Need some landlord advice here. Our tenant decided to terminate the lease early, and I’m trying to understand the security deposit situation.
The lease itself doesn’t specifically say “the deposit is automatically forfeited” for early termination, but it does mention that the tenant is responsible until a replacement tenant is found within a reasonable timeframe. From my understanding, if the property sits vacant and causes lost rent, it seems like I may be able to keep part or all of the deposit toward those damages/losses until a new tenant is secured.
The tenant will be moving out at the end of the month, and we’re already looking for new tenants. The property will officially be listed on Zillow very soon. We’re actively trying to minimize vacancy time, but obviously there are turnover costs, possible vacancy loss, cleaning, listing expenses, etc.
For those familiar with landlord/tenant situations, especially in Alpharetta, Georgia, does this usually mean the deposit can legally be applied toward unpaid rent/vacancy losses caused by breaking the lease early? Or does it have to be specifically stated in the lease?
Just trying to handle it fairly and correctly.