Resident policy
Voluntary Early Lease Termination
A predictable process for residents who request to end a lease before its scheduled expiration date.
Effective August 20, 2026
A resident who wishes to terminate their lease before the scheduled expiration date for personal reasons may request a Voluntary Early Lease Termination. This policy is administered at the sole discretion of SIP LLC and its management.
This option is intended to provide residents with a predictable method of ending their lease early while compensating the property owner for the administrative costs, turnover risk, and leasing costs associated with an early termination.
Before requesting termination
Requirements
To qualify for a Voluntary Early Lease Termination, the resident must:
- Provide at least 30 days’ written notice of the requested termination date.
- Pay all rent and other amounts due through the agreed termination date.
- Pay the applicable Early Termination Fee before surrendering possession.
- Vacate the property and return all keys, remotes, and other property belonging to management.
- Leave the premises in the condition required by the lease.
Fee schedule
Early Termination Fee
| Remaining lease term | Early Termination Fee |
|---|---|
| 2 months or less | $1,000 |
| More than 2 through 4 months | $1,000 + one month’s rent |
| More than 4 through 6 months | $1,000 + two months’ rent |
| More than 6 through 9 months | $1,000 + three months’ rent |
| More than 9 months | $1,000 + four months’ rent |
The remaining lease term will be calculated from the agreed early termination date through the original lease expiration date.
After all conditions are met
Release From Future Rent
Upon timely payment of all required amounts, surrender of possession, and satisfaction of the conditions above, the resident will be released from the obligation to pay rent accruing after the agreed early termination date.
The release does not waive amounts already owed, charges for damages beyond ordinary wear and tear, unpaid utilities or other charges, or obligations that survive termination under the lease.
Legal protections
Exceptions
This policy does not limit any right a resident may have to terminate a lease under applicable federal, state, or local law. When a resident has a statutory right to terminate without penalty or with different requirements, applicable law will control.
All early terminations must be documented in a written agreement signed by both the resident and management.