Lease Renewals and Tenant Substitution At Renewal
- Lease renewals are not guaranteed as your unit is owned by an individual owner and not by us. It is ultimately the owner's decision whether they are renewing a lease or if they have other plans with the property such as moving back in, selling the property or renovations.
- Please be mindful of the date on your lease in regards to renewal. You will have until the date on your addendum to sign a lease renewal if one is offered to you.
- Should a lease offer deadline pass without a commitment from you unit, your property will be put on the market and shown to other perspective tenants.
- If the property becomes actively listed and there are no active applications, should you wish to renew ,you may do so at the market rate the property is being advertised.
Lease Renewal with Tenant Addition or Substitution:
- If you are wishing to add a new person to the lease during the course of renewal, the new applicant MUST complete an application and there is a $500 broker fee assessed.
- The fee must be paid prior to having a new lease sent to you.
- The Rental Application Can be Found Here
Lease Renewal When Only 1 Tenant will Remain but Wishes to Add Another Tenant at a Later Date and Time
- If one tenant wishes to remain and will be the only person signing at renewal, as a single occupant, but wishes to add a person at a later date and time that tenant must qualify independently for the property.
- Once a new perspective roommate is found, the person must complete an application and pay the $500 broker fee.
Deposit Returns for Exiting Tenants at a Renewal
- Your security deposit is held in one person's name and one person's name only. If that person is staying on the lease at the time of renewal any monies due back to the exiting tenant at renewal MUST BE WORKED OUT AMONG YOURSELVES.
- If the tenant whose name the security deposit is held in is leaving, we must refund the entire security deposit back plus interest ot that tenant and a new security deposit must be collected. This is Massachusetts Law.
IMPORTANT
Should a lease renewal be fully executed and signed by both parties and the renewing tenant(s) wish to cancel the lease the lease renewal will be treated as a lease break and penalties will apply.
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