CEO of Oxford Adam Mahfouda Comments About Breaking The Lease During The Coronavirus Pandemic

As the coronavirus spread through major cities, many people were forced to leave their homes. However, that doesn’t automatically mean renters can walk away from their leases without consequences, according to real estate experts.

“It's not typically easy to just break a lease. Landlords usually require tenants to pay penalties or find a replacement tenant,” said Adam Mahfouda, founder and co-owner of FIND Real Estate in New York City, in an interview with FOX Business. “You can be responsible for paying the full rent for the lease term in addition to any late charges or damages associated with your lease.”

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With millions of Americans losing jobs or being furloughed due to COVID-19, many renters are now struggling to keep up with rent payments. In situations like this, Mahfouda advises tenants to be upfront with their landlords and explain their circumstances.

“Express you are very willing to move out of the apartment, pay a small penalty, and give back the keys," he said. "The last thing a landlord wants is a tenant in their apartment that is not paying rent and doesn't have the ability to pay rent either. Offering a penalty shows consideration and humility.”