Management Company forgot to get signed lease - Columbia, SC

[Alex Black]

I have a 5 bedroom rental property that I rent to local college kids where the lease terms generally runs from Aug. 1 to July 31. Because I'm renting to students, we start looking for tenants for the upcoming August in February of the same year. For the property in question, I asked that either the current tenants resign a new lease or we begin advertising the property. On Feb. 18, the property manager informed me in writing that the current tenants wanted to renew their lease and that they would send them the lease that day to have them resign. Fast forward to June, I get an email from one of the current tenants letting me know that they all would be moving out at the end of the lease. They also informed me that the management company never reached out to them about renewing their lease. I reached out to the management company and they informed me that since the tenants gave their intent to resign that they wouldn't ask them to sign a lease until July 1, 30 days out. They also admitted that they only talked to one of the tenants about renewing and took their word that the 4 other tenant would also renew. I have all of this in writing in the form of text messages.

 After 2 months of advertising their has been no interest. Classes start this week. All of the students secured their housing a long time ago. The property will almost certainly remain vacant until next August. Does anyone have any advice for me on how I can mitigate my losses? Do I have any recourse?

[Peter Tverdov]

My company manages student rentals up in NJ. Fill it by the bedroom (at a fire sale price) and make a group. You might be able to make a quick group these last 2 weeks. I am doing that now for a few new clients who had vacancy.