I rented out one bedroom condo.Tenant signed lease for one year which expire in december.Hi called me yesterday and set he is leaving country in june 17th.Can I keep his deposit for breaking the lease or give back and find another tenant.I do not know what to do.Give me some idea guys.Thanks.Kris.
What does your lease say about early termination or abandonment of the property?
Are your tenants in the military? There is a different sent of rules for them.
Normally, you are entitled to accelerated rent, which is rent through the end of the lease term, plus any costs to find a new tenant. You get zilch if you do nothing to mitigate your loss. Some leases have a provision that the LL will accept a fee instead of calculating actual damages. In any case, you don’t keep the deposit. You must account for it per your state’s laws.
You can keep as much of the security deposit as it takes to mitigate your damages. You, also, must take steps to mitigate your damages. Begin advertising your vacancy now. Show the property now, even while your tenant is still in place. If you, or your tenant, can get a new renter in place quickly, then your current will only be responsible for the number of vacant days the property was not rented.
Did your tenant did pay his June rent or is he relying on his security deposit to cover the final month? if this is the case, then if you can’t get the property re-rented before July 1, your tenant forfeits his entire security deposit. He may actually be liable for more but if he is leaving the country you won’t be able to collect. If he is military, and his move is due to valid military orders, he is only obligated to you through the month of June.
Thank you guys for information.My tenant can get a new renter in place his friend will move in next day when he moves out.I hope everything will be fine.Thanks again.Kris.
Just remember that you need to accept his friend. You don’t just want a body in the house you want somebody that will pay.