Vacancy in January in MN

[Kari M.]

Our tenant (of 4 years) wants to break her lease. This would leave us with a vacancy on January 1st. I am concerned about getting a quality renter in the winter. This sfr shows much better when there is not snow on the ground.

This situation presents 2 new experiences for my husband and I as landlords.
1) A lease break
2) A vacancy in snowy, freezing January in Minnesota

Any advice is greatly appreciated!

Facts:
- We have not agreed to anything yet
- This tenant has been top quality
- The property is a SFR
- She has offered to co-sign a 5 month lease (the remainder of hers) for her dad who is recently divorced and living on social security ... for a reduced rent

[Dave M.]

John Stevenson has a great point. Winter turnover in the Midwest sucks, but at least you have a tenant with a vested interest in helping you find a new tenant. If you offer to work with your existing tenant, they may be willing to help with showings, advertising, etc.

The potential problem is signing a 1 year lease in January and being stuck with an "off-cycle" lease every year. Maybe you could offer a 15 or 18 month lease.

That's assuming the reduced-rent father isn't an interest. I don't know why you should lower your rent, but how much of an offset is she requesting? And would she meet somewhere in between?