Introduction
If you’re a tenant, you may have come across the term “reletting charge” when moving out of your rental property. A reletting charge is a fee charged to a tenant when they break their lease early and the landlord has to find a new tenant to replace them. In this article, we’ll take a closer look at what a reletting charge is, when it’s charged, and how much it typically costs.
When is a Reletting Charge Charged?
A reletting charge is typically charged when a tenant breaks their lease early and moves out before the end of the lease term. When this happens, the landlord is left with a vacant unit that they need to fill with a new tenant. To cover the costs associated with finding a new tenant, such as advertising the unit and screening potential tenants, the landlord will often charge a reletting charge.
How Much Does a Reletting Charge Cost?
The cost of a reletting charge can vary depending on the landlord and the rental property. In some cases, the reletting charge may be a flat fee, while in others it may be a percentage of the rent for the remaining lease term. Some landlords may also require the tenant to pay for any rent that is lost while the unit is vacant.
Why Do Landlords Charge Reletting Charges?
Landlords charge reletting charges to cover the costs associated with finding a new tenant. These costs can include advertising the unit, screening potential tenants, and preparing the unit for the new tenant. Additionally, landlords may charge a reletting charge to discourage tenants from breaking their lease early.
How Can You Avoid a Reletting Charge?
The best way to avoid a reletting charge is to fulfill your lease agreement and stay in the rental unit until the end of the lease term. If you need to move out early, you can try to negotiate with your landlord to waive the reletting charge or find a replacement tenant yourself.
What Are the Legal Requirements for Reletting Charges?
The legal requirements for reletting charges vary depending on the state and local laws. Some states have laws that limit the amount that landlords can charge for reletting fees or prohibit them altogether. It’s important to check your local laws to ensure that your landlord is charging a legal reletting charge.
How Do Reletting Charges Affect Your Credit Score?
Reletting charges do not typically affect your credit score, as they are not reported to credit bureaus. However, if you do not pay the reletting charge, it could be sent to a collection agency, which could negatively impact your credit score.
Conclusion
In conclusion, a reletting charge is a fee charged to a tenant when they break their lease early and the landlord has to find a new tenant to replace them. The cost of a reletting charge can vary depending on the landlord and the rental property, and it’s important to check your local laws to ensure that your landlord is charging a legal reletting charge. To avoid a reletting charge, it’s best to fulfill your lease agreement and stay in the rental unit until the end of the lease term.
