Security Deposit -Tenant broke lease 1.5 months after moving in

[Andy S.]

Hello,

Recently my tenant in New Jersey broke the 2 year lease within 1.5 months of moving in. The reason he gave is that he found a better job out of state. He did not lose current job, however the new job he found pays him better. He only gave 34 day notice whereas it is stipulated in the lease is that the notice must be give 45 days in advance.

In this scenario, where there is no issue with the property, is the tenant allowed to keep his security deposit? Or Do I have a right to keep his security deposit?

Thanks

[Andrew B.]

Check your lease. If your lease stipulates a fee for breaking the lease you can apply that to his deposit.

If your lease doesn't mention a fee, then the tenant is generally responsible for rent until you find a new tenant. However, your have an obligation to "mitigate your damages" by finding a tenant asap. You don't have to accept a crappy tenant, but you must make a good faith effort.

Of course, you also have the option of "releasing him" from any obligation to future rent by negotiating a fee for breaking the lease. You can ask him to sign away his right to the deposit in exchange for you signing away your right to pursue him for further rent. This may benefit you because an out of state tenant will be hard to collect from. It benefits him because he no longer owes you anything.