The Daily Illini : 'Pass-down' leases pose problems
“Want $200 and a case?!” the bold- faced lettering reads on the crumpled sheet lying between units 115 and 117 of Johnstowne Apartments, 508 E. John St. The note continues: “My roommates and I really want to live here next year and are looking for a lease pass-down of a 4 person apartment. We will pay you $200 (that’s $50 a person!) and get you a case of your favorite beer.” The sign, posted by Selissa Mantas, sophomore in LAS, was one of several posted at Johnstowne – a complex JSM Management Inc. says, along with Green Street Tower , John Street Lofts and Gregory Place, 701 S. Gregory St., is among its most popular – reflects the trend of exchanging money and/or alcohol for an apartment pass-down. The contract, which elicits responses from “smart” to “unfair”, is a method many prospective lessees are using to obtain a unit in one of JSM’s hard-to-get properties. The term “pass-down”, coined by JSM, describes a practice which allows tenants to hold their apartment for others. Unl...