Tenant breaking one year lease after 2 and a half months.
I have some tenants who just got a job in another city. They signed a one year lease and are moving at the end of this month, breaking the lease nine and a half months early. I know that they are obligated for the full lease until I re-rent the apt. Do I collect the full amount of rent remaining on the contract up front and then return the remaining balance when I re-rent the apt., or do I re-rent the apt. and then charge them for the time it was vacant?
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That is why I have a buyout clause in leases. You can only collect until you have replace the tenant. You have to put a good faith effort. In my areas with a good faith effort, I can get it reoriented with no vacancy. That is why I have in my lease they owe 2 months notice and there is a 2 months fee. Any lack of notice becomes a fee. It is a win win, i get paid for my time and effort. The tenant know exactly what needs to be done to break the lease.