A tool used to estimate the financial incentive offered to tenants to vacate a property before the lease term concludes often factors in variables like the remaining lease duration, property value, and potential legal costs associated with eviction. For example, a property owner might use such a tool to determine a reasonable offer for a tenant struggling to pay rent, thereby avoiding costly and time-consuming eviction proceedings.
This process provides benefits to both property owners and tenants. Owners can expedite property re-letting and minimize financial losses from vacancy or legal battles. Tenants facing financial hardship can receive financial assistance for relocation, avoiding the negative impact of an eviction on their credit history. This practice has become increasingly common in challenging economic climates, offering an alternative dispute resolution in landlord-tenant relations.
