Having a tenant break the lease agreement is something that happens to all landlords at some time, costing them time and money. However, some experienced landlords have learned some ways to minimize losses from a broken lease. In this episode of Night School, we’ll discuss some of the ways that landlords can reduce the impact to their wallets when a tenant decides to leave before the lease agreement has expired.
I have a lease termination clause in my lease. It helps, everyone knows at leas signing that there will be a fee.
Is the clause set up to charge the same fee if they terminate 1 month or 10 months into a year lease?
In the state of Florida it is a two month fee to break a lease but no penalty.
Interesting Danielle. I think mathematically it would always work out to be about the same but Florida is the only state that I’m aware of a that has made it a law. A common misconception is that if the tenant breaks a lease 10 months early they have to pay 10 months of rent, but here in NY the most I have ever seen a judge award the landlord is two months of rent. If they made it a law I would imagine it would save a lot of time in landlord court!