Sublease
Sublease/Lease Reassignment
If you need to move before your lease ends, you have the option to sublet or reassign the lease to someone else. Please remember that you are responsible for the lease, including rent, utilities, and all other costs involved until the lease ends at NOON ON JULY 30TH, or until you find someone to take over for you. There is no fee or penalty to have some take over your lease.
Before you start looking for a replacement tenant, please make sure the place looks good, both inside and out. If you don't have time to clean, call us and we can recommend a cleaner. If there are any repairs needed, call maintenance at 303-380-0203 or submit a maintenance request through your tenant portal online.
To advertise, you can put a “For Rent” sign in front of the property with your phone number on it. Additional places to advertise include: CraigsList.org, RalphiesList.colorado.edu (CU students/staff only), Apartments.com, Zillow.com, Housing Helpers, and many other places online.
Please arrange to be available so you can show people the place in person. If the new tenant can not see it in person, and wants to rent based photos/video, we suggest getting an agreement in writing that states that, and also says the new tenant will have to sublet to someone else if they decide they don't want to live there after they arrive. If there are roommates staying in the apartment, please make sure they have a chance to meet and approve of the new tenant.
Once you find someone to sublet, please let us know their name and ask them to fill out this FORM on our website to get us all their details. They should put the address, and who they are subletting from in the comments section at the bottom of the form.
We also need to know the following information from you:
- move in date for new tenant
- amount of deposit you paid, which new tenant will have to pay us
- date the new person will pay us the deposit
Once we have all that information, we can email the sublease/lease amendment for everyone to sign electronically. The new tenant(s) will get their tenant portal invitation via email after everyone has signed, so they can make payments online.
If the new tenant pays us the same amount you paid for deposit, you will no longer be liable for the lease as of the sublease start date. Even though we call it a sublease, it's really a lease reassignment in that case. Payments can be mailed or dropped off at our mailbox inside PAKMAIL, or made through the online tenant portal. Please be sure the apartment address is in the memo line of any mailed/dropped off payments to insure proper credit. The sublease deposit needs to be paid in full before the new tenant moves in, unless we've agreed to your payment plan. Also keep in mind that the sublease/reassignment is not complete until the deposit is paid in full. Please do not let the new tenant move in without paying the security deposit to us. We would just have to evict them at your expense. We can not return ANY of your deposit until the new tenant has paid theirs in full.
We will return your deposit, minus anything you may owe, within 60 days from the sublease date, assuming the new deposit is paid in full by then. Please let us know where the refund should be mailed. We can also refund the deposit via electronic funds transfer (EFT). To do that, we need the following information for your bank account:
- full name on bank account
- bank routing number
- bank account number
- account type (checking or savings)
- account holder's birthdate
- account holder's address
The EFT's can take up to three business days for the funds to be available in your account after we initiate the transfer.
If you find you have to lower the rent for the sublease, you are liable for the difference. For example, if you lower it $25 for six months, then we would repay your deposit minus the $150 difference (6 x $25 = $150).
If the entire place is being sublet, please arrange a check out with us once sublease paperwork is complete and the new deposit is paid. We need to know when you'll be completely moved out, with the place clean and ready for new tenants. We are typically available for check outs during business hours, Monday-Friday. We only do check-outs when the entire apartment is sublet. New tenants have a week after they move-in to get us their damage list.
You are responsible for cleaning the place before the new tenant moves in. If we have to pay for any cleaning after you move out, that charge will come from your deposit. The lease also says any carpet has to be professionally cleaned when you move out. If some roommates are staying, their rooms do not need to be cleaned. You are welcome to use any company that offers "truck-mounted steam cleaning" for the carpets. If you decide to use Big 'M' Janitorial at 303-449-2240, the company we typically hire, they can send the carpet cleaning bill to us to be deducted from your deposit. Please do not use one of the rental carpet cleaning machines from the grocery or hardware store.
If you aren't able to find a new tenant before you leave, you can hire us to find one for you, but only if all the roommates are moving out. We can not help find roommates for our tenants. The fee for us try to sublet for you is equal to half a month's rent. Just keep in mind that you remain liable for rent, utilities, and all other costs associated with the lease until the place is re-rented or the end of the lease, whichever comes first.