And in theory, the landlord could require the tenant to continue to pay rent until the end of the lease. There's really nothing to compel the landlord to find another tenant during the duration of the lease. Realistically though, the tenant will probably just move out and stop paying rent.
Absent any language in the contract that forbids it, you can rent the property at the 'current market rate' (which could be higher or lower than the previous contract).
If the tenant wishes to just exit the lease without waiting for you to find a new tenant, it's customary for renters who break the lease to pay two months of rent. Otherwise they can take their chances until you find a new tenant.
Source: http://www.zillow.com/advice-thread/Tenant-lease-break-Leasing-Agent-responsibility/496563/
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