Early Lease Terminations

Just wondering how everyone else handles an early lease termination request. Right now, we charge a $400 admin fee to re-rent a unit for the resident. The resident remains responsible for rent and utilities until a new lease is signed. We are looking to possibly change our early lease termination request to a "Buy Out" policy of 2 months of rent to "Buy Out" the remainder of their lease.
What do you do??

Hi Lisa,

Our portfolio is based out of N. California - we have a buyout fee option equal to one month's rent + 30 day written notice.

Our lease require you to put in a 60 days notice and the penalty for early term is 1 month rent.
It work well for us.

Hello!

We charge 25% of the remainder of lease agreement. That way if they just moved in they pay more and if they almost finished the lease their fee is less.

Hope this info is helpful!