Considering Subletting Your Apartment? Here is What You Need to Know
Whenever you rent there are drawbacks to taking into consideration. These drawbacks can include a lack of ownership and having to make repairs to any damages before moving in order to get your security deposit back. When circumstances force you to move out prior your lease ending, you might be considering subletting your rental space. Subleasing does not have to be an overly stressful task. In order for this to be the case, however, you have to take some time to educate yourself on your rights, what your existing lease states in regard to subleasing and make sure that you are covering all bases through your new sublease agreement.
What is Subleasing?
Subleasing is a common solution for situations when circumstances cause you to leave the residence that you have been renting before your lease is over. When a situation like this arises you become a landlord to the subtenant (lessee), who pays rent to you, and then you, in turn, pay to your landlord.
If you are concerned that subleasing might be a little bit too complicated for you, there is a simpler solution to subleasing, this is called assignment. An assignment is when you and your landlord make an agreement to sign over all responsibilities to the new tenant. The tenant then pays rent directly to the landlord as opposed to you. This is not the most convenient situation for landlords, and many do not choose this arrangement.
When Should You Seriously Look Into Subleasing?
Subleasing becomes a necessary action when you cannot afford to pay the rent that is remaining on your lease after you have moved. Even if you can afford to pay the rent, subleasing is a popular option as it allows you to avoid paying multiple rents at one time, although some see it as complicated it is not a terrible option if you do it right.
Unfortunately for some, subleasing is not an option. Whether or not subleasing is a possibility depends on if the landlord specifically prohibits it in the lease agreement. If this is the case, you may be able to talk him into making an exception. However, if you are able to make sure that you get your landlord’s written consent and be ready to pay processing fees.
Is it Legal?
Depending on where you live, subleasing might not even be a legal option for you to consider. Before you think about subletting, you may want to check to see if it’s even legal to sublet in your city or state. Some states don’t allow subleases under certain conditions. Take, for example, New York, where it is to rent out a single-family home, apartment, or room for less than 30 days if you aren’t living there.
Common Concerns About Subleasing:
- Your new tenant might skip out, and not pay their rent.
- You are risking your security deposit by entrusting another person with the property that you signed up to take care of.
- In certain situations, you might be putting your landlord in danger. Just as a landlord should run a thorough background check on all applicants, you as the subletter should also run a background check to ensure that both you and your landlord know who they are working/living with.