Renewals

Renewals occur when one or more of the current residents of an apartment sign the lease for the same unit for the following year. Residents understand that between the two lease periods, The University Group will not assess the apartment for damages nor clean the apartment. Before leasing for the next year begins, The University Group will inform the current residents of the new rent rate so that residents may begin renewal discussions. If new resident(s) are replacing current resident(s) on the renewal lease the new resident(s) will be responsible for reimbursing the current resident(s) for their portion(s) of the security deposit. On the date specified on the renewal lease, the current resident(s) will be responsible for handing over their key(s) to the new resident(s). The prospective resident(s) for renewal leases will need to submit an application online or at our office. You may submit an online application here .

Pass down Renewals

Pass down renewals occur when the current residents of a specific apartment decide not to renew the apartment for the following year. Instead they provide The University Group with names of prospective residents who would like to lease the apartment for the following year. The prospective residents for pass down renewal leases will need to submit an application online or at our office. You may submit an online application here. At lease signing, the prospective residents will pay a security deposit. On the date specified on the pass down renewal lease, the current residents will be responsible for handing over their keys to the new residents. The University Group will not assess the apartment for damages nor do a general cleaning of the apartment. Carpet shampooing will be done at the request of the new residents.

Transfers

Transfers occur when one or more of the current residents of a University Group apartment choose to sign a lease for the following lease year in a different University Group apartment. Prospective residents who are not University Group residents will need to submit an application online or at our office. You may submit an online application here. At lease signing, the security deposit balance must be paid. Current residents transferring to a new University Group apartment must sign a transfer agreement. The transfer agreement allows the current residents to stay in their current apartment past the expiration of the lease in order to transfer directly into their new apartment. The transfer agreement allows the current residents to have both sets of keys, for the new apartment and old apartment, for 24-48 hours so they may easily move from one apartment to the other apartment.

Subleasing Information

Current residents may sublease their apartment to another person by signing a sublease agreement through The University Group. The sublease contract is an agreement between the original resident, referred to as the sublessor, and the new resident, referred to as the sublessee. The original resident is ultimately responsible to The University Group for the lease obligations in the event that the sublessee(s) does not fulfill their sublease obligations. Fees for subleasing are $125-150(depending on your lease) for each sublease agreement. You may not start showing the apartment for subleasing until your lease begins.

Current residents are responsible for finding their own sublessee(s). All sublessees must fill out an application online. You may submit the application here. All sublessees must pass the credit check or provide a valid Passport and Visa(if they do not have a social security number). Potential sublessees not passing the credit check will not be allowed to sign the sublease agreement. Potential sublessees who do not have a social security number must provide a valid Passport and Visa or they will not be allowed to sign the sublease agreement. All current residents will need to sign the sublease agreement before the sublessee(s) may sign the sublease agreement. Any outstanding balance must be paid in full before the sublease agreement may be signed. Please contact our office by emailing leasing@ugroupcu.com to sign an electronic sublease agreement.

The sublessor(s) and the potential sublessee(s) will be responsible for agreeing on the sublease start date, end date (cannot exceed the lease end date), sublessee(s) rent payment amount, and security deposit. If the agreed upon sublease rent payment amount is short of the lease rent amount, the sublessor(s) will be responsible for paying the difference to The University Group. The University Group strongly recommends the sublessor(s) to require the sublessee(s) to pay a security deposit. The security deposit amount should be agreed upon by the sublessor(s) and the sublessee(s). The sublessee(s) will pay the security deposit directly to the sublessor(s). The sublessor(s) and sublessee(s) will exchange the apartment keys directly. The University Group will not hold or take possession of the keys for the sublessor(s) or sublessee(s).

The University Group strongly recommends that on or near the start date of the sublease, one of the sublessors and one of the sublessees inspect the apartment together for the condition of all items on the move-in checklist. The sublessor and sublessee should sign it, date it, and keep copies for their own records. If the sublease end date is the same as the end date of the original lease, the sublessee(s) will wait thirty days to receive the closing statement and invoices regarding deductions from the original security deposit paid to The University Group. If the sublease end date is prior to the end of the original lease, the sublessor(s) should inspect the apartment for damages. The sublessor(s) are required to return the sublessee(s) security deposit within thirty days of the end of the sublease agreement.