Cios is a proptech software platform that helps property managers minimize the financial impact of renters ending their lease early by matching tenants who want to move out early with a pre-screened guest.
Renters who break their lease and move out early create vacancies that are tough and expensive to fill. Cios is a fully-managed online platform that triages move-out requests, fills vacancies, manages check-in/check-out, insurance, payments, and cleaning.
Instead of terminating the lease, Cios works by setting up a sublease between the renter and the guest. During the term of the sublease, Cios collects payment from the guest and automatically delivers it to you via monthly bank account payout. However, the original renter is still ultimately responsible for any unpaid rent.
The original renter pays any difference in rent each month, along with a 15% fee. For example, if a renter broke a $1000/month lease four months early and the guest is paying $900/month for the four months, they would cover the $100 difference and pay an additional 15% fee of $150 each month. We collect these fees automatically via credit card or direct deposit.
We screen guests based on four different criteria.
First, we complete an identity verification check using a piece of government ID and biometric data from a photo of the person’s face.
Second, we complete income and employment verification. We do this by collecting and validating proof of employment from the guest, and cross-referencing it with bank account history. We obtain bank account history through a real-time API from Plaid. We allow you to screen based on income by setting a minimum income:rent threshold for your buildings. For example, you could set minimum income:rent to 3x, meaning that all guests will need to have a monthly income that is 3x greater than the monthly rent.
Third, we obtain a credit and background check through TransUnion. We allow you to screen based on a minimum credit score and maximum prior criminal history. Typically, we see property managers request a minimum credit score of 600 and no prior criminal history.
It’s up to you — we can implement Cios two different ways in your buildings.
Option 1 (recommended) leaves the selection of specific guests to our team of experts. We ensure that all guests are thoroughly screened and meet your minimum criteria for income:rent ratio, credit score, and background history. This saves you time and effort.
Option 2 (more time) gives you final say over the approval/denial of all guests in your buildings. We provide you with the same information for each guest’s income:rent ratio, credit score, and background history, giving you up to three business days to approve or deny the specific guest. This significantly increases your time and effort.
We charge market rates for guests depending on the specific unit, length of lease remaining, and whether we furnish the unit. This market rate can be higher, the same, or lower than the original rent. Any difference in rate will be paid by the original tenant through our web platform.
When your original renter checks out, they must complete a video walkthrough of the unit. If there is damage beyond normal wear and tear, we cover the cost of cleaning/unit rehabilitation and charge the tenant directly through our web platform.
We will work with you to establish additional check-out instructions and how to return keys. Typically, most property managers are okay with renters leaving keys in the unit upon check out.
Cios handles the cost of cleaning before and after the guest stay. Cleaning and normal wear and tear are covered by our regular service fees. Additional costs of cleaning above normal wear and tear are charged to the tenant or guest directly through our web platform.
When the guest checks in, they must complete a video walkthrough of the unit and confirm their check-in status. Guests have access to our concierge service during the course of their stay if they have issues with check-in or have other questions about the unit or area.
Rent is collected automatically from guests via credit card or direct deposit through our web platform. Once payment has been made, you will receive a confirmation email. You will receive a payout to your bank account within 3 business days of a successful payment.
When the guest checks out, they must complete a video walkthrough of the unit. If there is damage beyond normal wear and tear, we cover the cost of cleaning/unit rehabilitation and charge the guest directly through our web platform.
We will work with you to establish additional check-out instructions and how to return keys. Typically, most property managers are okay with guests leaving keys in the unit upon check out.
You can show the unit to future renters at any time. To do so, just let us know and we will notify guests that the unit will be shown. However, we ask that you respect the guest and the space and limit intrusive showings as much as possible.
Cios is a platform that allows you to move out early without breaking your lease. We help renters like you move to take new jobs, move in with their significant other, and close their dream homes without remaining responsible for thousands of dollars of rent.
The Cios platform connects you with a replacement renter if you move out early. In many states, this is a legal requirement regardless if you want to terminate your lease early.
To make the hand-off easy and stress-free, you can submit your initial request, keep tabs on progress, and check-out online from the comfort of your phone.
There are no upfront fees to use Cios. We charge a simple 15% service fee per month for each month remaining on your lease to cover the costs of managing the lease termination process.
For example, if you had 5 months remaining on a $1100 per month lease, you would be charged $165 per month for 5 months after moving out — a savings of 75% and dozens of hours of your time compared to the typical lease break penalty of 3 months rent.
Without Cios, a typical penalty for breaking an apartment lease could be anything from 2 months of rent to the entire remainder of the contract in one payment. In some states, leaving an apartment lease with no forewarning and reason could face a lawsuit and additional legal fees.
We estimate that most property managers across the US charge 3 months rent on average for breaking an apartment lease due to early termination.
Yes, you will receive your original deposit back through Cios after your replacement renter has paid their deposit through our platform.