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One of my tenants wants to break the lease, is he entitled to the security deposit?

One of my tenants wants to break the lease, while the other will stay and get a roomate to cover the difference.  Do I need to return any / all of the security deposit to the tenant breaking the lease?
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When I have had this situation come up, I have let the tenants settle this amongst themselves while explaining to them that the new tenant (that will replace the old tenant) will need to pass the same application procedures as everyone. Generally what happens is when the new tenant is approved, that tenant will pay his portion of the security deposit which will be given to the old tenant, provided there are no damages. This keeps the landlord out of things except for the approval of the replacement.
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