Breaking lease

[Stephan Nemeth]

I just bought a fourplex and literally the day after I closed one of the tenants had his job relocated. He still has 8 months left on his lease and he wants to break it.  My initial reaction is to charge a three month rent break fee.  I was just curious as to what other landlords generally charge in this type of circumstance.  Any feedback would be much appreciated.  Thanks in advance. 

[JD Martin]

If the law or the lease doesn't address it, I would make him an offer to try to re-rent immediately, with him paying his normal rent until it was rented, or a decent penalty that he should be able to get his job to pay. Why should the property owner have to suffer because he chose to rent? If he owned, he would have to sell the place or carry the mortgage. Any reputable company covers those costs for non-voluntary transfers; if he just wants to transfer for a better job, he should bear those costs.