You are basically talking about subleasing your apartment. This is where the lease arrangement is transferred from the original tenant to a new tenant. In most cases, you cannot just sublease an apartment on your own. Instead, you must talk to your landlord and obtain the landlord's permission for someone else to take over the remainder of your lease. Landlord-tenant laws in your state will spell out exactly what your rights and responsibilities are. You can get this information from an online search.
However, with subleasing, you are still responsible to your landlord for the original lease. You can also be held responsible for any problems created by the new tenant. It is unlikely that the landlord would return your security deposit before the original lease expires. However, you could ask the new tenant to pay you the amount of the security deposit, and then she will get her money back from the landlord after he/she moves out. In times like this, a good relationship with your landlord is critical. The more "goodwill" that exists in this relationship, the easier it is to negotiate favorable terms.
You may be able cancel your lease rather than sublease, if the landlord approves. You and the landlord must sign a statement that the lease has been canceled by mutual agreement. Again, check the specific landlord-tenant laws for your state.
We would like your feedback on this Personal Finance Frequently Asked Question.
