I’m not exactly sure where I should place this question so I’ll ask it here.
I plan to graduate in Fall of 2015 and move out of my current apartment. My main concern is since I renewed my lease for Aug 2015-July 2016 how will I cover the expenses after January? There is the option of subletting which I plan to do but what if no one sublets my apartment? My financial aid covers my housing expenses and now I’m a bit worried that I won’t have the money to cover it if worse comes to worst. Have you known or been in a similar situation? I really don’t want to delay graduating another semester but I had to renew my lease so I had somewhere to live during the summer and fall.
Side note: I do plan to work more during the summer and set a certain amount for rent… I just don’t know if it’ll be enough
Legally you are obligated to you full year commitment - if you read most leases they specify that your rent is $x for the year divided into 12 monthly payments of $x/12. It’s like buying a pizza and then after it comes deciding you want to give half of it back.
This is something you should have discussed with your landlord. Since it is your current apartment, you should have approached them before signing the lease to see if they would give you a 6 month lease extension. At that point you still had leverage because they didn’t have you committed.
Best thing to do is approach that landlord and see if they would modify the lease end date, or baring that, allow you to leave early with a buyout. If you give them enough notice, they might be willing to try and find someone to take the apartment - relieving you of the burden of searching.
If that doesn’t work, make sure your lease allows for subletting. If not, you could be even worse off if you choose that route and get caught.
So you are graduating in december? Then sublet your apt. Usually there is someone comeing in as a transfer that needs a place. Ask your landlord if you can end your lease early if you find someone else to lease.
My daughter had to do that but there was more apt supply than demand so she had to reduce the price.