Tenants want out of lease for bigger house willing to pay

[Tyrone Smith]

I have tenant that has been renting for a year and convinced me to reduce my rent and signed a 2 year lease 4 months ago. They offered to by the rental just 3 months ago and used their deposit for earnest money and walked out on deal so deposit is forfeited . Reason being they have a daughter coming to stay with them now and want a bigger house , my thoughts are decided to buy another house and want out of my lease early to pursue the purchase . They have offered up a replacement tenant but of course the system declined her  now they are offering to sign an agreement to pay me 500.00 per month the remaining lease terms? I am looking for thoughts on this situation as they pay on time and more than likely next tenants won't  and  want to know thoughts on taking a note on difference my thoughts are when they buy house they won't pay note note. They are supposedly going to rent , but they have slicked me in the past. Thoughts on how I should handle

[Ben Braddock]

One of the biggest expenses of a landlord is a vacancy/turnover. Not just the cost of turning a unit but also the loss of rent. All of our leases are minimum 12 month leases for this very reason. If we agree to a shorter lease term we increase the monthly rent to adjust for the vacancy loss and turn over. We also lower the monthly rental price for a 24 month lease for the same reason. In you situation I would suggest asking them to pay the adjusted difference in the rent for the discount you gave them for the longer lease and hold them responsible for paying rent until you have re rented the property to someone you have screened and approved. This would be you accommodating them. Legally you don't have to release them at all. I would point out to Katie that short term leases always cost more than long term leases.