One Tenant Moving, Other Staying

[Justin Donohue]

I have a property that I have been renting to two guys as roommates for the last three years. They are both on the original lease, which was a one year lease that became month-to-month after the initial year. 

One of the guys just gave me the required 30 day notice and is moving out. The other guy wants to stay at least until the end of the summer, possibly longer. He does qualify and can afford the place on his own and they've both been great tenants.

Should I do a new lease with only the remaining tenant's name on it and make it a month-to-month lease? I received the 30 day notice so there's nothing else I need from the one who's leaving right? I assume I just have to do a new lease with the remaining tenant's name so the name of the guy who is leaving is removed?

[Thomas S.]

Deposits and last month rent, when dealing with friends living together, is handled by the tenants when one leaves. The remaining tenant is responsible for paying the tenant that is leaving their share of both. The landlord is not involved and retains all deposit and rent money provided when tenants first paid.