A New App Helps Renters Break Their Leases

Posted On Fri, December 4, 2015 By

Posted On Fri, December 4, 2015 By In real estate trends

Being a lease breaker here in New York can be like wearing a scarlet letter around town, and on top of that there’s the hefty fees often associated with moving out early. But sometimes with life’s uncertainties it’s unavoidable. To make the transition a lot smoother, a new app called Flip “lets renters sell the remaining months of their unwanted lease to a pre-qualified tenant,” according to DNAinfo. The platform launched today and already has 300 leases up for grabs.

If you’re interested in listing your rental, simply post the listing with a total price for the remaining months (if you’re really in a bind, you can pay someone to take it over for you) and arrange showings with interested buyers. Those who sign up as prospective tenants pay $50 for a Flip Report, which is based on credit, income history, rental history and education. This is then shared with both the leaseholder and the landlord, and once a match is made the financial transfer is done easily through Venmo.

Flip was founded by Columbia Business School alum Susannah Vila. “Millennials in New York City are frequently stuck with leases they can no longer use. Flip empowers them to find qualified replacement tenants, negotiate with their landlords or property managers on a fair playing field and sell their leases as valuable assets,” she said.

[Via DNAinfo]

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