Cash for Keys: A Tenant-Friendly Alternative to Eviction

May 24, 2021 | Library

Cash for keys is often debated by landlords, but it is a strategy that is gaining in popularity due to rent control and ongoing eviction moratoriums.

However, before throwing money at a renter, there are a few things to keep in mind.

Cash for keys doesn’t explicitly force a tenant to leave. Instead, the tenant agrees to voluntarily leave in exchange for money. The tenant moves out and leaves the property free of debris – or not. In exchange, the landlord hands the renter cash, gets a signed release, gets the keys, and everyone goes along their merry way.

The theory behind cash for keys is simple: Giving the tenant money is faster than suing the tenant, going to court, and (hopefully) regaining possession with a judgment sometime in the future.

All in all, a normal eviction will cost you thousands in legal fees and lost rent. But, if you offer the tenant cash to leave now, you’ll rent the property sooner, and more importantly, put it all behind you.