Sublease your Apartment
The one most uncertain thing in life; you never know what will happen in the future. But when we plan for our future, we never think of such uncertainty.
Rent agreements for apartments are usually done for a year, but for various reasons; you might have to move before the termination of the lease. Rent agreements are legal contracts, and a breach can incur a penalty.
For instance, you have been transferred from California to Ohio, but paying rent in two states is not practical. What can you do? You can possibly sublease your apartment or possibly an early termination fee.
If you can find someone to sublease your California apartment and avoid paying the penalty/early termination fee is generally best.
When you sublease your apartment, you rent it out to another person for a portion or remainder of your lease term. There are a few things you need to know before you proceed,
First, review your lease to see if it is allowed, and if not check with your landlord to see if they will allow it. Most leases say that you will need to get the Landlord’s approval which will not be unreasonably withheld prior to sublease.
Depending on the deal you make with your landlord you may need to draft a sublease agreement for you and the subtenant to sign. The agreement should spell out the terms of the sublease, the lease duration, the rent amount, the use of the space, the number of tenants allowed, and so on.
You will also be responsible for collecting rent from the subtenant and ensuring they adhere to the lease’s terms. You will be responsible for repairs in case of any apartment damage beyond normal wear and tear.
Additionally, to maintain a good relationship with your landlord, it’s critical to adhere to local subleasing laws. Similar to other real estate transactions, sublease rules differ from state to state.
Thus, before subleasing your apartment, research thoroughly to understand the responsibilities of being a landlord. In today’s blog, we will discuss the pros of subleasing an apartment.
What is a Sublease?
Subleasing or subletting is when a tenant rents their rental space to someone else for a portion or the remainder of their lease term.
The sublessee is responsible for paying you and you are still responsible for paying the landlord until the end of the original lease term.
Who can Sublease?
Any person who needs to vacate their apartment before the end of their lease may be able to sublease. There may be some reasons:
- They may be traveling or going abroad for a semester or moving to a new city for work. If you need to move out before the end of the lease term, subletting is frequently the best option because it reduces your financial burden.
- If you have extra space, like a second bedroom, you may decide to rent it out. It can be a smart choice for college students trying to save money.
The Advantages and Disadvantages of Subletting
There are many things to consider when you decide to sublease an apartment. Here are some points to think about.
Pros of Subleasing an Apartment
- It allows you to continue the lease without being subject to early termination fees.
- Money is one of the main benefits of subletting. Nobody wants to make two separate bill payments. While the sublessor assumes financial responsibility for your prior flat, subletting would allow you to concentrate your financial attention on your new primary residence.
- You have more freedom to travel without worrying about how you’ll pay your rent while you’re away.
Cons of Subleasing an Apartment
- Finding a good sublease that you can trust and rely on can be challenging. A sublessor doesn’t have the same obligations of keeping the apartment in good repair as you, and if they do not pay you are still responsible for paying the rent for the remainder of the lease term.
- You can risk your relationship with the landlord because of a terrible sublessor. You can also face eviction and damage your reputation as a renter if the subtenant misbehaves.
Tips for Subletting your Apartment
To effectively sublease your apartment, follow these tips:
1. Talk to your Landlord
Even though it may be legally allowed to sublet your apartment without telling the Landlord, you shouldn’t do so. If a new Tenant is residing in your apartment, whether you are subletting the entire apartment or just a single room, it is wise to keep your landlord in the loop.
2. Research Local Laws
Check your state’s legislation to learn more about your rights to sublet your unit. For instance, unless your agreement expressly prohibits subletting, you can sublet your flat without asking permission in Massachusetts, Maryland, Kentucky, and Louisiana.
In bigger cities like Chicago and New York, although your agreement or your property manager forbids it, you can still sublease your apartment.
3. Make Sure your Sublease is in Writing
If your agreement is not in writing you could end up with a sublet who acts as a squatter leaving you with very limited rights and options to rid yourself of them.
4. Provide Utilities
If you intend to return to the apartment, you should negotiate a fixed gross rent that includes utilities and keep them in your name. This is a good opportunity to create a profit center and if something does go wrong you face lesser issues when evicting your sublet.
5. Obtain a Screening/Background Check
Finding a trustworthy and reputable renter for your sublease should be your main objective. Once you have identified a few potential subtenants, thoroughly screen them by utilizing one of the many reputable screening services.
How to Find a Subtenant?
If you want to find a subtenant, connecting with people through social media and mutual friends is a great source.
Facebook groups and websites like Flip, Sublet.com, and Craigslist can help you find subtenants effectively. These are excellent resources for renters of all stripes, making it simple to get your advertisement in front of thousands of people quickly.
Subletting entails taking on a whole new set of responsibilities as a temporary landlord rather than relieving oneself of existing obligations. Therefore, make sure you know what you are doing.
Summerfield Property Management is an expert who works with large Landlords in the management of their properties. If you are looking for property management services give us a call.
Sublease your Apartment: FAQs
Q: Is subleasing legal?
A: Your state’s rules and the specific terms of your lease agreement will determine whether subletting your apartment is legal. While some states mandate that property managers grant anyone the ability to sublease, others leave this up to the property manager’s discretion.
Q: Is subletting safe?
A: Subletting involves some risks. You continue to be liable if the sublessee decides not to pay or damages the apartment. Therefore, you must do what you can to ensure the person you choose to sublet your property is dependable and trustworthy. If you don’t want to take this chance, you can opt to negotiate an early lease termination.
Q: How does a sublease work?
A: A sublease is a practice of a tenant renting out all or part of a property they currently lease to a third party for a portion or the duration of the original lease term.