Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 4 years ago,

User Stats

16
Posts
21
Votes
John Kennedy
Pro Member
  • Rental Property Investor
  • Indianapolis, IN
21
Votes |
16
Posts

Tenant breaking lease - what's reasonable response?

John Kennedy
Pro Member
  • Rental Property Investor
  • Indianapolis, IN
Posted

I have a relatively pricey rental ($1,950/mo) with a tenant who renewed their lease last November for an 18 month term ending in May 2022.  Then, they found a house they "fell in love with" and ended up buying it.  They contacted me in January to let me know they would be moving out March 1.   I of course reminded them of their lease obligation, and let them know they would be responsible for the lease payments until I could backfill it.  So far no takers though.  

My question is...what would you all say is a customary or reasonable termination fee if I were to agree to that rather than continuing with the "monthly rent until backfilled" approach, thereby taking on the risk and letting them move on with life.  Right now, rental activity is a bit slow due to the time of year, but I expect activity will be picking up as we head into spring. 

The tenant is acknowledging their responsibility...no problem there...but has asked if I would consider a settlement.

  • John Kennedy
  • Loading replies...