wendyinoc_IHB
New member
<span style="color: purple;"><span style="font-size: 13px;">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. </span></span>
IAC Raising Lease Break Fee
- Thread starter wendyinoc_IHB
- Start date
NEW -> Contingent Buyer Assistance Program
CalGal_IHB
New member
Wow :gulp: that would keep me from not breaking my lease. We only had a $1900 lease break fee.
IACRenter_IHB
New member
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.
lendingmaestro_IHB
New member
Hmmmm...if this is true, it's going to piss a lot of people off. I see litigation in the future.
PeterUK_IHB
New member
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
Our lease break was/is $2400....
They are getting desperate now
lendingmaestro_IHB
New member
woah...
IrvineRenter_IHB
New member
Charging a lease break fee is one thing. Collecting that fee is something else...
ConsiderAgain_IHB
New member
[quote author="IrvineRenter" date=1207562583]Charging a lease break fee is one thing. Collecting that fee is something else...</blockquote>
True, but the credit report...
True, but the credit report...
wendyinoc_IHB
New member
You think they would be doing well due to the market. Why would they raise it in our current market?
PeterUK_IHB
New member
[quote author="wendyinoc" date=1207568717]You think they would be doing well due to the market. Why would they raise it in our current market?</blockquote>
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.
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.
jcaraway_IHB
New member
[quote author="PeterUK" date=1207569607][quote author="wendyinoc" date=1207568717]You think they would be doing well due to the market. Why would they raise it in our current market?</blockquote>
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.</blockquote>
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
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.</blockquote>
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
bltserv_IHB
New member
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.
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.
lendingmaestro_IHB
New member
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.
biscuitninja_IHB
New member
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
The downside is out neighbor is almosts zero idea being a good neighbor during the wee hours of the morning.
-bix
punchenpie_IHB
New member
Holy crap! :ahhh: Talk about crazy. Hopefully new renters read their contracts first instead of just breezing through the text and blindly signing them.
trrenter_IHB
New member
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.
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.
interloper_IHB
New member
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.
movingaround_IHB
New member
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.