A reletting fee is a charge imposed by a landlord or property management company when a tenant breaks their lease agreement early and the landlord has to find a new tenant to take over the lease. The reletting fee is typically used to cover the costs associated with advertising the property, showing it to potential tenants, and processing new lease agreements.
The amount of the reletting fee can vary depending on the terms of the original lease agreement and the specific policies of the landlord or property management company. Reletting fees are sometimes calculated as a percentage of the remaining lease term or as a flat fee.
It is important for tenants to carefully review their lease agreement to understand the terms and conditions related to breaking the lease and any associated fees, including the reletting fee. Tenants should also communicate with their landlord or property management company as soon as possible if they need to break their lease to try to minimize any additional costs.
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