Even if you go above and beyond to keep your rental property in excellent condition and be responsive to maintenance requests, offering amenities and addressing renter concerns, you can still end up in a situation where a tenant wants to leave before the lease ends. Early termination can happen for a broad spectrum of reasons, including a break-up, illness or sudden change in job situation. Here’s what you should know about early termination.
Why Does the Tenant Want Early Termination?
Depending on the reason why your tenant wants to leave, you could be legally required to release them from the lease obligation without charging damages, providing that they follow the procedures outlined in the lease.
- Military Deployment: If the tenant has been called for military or active duty, they have the right to break the lease to start active duty or to move 50 or more miles away. The tenant must offer you a 30-day notice, which is considered effective 30 days after the date that the next rent payment is due. For example, you could receive notice on March 4 and the tenant would be required to pay rent through May 31.
- Domestic Violence: Colorado law requires landlords to allow victims of domestic violence to complete early termination without penalty providing that they notify you in writing and offer a protection order, police report from the last 90 days, written statement from a medical professional or other evidence. Consult the law when making your decision.
- Losing a Job: Job loss can present landlords with a difficult decision when it comes to early termination. You are not obligated to grant the tenant early termination without penalty, but you want to thoughtfully weigh the pros and cons on them continuing to stay on the property. They may be unable to pay rent or bills and take up space where another tenant could be doing both, and it takes time and money to evict a tenant.
- Illness: In the same case as losing a job, you are not under a legal obligation to allow your tenant out of their lease, but many landlords have compassion on those suffering an illness and looking to move in with a family member or friend for care.
While the cases listed above often result in termination without penalty, you are not required or expected to allow early termination in the event that a tenant simply finds another property they like more, are moving in with a partner or roommate, is buying a home or is moving for no reason.
All County Denver South Property Management Is Here to Help Your Property Thrive
All County Denver South Property Management is here to help property owners get the best return on their investment through knowledgeable and trustworthy property management services. From managing tenant relationships to lease enforcement, we look forward to working with you to see how your investment can be a long-term, stress-free asset. For a complimentary quote, call us today at (720) 664-4550.