FAQ: Renewing Your Lease

It’s ok! That’s a good clarifying question. The contract that you have now (your “lease”) says that this place is all yours until the summer of 2016. When we ask if you want to “renew” your lease, we want to know if some or all of the residents there want to keep this contract for an additional year (until summer 2017).

Renewing a lease is a cakewalk. Here’s what happens:

1. Someone at your rented house gives a ring-ring by phone or an email to SLS asking for a new copy of a lease.
2. SLS emails you a link to sign the new lease online. Unless otherwise noted, this copy will be exactly the same as your previous contract, except the dates will be updated.
3. Open the email, and e-sign. Throw yourself a congratulations party to celebrate a job well done.

Yes. But hopefully you’ll have a new place lined up by then. If you don’t renew your lease, then:

1. The “end date” of your current lease still applies. By this date your home will have to be returned to the same condition you received it in: vacant, clean, repaired, and cleared of all furnishings & belongings. The extent to which SLS employees & vendors need to work to return the home to this condition is the extent to which Security Deposits will be deducted from (aside from normal wear and tear). Deposits will then be returned within 21 days.
2. Starting in February, we will begin giving regular tours of your home to other students. These will continue until a new group decides to lease the property.

Forgive them, then see the next question.

Everyone in the house who wants to stay, and replacements for the people who don’t want to stay. As long as the home retains the same number of residents that it currently has, the renewed lease should be accepted.

For example, let’s say a home has eight students currently residing there. Five want to stay; three do not. The five students who want to stay would find at least three friends of theirs who want to live at the house. Then the five residents and their three friends can renew the eight-person lease.

Wow, that sounds pretty serious. We hope this makes you feel better.

The answer is no. If you’re one of the people who renews your home’s lease and you change your mind (or need to leave early, or graduate in December 2016, or decide to study abroad next year, etc.) you can replace yourself by “assigning” your spot to someone else. You’re literally switching places! How cool is that? Students do it all the time if something comes up. You have this option at any time throughout the year. You’re welcome. Yes, we love you too. No, we’re not just saying that. No, YOU rock!

Because of this, it’s suggested that if you don’t know what your next year is going to look like, you probably want to sign a new lease anyways. That way, you can switch at any time. If not, you won’t have a slot for the house. And we would hate to lose you! You’re so gosh darn terrific that we just couldn’t bear it.

… I’m finally done? I am graduating in May.

If you have big commitments away from the area, then you probably shouldn’t sign the new lease. But if you’re looking for jobs or thinking about continuing to live around here, then renewing may be a good idea for now. Remember, you’re not locked in to staying another year – you can change your mind and assign your spot to someone else.

… I’m homesick? I want to go home for the summer, then come back to this house next year.

Over 50% of students want to do this! So you are not weird for asking! You are not weird, period. You are awesome. This is a very popular option. You’ll want to renew, and then find a student who can take your place over the summer. We recommend posting an ad on your school’s Off-Campus Housing 101 website (LINK) as soon as possible. If you start looking for a summer-only replacement early enough, you’ll be fresher than the prince of Bel-Air. But if you wait until mid-April to start looking, be warned: by this time you’ll have hundreds of other students competing with you. You don’t want a war on your hands! If you want to find a summer-only replacement from school, then do it as soon as you finish this sentence. Go!

… I’m indecisive? I don’t know what my plans are.

The future can be very uncertain for college students! If you don’t know exactly what you’re going to do, better safe than sorry. It’s probably best to renew for now, and get a replacement if something comes up.

… my girlfriend says I have commitment issues? I don’t want another group to take the home, but I’m still not sure if I want to stay.

See above! But really, see above.

… I’m really impatient? My current lease ends in July but I want to move out as soon as school ends in May. Answer me, now!

Okay, calm down. You’ll want to find someone to replace you starting June 1st. There are two ways to do this:

• (Option 1) You’ll probably want to find a student to just take your spot for the summer (so start advertising before mid April). When students try Option 1 and are unsuccessful in finding a summer-only replacement, they usually end up moving out at the end of May, then continuing to pay rent until the current lease terminates two or three months later. But we want what’s best for you, so start advertising early!
• (Option 2) Most students aren’t looking for summer-only housing; they’re looking for something that will last them for the entirety of the next school year. If your lease ends in July, you don’t have much to offer them. To fix this, some renew their lease with SLS, then assign the renewed spot to one of these students. You would then be able to advertise a yearlong spot instead of a summer-only spot; you’ll be catering to what your fellow students are looking for. Using this method will prevent you from paying summer rent on a home you’re not living in. Move out whenever you want. It’s kind of like a poker game: it’s all about how you play your cards. But not.

… nobody likes me? I want to stay, but most of my housemates don’t.

Surely there are at least a few people at school who like you! Best thing is to find friends who can take their spots. You can post something on your school’s OCH 101 website advertising your home; if people respond to it before the renewal deadline, you’re all set! If not, you have several options. First, tell SLS about it! We’d love to help you out of a jam. Second, if tour groups begin to look at your home, mention to them that you’re looking to join such a group. Third, at SLS we go out of our way to serve our current tenants; we’d be happy to give you an exclusive first look at other nearby homes before we show them to the rest of the community (see last question).

… I feel trapped? I want to leave, but most of my housemates want to stay.

You don’t have to sign a new lease if you don’t want to! Feel free to help them find a replacement for you, but let them know that this is a favor and not an obligation. If you feel like they’re pressuring you too much, give SLS a call and we’d be happy to mediate for you. For an extra charge, we can also make several prank phone calls to them in the middle of the night. Well, not really. But we can definitely mediate.

… I’m hard to please? I like my housemates, but not my house.

Now look what you’ve done: you’ve hurt SLS’s feelings. It’s okay SLS, don’t cry. There there.

If it is because of things that can’t be changed (square footage, for example) then there isn’t much that can be done, so skip to the LAST QUESTION. If it has to do with the home’s condition, however (ugly flooring, needs paint, yard could use new landscaping) then perhaps this is something SLS would be willing to ask the owner to upgrade for you. Send us your ideas, and let’s see if we can make it happen! It’s your house; we want you to like it. We want you to flourish in it like garden gnomes in a thousand-acre flower garden.

… I’m popular? I have a group of friends I really want to live with next year.

Find out if some of your current housemates plan on moving out – if so, maybe your friends can replace them! We would hate for things to be … awkward. If not, then check with SLS to see if we’ll let you add extra people to your house (it may even lower your rent). Failing this, get a group of at least six people (preferably more) together and then ask SLS what openings we have in other local homes. If we can’t find a current property that meets your needs, we can assign you your own personal real estate agent to find you exactly what your group is looking for.

Any group can take the home for next year at any time. We lease out all homes on a first come first served basis. The good news there is that your group can benefit from this; for example, you call us right now and tell us your want to lease (renew) the home for next year – effectively keeping anyone else from doing so. The bad news is that any other group of students can do the same thing – effectively keeping you from staying another year.

Usually not. Unless otherwise noted, it will be exactly the same as the contract you currently have (with a different end date). Isn’t that nifty keen?

The only exception is if prices are lowered or raised, in which case one of our clever employees will contact you with additional info.

Usually. Doing this normally lowers the price of each person’s monthly rent.

Sometimes. Doing this normally raises the price of each person’s monthly rent.

Yeah, we’re real estate agents. This one’s outside of our pay grade. Perhaps you should ask Siri.

Yes. This is actually one of the main functions our company performs; we’re experts at finding housing for groups of college students. If you get together a group of at least six people (the more, the better), we can see what openings we have in our other local homes. If we can’t find a current property that meets your group’s needs, we will assign you your own personal real estate agent; he or she will find you exactly what you’re looking for, free of charge. That’s how we roll!