Tenant wants to break his lease, Should I let him???

[Jeremy Blackowl]

My tenants have only just moved in two weeks ago on a 12 month lease but they have already asked to get released from their lease in order to buy their own house. They are a young military family with a large dog and have a good amount of money tucked away for themselves. He has asked now three times and has expressed a great desire to get another tenant moved in without a break in rental income, hiring a property manager to do it if necessary. He also indicated that he would be willing to pay a convenience fee to get out of the property. The rent is 1900 a month and the security deposit was 1800. Does it make sense to charge them one month plus forfeit of the security deposit ($3700) for the right to leave or should I make them stay? Thanks in advance for all your advice!

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Oahu Hawaii Wahiawa condo renters lease

[Jordan Sunshine]

Honestly as a military person myself I feel for the tenant but as a Real Estate Investor I also have to think about the business. Personally I think if he is willing to open his home to showings and have it nice and tidy each time as well as if he is willing to move out whenever the new tenant wants to move in then I personally don't see a problem with it. Your new tenant will be in the same day he agrees to be out or one day later. That's a great vacancy rate IMO. Now if the house is left messy or needs to be cleaned before hand I would suggest allowing the family to move out but they would be paying rent for the time of the cleaning and renting until the new renter moves in on his first day. This also eliminates your vacancy rate to 1 day. I have done this with one of my leases and its worked out fine. The tenant had agreed to be out by X day and the house needed to be cleaned, carpets shampooed professionally, everything wiped down and scrubbed to perfection, nail holes in walls filled in, etc. before the new tenant moved in. (This was all in the lease) It took them Y days to get the house cleaned after moving out and they paid pro rated rent until the day before the new tenant agreed to move in. The house was double checked the day before the new tenant moved in, it was agreed that everything was 100% and they got their deposit back and only paid pro rated rent for the month. The new tenant was happy that he got in before the 1st and agreed to pay pro rated for the last part of the month plus 1st months rent plus down deposit and he moved into a perfectly cleaned house. There was no loss of money as the last day was paid by the previous tenants and the first day was paid by the new tenant.

Sorry I know that was quite long but I was aiming for the most clear explanation I could give on the best scenario for your situation to make all parties happy.