RENEWAL - You/your whole unit are interested in renewing their lease for the next lease term. Move-in fees (administrative fee, application fee, utility admin fee) are waived automatically.
ASSIGNMENT OF INTEREST RENEWAL - You and some of your roommates are interested in renewing for the next lease term but you need to swap in some new people. It is the responsibility of renewing tenants to find new roommates for the next lease term if the full group does not renew.
All current (including outgoing) and future residents (tenants) must sign an "Assignment of Interest Form", acknowledging that the security deposit stays with the home and is not refunded by management. Vacating residents are swapped in with future residents. Any reimbursement to outgoing residents must be handled directly between the groups. The incoming group does not owe a new deposit at lease start and will only owe a $50 application fee per future resident. Renewing residents will not owe any move-in fees. Future residents agree to take the occupied unit as-is (no turnover work will be performed).
RENEWAL TRANSFER - You, and possibly some (or all roommates) want to stay with Hometeam but move to another unit. The security deposit at your current lease is refunded less any damages documented during an inspection at the end of the current lease. A new deposit will be owed at the start of the renewal lease.
PASS DOWN - You/your whole unit do not want to renew, but you have a full replacement group ready. That group automatically absorbs the renewal and takes the unit as‑is (no turnover work will be performed) for the next lease term (the unit does not go to market). Keys are exchanged between the outgoing and incoming groups. The incoming residents will not owe any move-in fees (administrative fee, application fee, utility admin fee) if they sign their lease by October 31st.
Security Deposit: The security deposit stays on file and is not refunded to the outgoing group. Instead, the new group assumes responsibility for it.
- If the outgoing group wishes to recover their deposit, they must collect the amount directly from the incoming group at the time of transfer. Hometeam will not intervene in this process.
- If there is a rent increase of 10% or more, the incoming group must pay the difference to bring the deposit up to the new amount.
- Example: If rent was $500/month and the deposit was $500, but the new rent is $550/month, the incoming group must pay $50 to match the updated deposit amount.
NON RENEWAL - Nobody in the unit plans to renew. You are ALL moving out come the end of your lease and do not wish to be contacted about renewing. Future residents can begin taking tours of your unit as soon as leasing season begins for future leases.