How Lease Buyouts Work

A lease buyout is a term that may be included in your initial apartment lease or established by the apartment management policies. It defines an amount you will need to pay to break the lease early without penalties. After that point, you will not be expected to pay rent for the rest of your lease duration.

Lease buyouts often also come with a notice period of 30-60 days. This defines an amount of time you are expected to continue paying rent between notifying your apartment manager and paying the buyout price. Notice periods are rarely longer than 2 months, giving tenants time to move out and wrap up any final matters while setting an end-date to their shortened lease.

Do All Apartments Offer Lease Buyout?

Lease buyout for apartments is not always available. Only some apartment owners or management companies offer a lease buyout option. Others may require you to pay rent for the full duration of your lease or find a new tenant to take over your lease before your obligation is complete. Others may enact different policies or penalties for breaking the lease early.

Always check the termination clauses in your apartment lease and check with the management office before making plans to break your lease. When a lease buyout is not available, your next most affordable option may be to transfer your lease to a new tenant.

When Should You Use a Lease Buyout?

There are several situations where a lease buyout is the right path for moving out of your apartment before the end of your lease term.

• You Must Relocate for a New Job
  • You have been relocated by your employer or accepted a new job that requires you to move to a new location.
• You Can't Pay Rent in the Future
  • You won't be able to complete rent payments for the rest of the term and have sought more affordable housing.
• You Experience a Personal Emergency
  • A personal or family emergency requires you to be somewhere else for the rest of your lease.
• You Are Relocating for Military Service
  • You have been called to military service and will not be present for the rest of your lease.

The Pecan Grove Apartments Lease Buyout Policy

Here at Pecan Grove Apartments, we are glad to offer a reasonable lease buyout policy to help residents who need to end their lease early. We have prepared this policy to provide the greatest convenience and ease of transition for both our residents and apartment management requirements.

• 60 Day Notice Period
• Lease Buyout Equal to 1 Month's Rent
• Fee Waived for Service Members via the Servicemembers Civil Relief Act (SCRA)

Let our management office know as soon as your plans change. Our notice period of 60 days gives you time to prepare for your move and gives us enough time to prepare to fill the vacancy. The lease buyout fee is 1 month's rent, ensuring affordability for our departing residents.

If you are a service member, your lease buyout fee may be waived in accordance with the SCRA.

If your plans are changing, contact the Pecan Grove management office and request a lease buyout. We'll be glad to help you with the process.

Accommodating Apartments in Alexandria, LA

If you are looking for apartments in Alexandria, LA, with accommodating policies like a lease buyout, you are welcome to visit us at Pecan Grove Apartments. Our management policies strive to provide convenience and affordable flexibility for our residents. We understand that plans change, and not always in time with the end of your lease. Whether you stay with us for many years or need to break your lease early, the Pecan Grove management team is here to help. Contact us to inquire about availability and explore our friendly lease policies.