Tenant just said he may need to break lease

[Anthony Wick]

I’ve heard quite a few people state long term leases are worthless, as tenants will move out when they want. Well, my tenant may be getting a better job offer in another state, and he has 7 months to go on lease. However, I am not panicking. Why? Because he has a lease. No, I won’t be telling him he can’t move. But, I told him to refer to the 10 page lease. I will hopefully get a new tenant in ASAP if he moves out, but he will be responsible for any vacancy. And in Iowa, possibly in winter, that is a big deal. If I had MTM, and he gave notice in November, I may have no tenant and no rent for a month or two. Now, you may say he might not pay. Then I guess he will have to decide if he’d like to keep his credit score or have a judgment against him.

[Nathan Gesner]

@Anthony Wick I manage 300 rentals. I rarely have to get rid of a tenant and it's not worth switching all of them over to M2M just for the rare bad apple. Everyone's free to run their business the way they want but if you are screening tenants properly and have procedures in place to deal with problems, I see no justifiable need for M2M and one-year leases provide more stability and income.