My tenant in Melbourne signed up 18 months ago when the rental prices were very high. Rent prices have dropped considerably since then. I'm under no illusion about what I could get in the market today.
They now want to break out of the contract 6 months ahead of time. Technically I have the right to have them pay full rent until we find a new tenant (and they too understand and accept the rules), however it's going to be impossible to find a new tenant for that rate. I am perfectly willing to accept a tenant for a lower rate but at the same time I could be a real a$$ and have them continue to pay me until I find a new tenant that is willing to pay the same rate (which of course will never happen).
What do you think I should do? Stick to the rules I'm entitled to, or cut them some slack?
On the one hand, I feel like a complete tosser because they seem like nice people and are willing to pay until we find someone to take over their lease. Nothing impresses me more than when people accept responsibility, so I feel some leeway is deserved. On the other hand...they DID sign a contract. I could be the nice guy but I would stand to take a sizable hit. What would you do?
They now want to break out of the contract 6 months ahead of time. Technically I have the right to have them pay full rent until we find a new tenant (and they too understand and accept the rules), however it's going to be impossible to find a new tenant for that rate. I am perfectly willing to accept a tenant for a lower rate but at the same time I could be a real a$$ and have them continue to pay me until I find a new tenant that is willing to pay the same rate (which of course will never happen).
What do you think I should do? Stick to the rules I'm entitled to, or cut them some slack?
On the one hand, I feel like a complete tosser because they seem like nice people and are willing to pay until we find someone to take over their lease. Nothing impresses me more than when people accept responsibility, so I feel some leeway is deserved. On the other hand...they DID sign a contract. I could be the nice guy but I would stand to take a sizable hit. What would you do?