Having been a STR landlord for over 35 year, I find your landlords offer extremely generous. You entered into a highly risky and speculative scheme that depended on nothing going wrong. Experience has shown me that “ S___t” happens and in business you must always have plan B. I have always approached RE deals with a notion that income can and will occasionally disappear and I have avoided undo risk and high indebtedness. Factoring in “what ifs” has always paid off for me. You are taking the best way out of a difficult situation, lesson learned ?
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Agree 100%. There is no “moral / ethic” angle here. It’s 100% business.
@cooperjto - this is a perfect time to re-negotiate, including rent waiver until STR are allowed again. Include rent increase limits for an extended time (1-2 years+).
Otherwise, give your 30 day notice. The only other thing to consider is putting in a 3-6 month sublet to make some money until you anticipate the STR ban lift.
Good luck!
It looks like I’ve got a two month sublet ending June 15. It won’t fully cover, but at least now my last month rent deposit won’t be forfeited and he’ll have no grounds to sue me later so I’ll be slightly ahead of the game. Now the question is whether to give notice I’m moving out on the 15th… cut and run or hope the STR market rebounds at least somewhat this summer?
Depends on how your laws work. Here 30 days notice needs to be in sync with the “monthly rental”. So, one is 1st to 1st then one can’t just give notice on the 15th for the 15th.
But that is mostly how it works in the USA. I have not one clue how it works for you.
Is that a PA thing? Is it a law or just a tradition? I think they do it that way in Boston too and it seems so odd to me. I definitely don’t think it’s typical. I’m a chronic-relocator and have had leases begin and end on random days during the month in several states. (I specifically avoid moving on the 1st because movers and trucks are booked up and pricier.) You just pro-rate that first month or last month if it’s not the full month.
Technically it does have to be at month end, but laws here are very tenant-friendly. If I gave notice for the 15th of a month and short-paid my last rent cheque he would have to file a claim with the landlord-tenant board and try to get a judgement against me to recover the half-month rent. This would be almost impossible assuming I actually move out as scheduled, typically rent owing is calculating on a pro-rated basis based on physical occupancy or less than 60 days notice.
If you pulled that on me, I would keep the portion of the security deposit owed as rent and then you can drag me into court and lose …
Law, not tradition. Traditions don’t matter 
Each state has its own set of tenant-landlord laws.
Most are very similar. I suppose it is possible that there might be a state where a monthly tenant can give 30 days whenever they want. It is certainly not standard.
It does not matter what day during the month your term begins. The point is the 30 days applies from that date. So, it can be April 10 - May 9, etc. A tenant can not arbitrarily decide on April 16th, “I’m giving you 30 days notice”. As this impinges on the 30 or more days the landlord needs to advertise, etc. And goes against standard tenant landlord laws.
Naturally, a landlord can agree to allow a tenant out sooner but has no obligation under law to do so - at least not in most states.
No security deposits allowed here! It’s a renter’s paradise…
It’s very weird, you’re not allowed to give notice that your last month will be pro-rates, but if you do the landlord isn’t really allowed to charge you until the next month. Amounts owing are literally pro-rated down to the day.
How odd! So I just read up on your laws. Scary to be a landlord there. I wouldn’t want the risk. Very lopsided system!
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