Current Resident Wants to Switch Units During Lease
You are interested in switching units or properties (to another rental managed by Nestwell PM) while you are in a current lease. These are some guidelines for how that works and what is required. This is all subject to approval from the owner. Please read below:
This applies to when a resident wants to switch units, but only in the same complex or to a property owned by the same owner (and also managed by Nestwell PM):
Application: If you have not gone through Nestwell's application screening within the last year, you will be required to go through the application screening process again to see if you qualify for approval. *If you went through the application process within the last year, you will be required to fill out a renewal application (different form) as part of the leasing process. You may be required to submit updated income verification info.
Deposit: The resident can transfer 50% of the deposit on file over to the new rental unit and would have to pay the difference to make the deposit whole for the new unit prior to move-in.
For example: If you have $1000 deposit on file and the new deposit would be $1200, then we would transfer $500 deposit and you would have to pay the remaining $700 prior to move-in.
*The remaining amount of the deposit for the property you are moving out of would be handled as a normal security deposit as per the terms of the rental agreement. If you owed money upon the security deposit disposition after vacating the unit because the charges went above and beyond the amount left, you would be required to pay that amount in full.
**The minimum deposit amount required to stay on file for the current property is $500. If the deposit was not at least $1000, then you would only be able to use less than 50% of your deposit. You could use the remaining amount above the $500 that was kept on file.
For example: If your deposit on file is $800, we would keep $500 with the current rental and only $300 could be transferred to the new rental agreement.
***If there is deposit for more than $1000, the 50% rule would apply.
For example: If your deposit on file is $1500, you could transfer $750 towards the new rental and $750 would stay on file for the current rental until the security deposit disposition is completed.
Rent and Dates:
You would be responsible for the rent and terms of the contract on the current up until the start date of the new lease.
For example: If the new rental lease start date was 10/5, you would pay for the current rental through 10/5 so you could vacate and clean the current rental and would start the payment for the new renal on 10/5 as well.
*If you needed more time for the transition for moving, cleaning, etc, you could pay the daily pro-rated amount for the current rental until you are completely vacated and done with all cleaning, etc.
REMINDER: These are guidelines and are subject to owner approval. If you are interested in switching to another rental managed by Nestwell, please reach out.