Flip is a housing platform legally facilitating subletting an apartment for a long-term stay, giving renters greater flexibility and landlords greater security. Average Flip leases typically come in at about six months, but the agreements can range anywhere from one month to a full year. Flip handles credit checks, assures that a would-be tenant can afford the lease they’re looking to take over, and guarantees rent payments for eligible subtenants.
Flip closed a $2.2 million seed round led by Union Square Ventures in May and processes thousands of dollars in active rentals each month. The company currently operates in New York City, San Francisco and Los Angeles with plans of launching in new markets in 2018.