When a tenant states that they want or need to break their lease early, they are many times asking about what will happen to their security deposit and obligations to the lease. Because every lease is different, the obligations will vary. To what extent a homeowner or investor holds their tenant to the terms of the lease is up to them. It may vary based on how long the tenant has resided at the property, what condition the property is in or what the circumstances are surrounding the early termination. For example, is the tenant looking to terminate the lease early due to a job transfer, burglary at the home or other unforeseen circumstances. Every owner has to make the decision within the confines of the lease term.
One thing to keep in mind is no matter the circumstances of the early termination, keep a respectful and professional demeanor. Getting angry or agitated will not cause the situation to go well. The goal is to have the property returned to you in as good condition as possible. Keeping a positive attitude can also help you in developing a working relationship with the tenant so that your home can be re-leased in as little time as possible, preventing unnecessary down time and loss in rental income.
So, beyond the contractual part of renting a home and having a broken lease, look at the bigger picture. Stay positive and make the best out of the situation.
Contributed by Nicklin Property Management.
Adrian Frankfurter is a marketing director and licensed property manager for over 10 years with Nicklin Property Management.