clock menu more-arrow no yes

Filed under:

New App Helps NYC Renters Sell Their Ongoing Leases

New, 7 comments

It's a problem that tons of people living in New York City have today: they need to move for work (or a whole host of other reasons), but their lease binds them to their apartment. Enter Flip. The app and website, which launched today, rethinks a lease as something that can be sold.

Much like Airbnb, Flip is a one-stop shop, but for selling and buying leases. Here's how it works: those looking to buy leases are pre-qualified after paying a one-time $50 fee resulting in a Flip Report. The report divulges the prospective tenant's proof of credit, income history, rental history and—oddly—education to the leaseholder and property manager. After a leaseholder and prospective tenant are matched, Flip backs up to let the parties settle on an agreement.

With Flip, leaseholders can set a one-time price for the remaining months of their lease, or, if really desperate, pay someone to take over the lease. Money sharing app Venmo has been built into Flip for the sake of convenience (no word yet if Lucas is a user.) Prospective tenants can browse listings for leases, which include images and descriptions of the apartment, on the app. Once a prospective tenant has a Flip Report, the app continually updates it t reflect the tenant's current financial situation, should they want to use the app to rent again.
· Flip [official]
· New Website Is a Classified Page For Your Apartment Building [Curbed]
· Launches and Releases archive [Curbed]