Great tenant wants to get out of lease a few months early...

[Jeffrey Gignac]

My first tenant to my first and only rental property is looking to move out and get out of his lease early for reasons having to do with the custody of his children and school districts. He has been a fantastic tenant who always pays on time and has made many upgrades to the home at his own expense. He has never asked for special consideration and it has been a fantastic working relationship. 

He would like to be out by the end of June (45 days notice) and his lease runs throught September. I know that finding a renter will be easy and I should not miss more than 1 month's rent by letting him out early. How should I handle the sitation? I have a $900 security deposit that I am holding that can always be credited towards the 1 month of lost rent ($900/ month). 

One positive to note, I have been renting at a severely undermarket rent. Smaller houses on the same street on renting for almost $1400/ month. This could be a good opportunity to bump up rent when they leave. Any suggestions are welcomed!