Throughout the years you own rental properties in San Diego, Las Vegas, Phoenix, or elsewhere across the United States, you may encounter at least one tenant who wants to break their lease. There are several scenarios where a tenant may want to break their lease, including the following:
If you’re renting to tenants who are in the Military or the National Guard you must know they can easily be activated or transferred very quickly.
When a tenant has to break their lease due to military service, they will serve you or your professional property management company a 30-day notice to vacate. You are not able to charge them any separation fees for breaking the lease due to military service.
Another scenario where your tenant may want to break their lease is if their job has been transferred out of state. A lease is a legal contract that almost always has stipulations in place if either party wants to break the contract early. For a tenant who wishes to vacate the property ahead of when the lease states, they will often need to pay a fee. This fee will be outlined in the lease between the tenant and your property management company and is typically due on the day the tenant vacates the property.
In 2020, many landlords who have houses for rent across the United States have had at least one tenant who has lost their job due to COVID-19.
Many local governments and the CDC on a federal level have implemented eviction moratoriums regarding tenants who are unable to pay their rent. This gives those individuals more time to find new employment or ways to pay rent.
Should a tenant wish to break their lease due to lack of employment, it’s your choice as a property owner to impose the lease breaking fee they’ve agreed to in their lease agreement.
Most local property management companies agree that during the years that you own rental properties, you may encounter at least one or more tenants who go through a life-changing circumstance.
It’s possible that you may have a tenant that gets diagnosed with cancer, loses the primary income earner in their family, or they may have to move quickly to avoid an abusive spouse.
In these situations, you should consult with the local laws in the area you live to ensure you’re within your legal right as a property owner to hold a tenant to their lease. Some states have laws allowing victims of domestic abuse to relocate without penalties, and the last thing you want to do is become party to a situation like that. Consider allowing these tenants to break their lease, with or without penalties.
Contact GoldenWest Management
At GoldenWest management, we specialize in ‘boutique style’ property management. This means that we offer excellent property management services to clients in everything from single family homes to multi-family properties such as boutique apartment complexes. We will save you the time, money, and hassle of managing your rental properties yourself.
To learn more about the Property Management Services that we can offer you, contact us today by calling (866) 545-5303 or click here to connect with us online.