How it Works
Find a Property – Sublet seekers can browse through listings and message hosts to find a sublet that suits their preferences. When they find one they like, they can click “Request to Book” and wait for the host’s approval or rejection.
Review Booking – The host has 10 days to accept or reject a booking request; otherwise, it is automatically declined. Prospective subtenants will be notified of the decision, and if accepted, verification processes will follow immediately.
Verify Your Identity – After acceptance, both hosts and subtenants must email support@loftly.io with photos of their ID (front and back). Hosts must also provide their original lease contract, while subtenants must submit their internship offer letter or a similar document in order to mitigate the risk of squatting. We complete verification within 24 hours.
Sign the Contract – Upon successful verification, we require both the subtenant and the host to sign a sublease contract sent via email. This contract formalizes the sublease agreement and establishes the terms and conditions both parties should follow.
Complete Payment – Subtenants must pay the full rent (which includes a 10% service fee already built into the listed price) and a refundable $500 security deposit upfront through the Loftly platform. Loftly holds these payments until the subtenant confirms they have moved in and everything is as agreed. This ensures hosts fulfill their obligations.
Coordinate Move-in – Hosts and subtenants connect to discuss essential move-in details, such as key pick-up, landlord contact, utility payments (if not included in the price), furniture requirements, and other relevant topics.
Receive Payments – Hosts specify their preferred payment method to Loftly. We deliver the first 30 days’ rent on the fifth day of the sublease, with subsequent payments made monthly on the same day. In the final month, hosts receive payment for any remaining days. If there are no damages at the end of the lease, we refund the security deposit.
Frequently Asked Questions
Why do hosts choose Loftly?
Loftly manages the entire process for hosts, from identity verification and contract issuance to payment collection. We reach thousands of interns nationwide, providing a wide pool of subtenants verified through school email, ID, and offer letter checks. By collecting payments upfront and holding them on the platform, Loftly mitigates the risk of missed payments and increases subtenants' confidence, making them more willing to complete the transaction.
Why do subtenants choose Loftly?
Loftly offers a diverse range of properties, ensuring sublet seekers can find their ideal sublet. We handle the entire process, including host verification, lease contract confirmation, and payment holding. Your payment is held until you move in, minimizing the risk of deception. Loftly also administers the sublease contract to protect your rights and manages the security deposit to ensure it is not withheld unfairly. Additionally, Loftly provides a refund-friendly cancellation policy.
Should I list multiple beds in the same house separately?
Yes, you should list each bed in your house separately under the "Multiple Available Beds" category. This way, you can set different prices for each room and make it easier for subtenants to manage their payments individually. It also helps attract both individuals looking for a single room and groups needing multiple rooms. If you have multiple beds in one room, mention this in the description and include links to your other listings. Sublet seekers can filter for "Multiple Available Beds" when searching, making it easy for those planning to live with friends to find suitable locations.
Do hosts pay any fees?
No, hosts don't pay any fees at all! There are no listing fees or commissions deducted from your earnings. In fact, Loftly is running a special promotion right now where every host who sublets their property through Loftly receives a $50 bonus!
Are there any hidden fees?
There are no unexpected or hidden fees! Loftly charges a 10% service fee for the benefits provided and risk assumed, which is already included in the listed price. The price you see for the property is exactly what you'll pay at checkout.
Is there a refundable security deposit?
Yes, every subtenant pays a $500 security deposit at checkout, held by Loftly until the lease ends. If no damage is reported, the deposit is refunded within 10 days. If damage is reported, Loftly mediates the dispute by reviewing both sides' viewpoints and evidence before deciding on any deductions.
What is the cancellation policy?
Subtenants may receive a refund upon canceling their booking, subject to the following conditions: For cancellations made more than three weeks before the start date, a refund will be issued, minus a $250 fee payable to the host. For cancellations made less than three weeks before the start date, a $750 fee will be deducted from the refund and paid to the host. After the move-in date, subtenants must pay the full month's rent for the current 30-day period, but they may be eligible for a refund of the remaining days based on how long they've stayed at the property.