Let’s get you ready to sublease or assign your unit!
Whether you are studying abroad for a semester or finishing school early, you may find yourself in a situation where you need to look for a sublease or reassignment. Below you can find the answers to common questions about subleasing or assigning your unit.
What’s the difference between subleasing or assigning?
Subleasing is when you permit someone to live in your unit without transferring your lease to that person. The person who lives in your unit is called a sublessee. The sublessee will pay rent directly to you and you will continue to pay rent to the landlord.
Assigning is when you formally permit someone to take over your lease with the consent of the landlord. The person replacing you in this instance is called an assignee. The assignee assumes all of your rights and responsibilities associated with the lease
What are the most important policies to consider when subleasing or assigning?
Security Deposit – In an assignment, the exchange of the security deposit is solely between you and the assignee. Please keep in mind that we are not responsible for coordinating that exchange. Your original deposit will remain on the unit’s ledger and will be returned to the assignee when the assignee moves out. In a sublease, it is up to you whether you will ask for a security deposit from the sublessee.
Condition of unit – you are subleasing or assigning the unit as-is. You may request for a unit to be reconditioned only when assigning. All requests are to be in writing at least five business days in advance. All requests are subject to approval and charges may apply.
Keys to unit – providing keys to your sublessee or assignee is your responsibility. Management may be able to assist in coordinating a key exchange upon request. All requests are to be in writing at least five business days in advance. All requests are subject to approval and charges may apply.
Utilities – payment of utilities is your responsibility unless you are assigning. When assigning make sure to pay any balance and discontinue your utility accounts. The assignee will be instructed to setup new utility accounts for the unit.
What’s the process from beginning to end?
- Fill out Application to Amend Lease
- Find someone interested in your unit
- Submit a Sublease or Assignment Request by emailing Rentals@HolmesPropertyMgmt.com
- Have the person interested in your unit complete a Rental Application
- Pay all fees associated with the process
- Make sure all agreements provided to you and the person replacing you are signed
- Coordinate keys and security deposit exchange
Who do I contact if I have more questions?
Please contact us here, if you have already submitted a subleasing or assignment request using our online form as well as for all other subleasing or assignment questions. Keep in mind that the timing of this process is effected by the response and completion of tasks by multiple parties. Therefore, please do your part by making sure your documents are completed, fees are paid, and any special arrangements are requested in advance.