I let my tenant know that I would not be renewing our 1 year lease in March of 2019 because I wanted to sell the apartment. He asked if he could break the lease as he wanted to by another property (which he hasn't identified). I could see this working for both of us or having a empty apartment. I was thinking I could ask for 1 more month or rent after he moves out, hopefully giving me 3-4 months to sell the apartment. What is a fair response to this?
You wanted to sell the tenant is willing to vacate so that you can show and sell. The tenant has an uncertain future in your property and understandably wants to move.
My tenant wants to break the lease and move out earlier if he can find a property to buy. We were in agreement when we signed a 2 year lease that the lease would likely not be extended. Is there anyway to make the tenant and myself happy in this interaction?
Did you want to sell the apartment sooner than March '19, if he leaves sooner? If not, then I don't see any reason to let him out of the lease a few months early.
I would consider a few "timing" scenarios and see if there is a good win-win for both of you. For example, let's say he starts house hunting right now. It goes quickly and he is under contract on Oct. 1st. Closing takes about 6 weeks. And now you have a vacant apartment in the winter and right before the holiday season starts. I'm assuming that is not the optimal time to list this property!
But perhaps you're good with listing the property in Feb. '19. Let him know you all will need to keep the lease through at least XXX but, after that, he can choose to leave earlier with no repercussions, but does need to vacate no later than March 31st.
Thanks for your advice Jennifer