=44
 
They cant be serious. $5K.

I have been seeing alot of people moving out in the last few weeks @ my IAC.

Well I am going in this week and signing for another 11 months. Thats the shortest

lease they are telling me they have. My last one was 8 months. And they DID lower my rent

after I told them I would move to get the discount in the same building.

Later this week when I sign the new lease lets see if they try to float that lease breaking amendment

under my nose. I think that would be very rude and I would balk at signing.
 
IAC units are dropping like crazy, especially the one bedrooms. More people are deciding to get roommates and it's getting hard for a single person to afford the cost of a one bedroom. If you are a couple and can squeeze into a one bedroom like us, there are some good deals out there.
 
Thankfully we already signed our lease before that. Not that we're going to break it, I like my nice cheap rent. Any place that I purchase is going to have a tax base close to what my rent is right now.... Again, have I mentioned how much I like our cheap rent.

The downside is out neighbor is almosts zero idea being a good neighbor during the wee hours of the morning.

-bix
 
This is where you pay someone X dollar amount to take over your lease (maybe $1500 to $2500). It's better than paying $5000 to IAC. Craigslist will be your best friend.
 
Holy crap! :ahhh: Talk about crazy. Hopefully new renters read their contracts first instead of just breezing through the text and blindly signing them.
 
They will not be able to collect the 5k from anyone that doesn't want to pay.

In the state of California they cannot penalize you they can only recover cost.

In other words they can really only charge you the lessor of the rent until it is leased or the 5k. So if you plan on breaking your lease just let them know well in advance and ask the property manager to show your property as ready a week after you move out. For repairs.

You will then only be held responsible for the week that the apartment is not rented out.

I had to do this in San Diego because of a transfer and it worked out really well. Instead of the 2k lease break fee it cost me about $400.
 
Wasn't it posted somewhere in the last two weeks that the IAC has a mere 5-6% vacancy rate? If so why would they try to implement a fee like this. According to that vacancy rate they should have no trouble leasing all of these overpriced units.
 
so glad you posted this information - this will definetely change my outlook as I go into my renewal this summer - those of you with lease renewals coming up please keep us updated! Part of the reason we went with IAC was because the lease break was simple if we chose to buy a house - 2500 and you are out. 5000 is a bit more difficult to accept.
 
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