Tenant Breaking Lease - Security Deposit

[Keith Schulz]

Hi,
I have a tenant that is breaking their lease and moving out of state. They are moving 5 months prior to the end of their lease. These have been realatively good tenants, and say they will pay the next two months after they move.

I told them I will make every effort to re-rent the unit and get somebody in there to save them money. However, if for some reason it was vacant longer than two months they would still be responsible.

They are asking how soon I can get it to them after they move out and I inspect the property. My first thought is, I should hold the security deposit until it's re-rented, and I know I've been paid for the rent they are responsible for. Also, I want to make sure the water bill is taken care of, because that can get attached to the property if they leave it unpaid. This seems to make logical sense to me. However, I found the following, on the state of Wisconsin consumer protection website (the proprty is in WI):

"If you "break" a lease by moving out early, you may be obligated to pay for the remainder of the term unless another suitable tenant is found. However, the landlord must make reasonable efforts to find a substitute tenant and minimize any rent losses. Also, if you move out early, you must notify the landlord in writing of your departure after you have vacated the dwelling unit in order to "start the 21 day clock" for the return or accounting of your security deposit."

According to that it sounds like I have to refund the deposit within 21 days. I knew this was standard procedure at the end of a lease, but it doesn't make sense if they are breaking their lease. What are your thoughts? There's gotta be a way around this.

I'm not trying to squeeze every penny out of these people. I just want to protect myself from loosing money because of them. If I get the property re-rented within the month, I'll gladly tell them they don't need to pay that months rent and refund their remaining deposit.

Thanks,
Keith