"Cash for keys" is simply a term that refers to allowing a tenant who is (typically) being problematic out of their rental agreement. Typically the cash is offered if they move out by a certain date and leave the unit in a certain level of cleanliness (or just remove all their personal items and have no damage).
Often times a problem tenant can end up not paying, not moving out, doing damage etc. By offering them cash to give up their keys it gives the landlord the ability to move forward.
It is somewhat of a divisive topic.
Some will say it is a lot smarter to pay a tenant money (e.g, $300) and be able to immediately start to look for new tenants, not deal with attorney fees, eviction, etc.
Others will argue it sets a terrible precedent and as soon as your other tenants find out (if any of them want to leave their lease early) they know all they have to do is be a pain and not pay rent and you will offer them money to get out.
You can decide if it is for you . . .
