SUB-LEASING

     
 

All Svigos Asset Management leases are for a fixed term typically lasting one year.

In the event that you must move out of your apartment before the expiration of your lease, your obligations under the lease do not end until the last day of the lease term.

Residents forced to move out early have two options: (1) pay Landlord the total amount of rent for the remaining months of the lease (2) Sub-Lease.

FAQ
What is a Sub-Lease?
A Sub-Lease occurs when someone moves into your apartment before your lease has expired and makes payments to Landlord on your behalf.

Will my name still be on the lease?
Yes, having a Sub-Tenant will not relieve you of your obligations to the Landlord under the lease. The Landlord will not remove your name from the lease simply because someone else is in the apartment.

Can I Sub-Lease to anyone I want?
NO. The Landlord must approve in writing who will occupy the apartment. The general rule is that a Tenant should present a Sub-Tenant Applicant that is equal to or better than yourself, in terms of being a responsible renter.

How do I find a Sub-Tenant applicant?
We recommend that as soon as a Tenant knows they will need to move out early to immediately contact management via email and make them aware of the situation (SvigosOffice@gmail.com). Then we recommend that Tenants place an ad in the newspaper or online with pictures and a description of their apartment. Hopefully, there is interest in the apartment and you can begin showing the unit to prospects.

Will Landlord advertise the apartment for me?
No. Landlord will not assist with finding a Sub-Tenant by placing an ad or showing any apartments. Landlord uses rental agencies for all Landlord vacancies.

Can I use a rental agency to find a Sub-Tenant?

Yes. If you do not feel comfortable placing an ad, showing the apartment, and facilitating the application process you can also contact a leasing agent or realtor. We have close working relationships with Apartment People, Chicago Apartment Finders and Frank Theodosopoulos (773) 450-9465 frank@svigos.com. Each of these agencies have access to our buildings and have rented our units for several years. Rental agencies typically charge one month's rent up front for their fee to advertise, perform showings, and present an application to the Landlord. This is the most efficient and hassle free way of finding a Sub-Tenant.

What if no one is interested in the apartment?
Unfortunately, some apartments are harder to rent than others. We suggest having an apartment rental agency described above attempt to rent the unit if your ads are not successful. In some instances apartments will not rent for several months. Either way you remain liable for the cost of rent for the term of the lease.

What if no one will pay the rent I am asking?

It is possible and common to Sub-Lease an apartment for an amount less than rent amount on the Lease. Some Tenants resort to lowering the rent amount to entice a potential applicant. However, you are still obligated to pay the Landlord the full rent amount each month even if that means Tenant must make a separate payment to satisfy the difference.

How will I know the quality of the Sub-Tenant applicant?
All Sub-Tenant applicants and or anyone occupying the apartment must apply through the Svigos Asset Management website under the apply online tab and pay the $50 fee. If the applicant is obtained via a rental agency they will provide Landlord with a complete application.

Does each person have to pay the $50 application fee? What about couples, roommates, or co-signers?
When a potential applicant completes the application via the Svigos Website they will be prompted with a paypal link to pay the $50 processing fee. Everyone occupying the apartment, above 18 years of age, must complete an application.

We charge a $50 processing fee for the first two applicants such as roommates or partners. Therefore, when the second applicant completes the online application simply shut the webpage down after clicking submit. We will still receive the application.

However, we do require an additional $50 processing fee for 3 or more applicants which also applies to co-signers.

What happens when the Landlord receives the application?
Once the application is submitted the Landlord will reach out to the Tenant to obtain the following items: (1) social security number (2) driver's / state id number (3) copy of pay stub (4) copy of driver's / state id.

Once these items are received Landlord will run a credit report, contact the applicants employer and previous Landlord to confirm the applicant has provided accurate information on their application. The Landlord will then let you know if the applicant has been approved or denied. The Landlord will provide you with a copy of the completed application upon request.

How does the Landlord decide whether a Sub-Tenant is approved or denied?
Landlord uses the same criteria to assess all applicants. The Landlord attempts to determine the likelihood that the applicant will be able to uphold the Lease obligations and rules. This assessment is based on the applicant's credit history, income, employment, and previous rental experience.

What happens once an applicant is accepted?
Landlord will provide a written approval via email informing the Tenant that the Sub-Tenant has been accepted.

Should I have a lease with the Sub-Tenant?
We recommend that the Tenant have the general terms of their agreement with the Sub-Tenant in writing to avoid future confusion. The most important items are the Lease start and end dates and rental amount. Further, it is best practice to make the Sub-Tenant aware of all the terms and rules of Tenant's current lease. The Sub-Tenant agreement must end on the same day Tenant's lease ends.

Will Landlord provide a Sub-Lease Agreement?

No. We suggest you search the internet or make an adaptation of your current lease.

Are there any Sublet fees or Move In Fees?

No. Landlord does not charge any fees to Sub-Lease your apartment except the application processing fee.

Will Landlord collect rent directly from the Sub-Tenant?
Yes Landlord will collect rent directly from the Sub-Tenant only if Sub-Tenant pays via ACH Direct Deposit.

What happens if the Sub-Tenant does not pay their rent or damages the apartment?
In the event that Tenant does not pay their rent Landlord will provide a courtesy call to both the Sub-Tenant and Tenant making them aware of the situation before taking any legal action. However, the Tenant is ultimately responsible for the cost of any unpaid rent and or the cost to repair any damage to the apartment. Therefore, we recommend that you check in on the Sub-Tenant and the apartment at least once a month to ensure there are no problems. Any payments not received will go against Tenant's credit report.

The lease only have a few months left and my potential Sub-Tenant is concerned they will be forced to leave at the end of the term. Will you offer the Sub-Tenant a renewal at the same rental rate?
Yes. We are happy to offer a Sub-Tenant a renewal offer if all rent has been paid on time and there have been no other issues during the Sub-Let. However, we cannot guarantee that the building owners will not seek higher rent for the apartment. Rental rates are unique to each building and apartment and determined by the market.

Can my Sub-Tenant have a pet?

Landlord will allow one house trained cat for $35 per month but dogs are not allowed regardless if Tenant already has a dog.