Tenant wants to move out before contract is over

[Cerise Goldberg]

This is my first rental property and my tenants want to move out due to family. They have 6 months left on their lease. Not sure what to do. Help!

[Nathan Gesner]

Originally posted by @Cerise Goldberg:

This is my first rental property and my tenants want to move out due to family. They have 6 months left on their lease. Not sure what to do. Help!

I give my tenants two options:

1. Give me 30 days notice in writing and pay a termination fee equal to one month of rent. That "buys out" their lease and allows them to leave with no further penalty.
2. If the tenant doesn't like - or can't afford - option 1, then I tell them they remain responsible for all expenses until a new tenant is placed. 

In my market, I can usually find a new tenant within two weeks of the unit coming vacant. However, about 80% of my tenants pay the termination fee because they are responsible adults, they like to know their final cost rather than taking the risk of a rental sitting vacant and costing more than 30 days of rent, and they want to walk away with a good reference.