3 roommates, 1 moving out, what next?

[Amol Shanbhag]

I have 3 single guys living in my rental house and are on my lease. (joint and several, meaning all 3 responsible for full rent on the lease)

Lease expires soon and new lease needs to be signed, but 1 guy wants out in the middle of the new term and other 2 say they will find a third and keep paying full rent until they do. What is the best option:

1. sign a new lease with all 3, then swap out the name of the person who is leaving

2. sign a new lease with just 2 of the 3, then add the name of the new person who is joining

3. sign a second lease with the 3rd person (if I find I can charge more than they can)