Renewals and Move Out

#Renewing a Lease:

When a lease covered by PandaDeposit is approaching its end date, both you and your tenant will receive a request to confirm whether the lease is being renewed.

If the tenant paid their deposit fee upfront: No additional fee is required upon renewal. Once you and the tenant confirm the renewal, coverage continues — no further action is necessary.

If the tenant pays monthly: Their monthly payments will simply continue until 19 months of payment have been received. No new application or setup is needed.

#Moving Out:

If the lease is ending and the tenant is moving out, you and the tenant can confirm the move-out starting 2 months prior to the end of the lease.

Once the move-out is confirmed:

1. 1The tenant records a move-out video. The tenant will be required to record a video documenting the condition of the unit at move-out, just as they did at move-in.
2. 2Review the unit for any damages or unpaid amounts. Compare the move-in and move-out videos when assessing the condition of the unit, as well as doing your normal move-out inspection for damages.
3. 3Submit a claim if needed. If you have damages or losses to claim, you must submit your claim within the same deposit-return timeframe your state requires for returning a traditional security deposit. In New York, that's 14 days after the tenant vacates.

If you have no claim to make, no further action is needed — the coverage simply ends.