Do you have any clauses in your lease that allow your tenant to get out of the lease? This is our second time of having to deal with a tenant wanting out of the lease. This isn’t a huge burden because the properties will re-rent quickly, but there is a lot of work in cleaning, advertising, showing, etc. I am wondering if we should add something to the lease that puts a cost on breaking the lease. At the same time, I don’t want to encourage tenants to break the lease either.
We are also finding that once we agree to work with the tenant and let them out of the lease, they seem to be less interested in working with us. That seems counter to what I would have thought.
We also recently had a request to allow the tenant out of the lease if they bought a house. Do you have a clause like this?
We had a clause in our lease that basically said that we encouraged home ownership and would let tenants out of the lease with a signed copy of their purchase contract and a 30 day notice. We also had a military clause for permanent change of station orders.
We usually do a m2m lease for regular paying tenants here. That allows us to end the lease if they turn into a pain in the butt. Sect 8 requires a 12 month lease so those tenants get a full year lease. That lease states the tenant is liable for two full months rent plus the current months rent if they wish to break the lease.
I would put in a military clause if I got military renters. I can’t see many (or any) of our tenants ever buying a house, but it would be best if they told you up front that they were only planning on renting for X number of months until they close on a house.