Frequently Asked Questions
About ReLease
What is ReLease?
ReLease is a financial services and property technology company that offers renters like you Flexible Leasing Options. Our financial products help you break your long-term lease agreement early and move out on your own schedule, saving you time and thousands of dollars in the process.
ReLease will work with your landlord or property manager to terminate your lease when you want to move, and we’ll cover your early termination penalties for you.
Why do I need a Flexible Lease?
Our flexible leasing option helps you break free from being stuck in your long-term lease agreement. Have you ever wanted to move in (or out) with someone, but your lease didn't expire for another 6 months? Thinking about buying a home during your next lease term? Just unsure of your plans?
Whatever your situation may be, ReLease can help you with a clean break of your lease without the termination fees and long move-out notices.
What financial products does ReLease offer?
ReLease currently offers two products, Mid-Lease Coverage and Pre-Lease Coverage. Both provide renters the freedom to terminate long-term rental agreements without paying thousands in early termination penalties.
Mid-Lease Coverage gives renters the ability to terminate long-term lease agreements between the period of the lease start date and lease end date; Pre-Lease coverage allows renters to cancel an upcoming lease agreement that has not yet been moved into, covering the period between lease signing date and lease start date. Available for renters that sign at least two months before move-in, Pre-Lease Coverage protects you from fees and penalties that you may still be responsible for if your plans change.
Who does ReLease cover?
ReLease covers renters with lease agreements between 6-24 months that are uncertain about their future plans. Early career, roommates, the spontaneous, the about-to-buy-a-home, the risk averse, and the financially responsible to name a few.
What is a ReLease Enabled Community?
ReLease Enabled Communities are properties that we partner with to provide you a better early move out experience. Sign a long-term lease at a ReLease Enabled Community for better rates on coverage and a quicker move out. Create a quote today and get an estimate at a ReLease Enabled Community near you.
How It Works
Can I really move out at any time?
Life happens. When you’re covered by ReLease you can submit a claim to terminate your lease contract anytime within your coverage period. While you can physically move out of your unit on any date after your claim has been approved, you'll be responsible to pay your rent through the end of the month of your desired move out date.
How much advance notice is required before I can move out?
This depends on the property you are renting at. ReLease enabled communities have a notice period of 3-20 days, while other properties have a standard move out notice of 30 days. We recommend providing an advance notice of at least two weeks, regardless of where you are renting, to ensure that you can move out on your desired date.
Create a quote today to learn about notice period requirements at the properties you have interest in renting.
How does ReLease cover my early termination penalties?
This is determined on a case by case basis. ReLease will pay for the early termination penalties stated in your lease agreement including, but not limited to, your early termination fees, reletting fees, fixed charges, lease buyout, or your rent obligation on the first of each month until another tenant signs a lease for your unit.
Do I need to let my landlord know that I bought coverage?
No, there's no landlord permission required!
If you decide to move out early we’ll work with your landlord or property manager to terminate your lease contract. You can be covered at any address, however, claims are processed more efficiently at ReLease Enabled Communities.
Do I need to find someone to sublease my unit if I file a claim and move out early?
No! ReLease saves you the hassle of finding of a subleaser. When you file a claim with us, you're making a clean break of your lease. Once you move out, your unit will go back on the market and a new tenant will sign a brand new lease agreement.
Will I get my security deposit back if I make a claim?
Your ReLease plan will not affect your security deposit. The process will remain the same and the return of your security deposit is a matter between you and your property, dependent upon the state of your unit when you move.
Cost and Savings
How much does ReLease cost?
Most renters can get coverage for as little as $20-$30 per month. You can pay upfront, monthly, or a combination of both - whatever works for you. Your plan may also have a deductible, meaning you’ll need to pay this cost at the time of claim before ReLease starts covering costs for you.
If you decide to make a claim and move out early, you’re responsible to pay all of your ReLease fees, a deductible (if applicable), and repay any concessions offered to you by your property (if applicable).
How does ReLease save me money on an early move out?
If you want to move out early you’re likely facing lease termination fees equal to 2-4 months of rent. That means if you’re paying $1,500 for a one-bedroom apartment, it could cost you $3,000-$6,000 to leave early. You may even be responsible to pay rent until your lease expires. With ReLease, you can move out mid-lease for only a few hundred bucks, saving you thousands. Plus, you only need to give us 3-30 days' notice, so you can get out 2-20x quicker.
Can I stop making payments to ReLease if I make a claim?
When you purchase a ReLease plan you are responsible for your total cost of coverage whether you make a claim or do not. If you choose to move out early you are also responsible for any deductible amount, at the time of your claim, before ReLease begins covering your penalties.
For example, Matt purchased a plan and his cost of coverage is $300 with a $500 deductible. Matt opts to pay $25 per month for his 12-month lease term and decides to move out early during the fifth month of his term. When Matt moves, he is responsible for the rest of his premium upfront, or $175, plus his deductible, $500, before ReLease starts covering his early termination penalties.
What’s a deductible?
If you exercise your flexible leasing option and make a claim to move out early, this is the amount that you are responsible to pay before ReLease can approve your claim and begin covering your financial obligation to your property. At certain ReLease Enabled Communities a base deductible amount has been negotiated, otherwise, your base deductible is equal to one half of one month's rent.
Your deductible amount may increase, at the time of your claim, if your desired move-out date is sooner than seven days from the date of your claim. Additionally, your deductible amount may increase if you make a claim within the first 30 days of your coverage period. To learn more about deductible amounts that may apply to you, create an account or login with ReLease and create a quote.
Do I owe my property any fees if I make claim?
ReLease does not cover leasing concessions offered to you by your property. If your lease agreement includes any concessions you may be required to pay that amount back to your property in order to satisfy your early lease termination.
A leasing concession is a deal or financial incentive offered to you by your property. For example, $250 off your first month of rent. If you make a claim with ReLease to move out early, you may be responsible to pay this amount back to your property in order to finalize your claim and move out before your lease expires. You can find any leasing concessions that may apply to you in your lease agreement.
Eligibility and Coverage
Do I need to apply for coverage?
No, there is no application required to get covered by ReLease. Simply start a quote and tell us the details of the unit you’re thinking about renewing or moving into. Provide an address, unit price, and layout, and we’ll have an estimate for you in under 60 seconds.
Can I get coverage if I’m in the middle of my lease?
We do not currently support renters in the middle of their lease term. You must purchase a flexible lease option before signing, or within 7 days of signing, to be eligible for coverage. ReLease defines lease signing as the date that the tenant provides their signature, not the date a lease was finalized or signed by a property manager or landlord.
If you signed a lease less than 7 days ago, you can purchase coverage here.
Does ReLease cover my roommates, too?
ReLease plans cover lease agreements, not persons on a lease agreement. Any and all persons listed on a lease agreement will be required to move out if a claim is made as doing so terminates your contract.
For example, if you have one roommate and you are both on the same lease agreement, you will both be required to move out in the event of claim. If you both have separate lease agreements at the same property, and only your lease is covered by a ReLease plan, only you can move out early in the event of claim.
Can I be denied coverage?
ReLease does not typically deny coverage to renters but reserves the right to deny coverage to any customer for any lawful reason. Your coverage period may be amended in certain situations, for example, if you are a graduating student or have an expiring VISA mid-lease.
If your coverage is denied, and you have already made an upfront payment, you will be refunded in full. If your coverage is denied, and you have upcoming payments scheduled, they will be canceled. For more information, please refer to our terms and conditions.
What is ReLease's refund policy?
During plan review your pricing may be slightly adjusted if one or more of your lease term, unit layout, or monthly rent price is found to be different in your lease agreement than the information you provided. In this case, ReLease will contact you by email or phone and you will have the option to continue coverage at an adjusted rate or cancel your plan. Additionally, your plan may be marked as ineligible by ReLease if your lease signing date is not within 7 days of your date of purchase. In the event of plan cancellation or ineligibility due to your submission of incorrect information, you will be refunded 95% of any payments made.
If you purchase ReLease coverage before signing your lease and later choose not to sign, you are eligible for a full refund of any payments made to ReLease. Once your plan is active and your lease has started, no refunds will be issued. For any questions, please contact our support team.