Need to Move Out Before Your Lease Ends in Chicago?

Some landlords offer their tenants an option to break their lease in exchange for a lump sum payment. The fee varies by landlord and can be between two months of rent to four months of rent plus forfeiture of the security deposit. 

Pros: 

• Quick and simple: You pay the fee, walk away, and you're off the hook from your lease.
• No need to find a replacement tenant: You're not responsible for advertising, vetting tenants, or coordinating showings. 
• No future liability: Once the payment is made and received by the landlord, your responsibilities for the apartment typically end. 

Cons: 

• Very expensive: In Chicago, this fee could easily exceed several thousands of dollars depending on your rent. If you're already stressed about money, this option can worsen the situation. 
• Non-negotiable: In most cases, landlord will not budge on the fee amount or the timing. Landlords almost never agree to payment arrangements or breaking the fee into smaller chunks - they will require one full payment upfront. 
• Immediate termination is not always guaranteed: Sometimes landlords require payment of the early termination fee before they will begin marketing the apartment for a new tenant. In some cases, the landlord will continue to require you to pay rent until they find a new tenant for the apartment. In other words, your responsibilities for the apartment might not terminate immediately after paying the buyout. 

This option is generally best for renters with significant discretionary income and savings who have minimal time or energy to spare and do not want to be involved with advertising their apartment at all. 

In a sublease, you remain on the lease and are still legally responsible for the apartment even though someone else (a "subtenant") temporarily lives in your apartment and pays you rent.

Pros: 

• Great if you're returning to the apartment: If you are temporarily leaving Chicago for any period of time but plan to eventually return to your apartment in Chicago, subleasing your apartment allows you to keep your apartment without having to shoulder the rent payments in your absence.
• Can be quicker than a lease takeover: You will need to confirm whether your landlord allows subleasing; and if they do, with if any landlord involvement is required. In some cases where the landlord does not need to approve the subtenant, you will be able to quickly close your sublease. Without much back and forth with the landlord. However, if the landlord does require your subtenant to be approved by the landlord, the overall timing of completing a sublease is comparable to a lease takeover. 

Cons: 

• You're still on the hook: If your subtenant stops paying you rent or damages the apartment and/or common areas of the property, you are 100% responsible - legally and financially.
• You become a "landlord": You'll have to chase down rent, mediate maintenance issues, and potentially negotiate out of awkward situations.
• Risk of eviction or lawsuit: Since the apartment is still under your name, you could get ensnared in a legal battle if your landlord wasn't informed, didn't approve the subtenant, or some other unforeseen circumstance results in litigation.
• Endless stress: You're never really free until your original lease ends - which can mean months of holding your breath, hoping things don't go wrong.

This option is generally best for renters who plan to return to the apartment and are prepared to be an active intermediary between the subtenant and the landlord - while accepting the risks involved.

Some landlords allow renters in your situation to find a new tenant who can take over the remainder of your lease. If done properly and approved by your landlord, the new tenant, commonly referred to as the replacement tenant, takes on full responsibility for your apartment and the associated payments. 

Pros: 

• You're officially off the hook: You can move on with your without constantly checking in on your old apartment. No more rent payments, no more liability.
• The most affordable option: Lease takeovers are always the most cost-effective option.
• Peace of mind: When done, correctly, it's the smoothest and safest way to move out of your apartment before your lease expires. 

Cons: 

• Landlord red tape: Every building has different procedures, and missing one detail or failing to ask the right questions can throw the whole process off track.
• Sloppy execution leads to delays: Advertising your apartment the wrong way or misrepresenting the property and process can create delays - leaving you stuck paying rent longer than if the right steps were followed the first time. 
• Landlord has no incentive to help: Since the landlord is already entitled to receive timely rent payments from you, they have no incentive to act in your best interests. and you are seeking to transfer your apartment's lease to a new tenant, your landlord will carefully review any applications they receive to take over your apartment. They can deny the lease takeover - wasting time and adding to a stressful situation.
• You could stay liable: If the paperwork isn't airtight, you might remain partially responsible for rent or damages even after moving out.

This option is generally best for renters who want to be completely free from their lease and don't plan to return to the apartment. It's ideal for those willing to get the process done the right way. Below is a simplified breakdown of the three core phases of a lease takeover.