One of the challenges that you might have to face as a landlord is dealing with tenants who want to terminate their lease early. There are a lot of possible reasons why this might happen such as if they suffer from domestic violence or are going through a divorce. It can also happen if the tenant suffers from a job loss, wants to move to another province, or transferring to a new job. In some cases, the tenant might also claim that the property is intrusive or not habitable, in which case, you need to defend your property and come up with evidence that this is not the case.

The best thing to do is to mitigate damage. As a landlord, you need to prevent a big loss of income. You should focus your efforts on finding a new tenant for your property. It depends on the circumstances and the lease terms in your locality if you can still collect rental payment even if the tenant already wants to go. If you have already found a new tenant, you can stop collecting rent from the previous tenant.

If the tenant volunteers to look for a replacement tenant, you can accept their offer. However, you should not just accept the replacement tenant right away. Make sure that you still go through the same screening process that you normally do. The last thing you would want is to sublet a new tenant that doesn’t have the qualifications that you are looking for.

Next is to check the contract for early termination clauses. Your lease contract should have these clauses included as a means of protecting your business from losses. There should also be a buy-out fee or option in case tenants want to terminate their contract suddenly. In most cases, the termination fee or buy-out cost is about two months’ worth of rent.

Don’t use the security deposit to cover for lost rent. You should still pursue the rent that is owed to you by the tenant and not use the security deposit because that will be used to cover the costs of repair that will be done once the tenant moves out.

You can get the help of rental companies in Vancouver to help you manage these issues. Rental companies in Vancouver such as Casa Rental Management will ensure that you go through the early lease termination issue without any problems.

Look for rental companies in Vancouver experienced in handling rental properties, so you can avoid much of the stress of being a rental property owner.