Question on damage deposit if tenant to end lease early

I have a basement room being leased out for 1 year lease but the tenant just told me that he want to end the lease and he will find a new tenant to take over the lease. I don't mind about the idea so long the new candidate understand and accept the terms which I have written in the lease.

However if the tenant couldn't find a new tenant, the question is can I keep the damage deposit? I checked the residential tenancy act but such situation is not listed there, I am wondering if anyone have the answer or experience on this?

[Gridlock]

no, you can't take his deposit just because you want to. No, you don't want him to find you a new tenant because his interests don't match yours.

Go and read about loss of rental revenue in the RTA or search in this forum. Don't wanna type it out again

Next time, put a clause about liquidated damages in your leases that you sign. Shoudl be able to search for it too actually, but basically its a fee described when you sign the lease that allows you to take money for them breaking lease. It's to cover advertising costs, your time and such for re-renting and so on.

Thanks a lot Gridlock! Really appreciate it.

Quickly searched the two keyword, ok, even though I can not retain the damage deposit but I have the loss of rental revenue in my favor. Let's see how it goes, I mainly rent the room to the university students beside my place so if he can find a friend to take over then it's the best solution.

About the liquidated damage, read this thread Rental Agreement - BC, Canada - Expert Advice for Tenants
Looks like it can play against the landlord but I also read previous threads, looks like maybe anything equal or less then the damage deposit is a safe area not to be able to deem as a penalty clause.

[Gridlock]

Originally Posted by mclyin

Thanks a lot Gridlock! Really appreciate it.

Quickly searched the two keyword, ok, even though I can not retain the damage deposit but I have the loss of rental revenue in my favor. Let's see how it goes, I mainly rent the room to the university students beside my place so if he can find a friend to take over then it's the best solution.

About the liquidated damage, read this thread Rental Agreement - BC, Canada - Expert Advice for Tenants
Looks like it can play against the landlord but I also read previous threads, looks like maybe anything equal or less then the damage deposit is a safe area not to be able to deem as a penalty clause.

I usually go with half the deposit as liquidated damages.

The thinking is that we want to leave enough that you will clean to get the other half back, but take enough that you actually consider putting in a year.

Honestly, I want more than a year but getting that is very difficult.

My main priority is to make sure they are clear on loss of rental revenue, because maybe not in a room setting but in an apartment, a lot of the ability to rent lies on the ability of your tenant to keep the place nice. So if you sink me on renting it, then I sink you on not paying for it.

I have never had to go after a month of rent for that, as we usually manage to find someone to avoid that problem.

[dinosaur]

You should note that if a tenant has more than 6 months left in a lease, the landlord is not allowed to reject the option of subleasing.

However, the applicant the tenant finds must pass your requirements....he can't just find any hobo on the street to take the place. And, if you reject the applicant, you must have legitimate reasons.