Advice for a tenant breaking a two year lease
Hey everyone!
I'm new to BP and wanted to get opinions from other landlords or PM's that have dealt with this type of situation.
I have a tenant who signed a 2 year lease in March 2019. They just informed me that they need to move back to another city (an hour away) for work purposes and are strongly considering breaking their lease. The lease does not have an early termination clause and the remaining amount of the lease owed is over $50K. I would like to work out an alternative option that works for both the tenant and myself but I am not sure of the best course of action to take.
My partner and I are considering having them pay the rent until a new tenant is placed and keeping their security deposit. We are always very flexible with our tenants and understanding of issues that may arise in their lives. In some cases, we are more lenient than we probably should be so we want to ensure we are providing an option that is fair to us as well as them.
We are speaking with our real estate attorney tomorrow to get the legal perspective for this.
I'd love to hear about other people's experiences on similar situations or any suggested alternatives on how to resolve this. Any insight is greatly appreciated! Thank you!