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 Length of Stay Option helps you break free from being stuck in your long-term lease agreement. Thinking about buying a home during your next lease term? Not sure you chose the right property, location, or roommate? Want peace of mind and financial protection just in case?
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 signed, long-term rental agreements without paying thousands in early termination penalties.
Renters with Mid-Lease Coverage can terminate their lease agreement anytime during their lease term, after coverage has been activated by the ReLease team. Renters with Pre-Lease Coverage can cancel an upcoming lease agreement that has not yet commenced, covering the period between their date of purchase and lease start date. Pre-Lease Coverage is available for renters that sign a lease agreement with a start date at least two months in the future.
Who does ReLease cover?
ReLease covers renters that sign lease agreements in the United States between 6-24 months in length. Coverage is provided to renters in uncertain circumstances at the time that their coverage period begins and includes early career, those with roommates, the about-to-buy-a-home, the risk averse, and the financially responsible to name a few.
If you are in the United States on a temporary stay, your VISA must expire after your lease agreement end date to be eligible for a plan.
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.
Click here to view all ReLease Enabled Communities.
How It Works
Can I really move out at any time?
Life happens. When you’re covered by ReLease you can submit a notice to terminate your lease contract anytime within your coverage period. While you can physically move out of your unit 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.
Claims are not guaranteed to be approved. All claims must comply with ReLease terms and conditions and, if applicable, we may request documentation showing us that your plans changed after your coverage period started. Additional approval requirements must be met; you must be in good standing with your property, complete payment of your ReLease cost of coverage in full and, if applicable, any deductible amounts.
To be considered in 'good standing' with your property you must be current on rent and not in violation of your lease agreement. Upon claim submission, ReLease will confirm this with your property.
How much advance notice is required before I can move out?
This depends on the property you are renting at. At ReLease-Enabled Communities, you must provide a minimum notice period of 7 business days. At all other properties, the minimum notice period is 20 business 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, and depends on the property you're renting at.
At ReLease-Enabled Communities, in most cases, we'll cover your rent until your unit is re-rented to another tenant. Coverage begins the month following your claim approval. At all other properties, ReLease will cover the early termination penalties stated in your lease agreement. This may include, but is not limited to, a lease buyout fee, reletting charges, and future rent due until another tenant signs a lease for your unit. If you exercise your Flexible Length of Stay Option at a property we're not partnered with, we'll contact your property manager and inform you of how we'll cover your penalties at the time of claim approval.
Will ReLease pay my property directly if my claim is approved?
At ReLease-Enabled Communities, ReLease will pay your property directly.
At all other properties, ReLease will contact your property to inform them of your intent to vacate, and that we'll be helping with your early lease termination. If possible, we will pay your property directly. If your property does not accept direct payment from ReLease, you'll add your banking details to your account and receive reimbursement for all covered early termination fees. At the time of claim approval, the ReLease team will inform you of next steps that apply to you.
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 your total cost of coverage and, if applicable, any deductible amounts.
How does ReLease save me money on an early move out?
If you need to move out early you’re likely facing lease termination fees equal to 2-6 months of rent in buyout and reletting fees. That means if you’re paying $1,500 for a one-bedroom apartment, it could cost you $3,000 - $9,000 to leave early. You may even be responsible to pay rent until your lease expires, or your unit is re-rented to another tenant. With ReLease, you can move out mid-lease and save thousands.
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 cost of coverage upfront, or $175, plus his deductible, $500, before ReLease starts covering his early termination penalties.
What’s a deductible?
If you exercise your FLexible Length of Stay 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 will 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 any amount received back to your property in order to satisfy your early lease termination. Additionally, you will be responsible for any non-eligible fees at move out that appear on your final account statement, including past due rent, cleaning fees, etc.
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
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.
What types of leases does ReLease cover?
ReLease covers residential lease contracts, including both new leases and renewals that are between 6-24 months in length. ReLease plans covering renewal contracts are subject to a 3-month waiting period before a claim can be made. However, if Pre-Lease Coverage is activated for an upcoming, covered renewal contract, no waiting period will apply.
For example, Matt signed up for a ReLease plan for his upcoming lease agreement, a renewal contract for his current unit with a start date of February 1st. Without Pre-Lease Coverage, Matt cannot make a claim until May 1st.
Does my ReLease plan 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.
Should I purchase a Flexible Leasing Option before or after I sign a lease?
We recommend that you select a Flexible Length of Stay Option before you sign your lease. You will not be charged until your plan is approved and activated by the ReLease team. If you choose a plan and decide not to sign at that property, or are not approved for coverage, your plan will be canceled and you will never be charged. You must purchase a plan within 7 days of signing. If possible, we recommend obtaining an unsigned lease agreement from your property with your anticipated lease details and uploading this document in .pdf format when completing your profile. If you sign, re-upload the signed version of your lease and ReLease will review and activate your plan.
Your pricing may be amended at the time of plan activation if your lease details change between plan selection and signing. Specifically, if your lease term, unit price, or unit layout are different, or you add additional charges to your total monthly rent installment, your pricing may change. The ReLease team will reach out to you to confirm this change in pricing before activating your plan and charging your payment method.
Is plan approval guaranteed?
After you select a plan and input your payment method we will review your plan and lease details. ReLease reserves the right not to approve your coverage.
Your coverage may not be approved if you fail to complete your profile before your lease start date. To complete your profile, simply upload a .pdf of your entire lease agreement and an image of a government issued form of ID after selecting a plan. If you purchase coverage within 7 days of signing your lease, but after your lease start date, you must complete your profile by the end of your date of purchase. While an exception is not guaranteed, ReLease may consider extending this deadline in extenuating circumstances determined by the ReLease team.
If your coverage is not approved you will not be charged. For more information, please refer to our terms and conditions.
What is ReLease's refund policy?
Once your plan is active and your coverage period has started, no cancellations may be made and no refunds will be issued. If you make a claim that is not approved because of incorrect or misleading information provided to ReLease, you will not be issued a refund for any payments made.
During plan review your cost of coverage 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 prior to activating your plan and you will have the option to continue 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. For any questions, please contact our support team.
Under what circumstances might ReLease change the status of my plan?
ReLease reserves the right to cancel Mid-Lease Coverage plans after approval and activation if intent to terminate an upcoming lease agreement is disclosed prior to services commencing. To be covered in these circumstances you must purchase a Pre-Lease Coverage plan.
Additionally, if you selected monthly charges and fail to pay for services within 14 days of any due date, your plan will be suspended. If you fail to pay for services within 30 days of any due date, your plan will be canceled.
Can I get a ReLease plan if I have a Guarantor sign my lease agreement?
Yes, you are eligible for a ReLease plan if your lease agreement is signed by a guarantor. We'll know all parties associated with your lease agreement, as your name(s) will still be listed as the occupant(s) of the unit. We can work with you or your guarantor to help you with plan signup, payments, claim submission, questions, and more.