Tenant moving in the middle of the lease

I have a great tenant (hate to lose him) who needs to move because of a job promotion/relocation. That's great for him, but it also leaves me with several months left on his lease. We've been discussing it and his employer is willing to pay me to let him out of the lease. Granted, they can't/won't pay me the four months he has left, but I suppose something is better than nothing. They asked me to give them a price and they would take a look at it. Problem is this: I don't know what a safe price is. I don't want to cause trouble, but I also don't want to lose money. The turnover near this property is... ok. It's not impossible to fill, but it's also not like I have people lining up and breaking down my door to rent, you know?

You are lined up for a great p...

You are lined up for a great payday!    I would let them out of the lease at no charge - you keep the deposit but make it conditional on a couple of items.1) They must help you find a new renter 2) The new renter must sign a 2-3 year lease 3) The new renter must pay more than the current renter is paying - shoot for 10%, settle for 5%. This does a couple things 1) You can start showing the house now. 2) your current renters will tell the future renter how amazing of a landlord you are. (they want it rented more than you do) 3) Your current renter will need to fix, repair, update any items that the future tenant see's as must fix items prior to moving in. The best way to avoid any legal discussions, property distruction, is to help them by giving them what they want.  In the event the property leases for less... Make them pay the difference for the months they were under contract.  Let me know if you have any questions.

Post Reply

Please login or register to add your reply.

Tenant Screening

Comprehensive credit & criminal screening.
Get access to bankruptcies, employment history, medical records, past addresses, evictions and more.

View Pricing & Get Started

Legal Forms

State-specific legal forms.
Lease agreements, rental applications, lease termination, eviction forms and much more.

Browse Our Legal Forms

Membership Pricing

Our paid membership plans now include free tenant screenings! Greater access to all of our features and the membership pays for itself!

View Pricing & Get Started

LandlordStation News

LandlordStation Blog