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Updated about 4 years ago on . Most recent reply

User Stats

14
Posts
5
Votes
Marsha Burks
  • Real Estate Investor
  • Streamwood, IL
5
Votes |
14
Posts

Tenant needs to end lease early. Need your opinion on my options

Marsha Burks
  • Real Estate Investor
  • Streamwood, IL
Posted

Situation: I have a tenant who due to sudden illness needs to end her lease early and return home to her family in Ohio to care for her.

She isn't disabled by the illness, not covid - just needs medical attention. She's 5 months into a year long lease. Her husband truck driver also in Ohio reliably paid the rent while she stayed here with her young children who attended a local boarding school. She would stay in the unit during periods of time for her children to come to visit on weekends.

I was considering an option to accept 2 months rent, to cover an empty unit while preparing it for show, and another months rent to allow time on the market. If I were to obtain a new tenant sooner I would return a months rent to them.

I would offer these in exchange for providing a good reference and willingness to accept their return, if they wish.

Any thoughts on other options ?

Most Popular Reply

User Stats

83
Posts
54
Votes
Collin Bryston Adams
  • Rental Property Investor
  • Dallas, TX (dallas texas)
54
Votes |
83
Posts
Collin Bryston Adams
  • Rental Property Investor
  • Dallas, TX (dallas texas)
Replied

I would let her opt out, give deposit back depending on home conditions and wish her well. You will get a new renter quick in this market, even if you lose a few dollars. Its been a tough year for everyone so if you can afford to let the bail happen I would allow it. If needed you could opt to only refund 50% of the deposit. Depends on if you can afford it, but I would do my best to help out. 

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