People who are renting their homes have the option to sublet it to another tenant. There are different reasons for entering into this kind of arrangement.
Additional cash is a common motivation for many people. Others want to split the rent by subletting if a spare room is available in order to reduce the rental cost.
Those who move out of state temporarily or take an extended vacation can resort to subletting to transients or vacationers. This will enable them to have their monthly rent covered while they are away and their home occupied for the duration.
If you are leaving for good and want to go before you lease runs out, subletting is the best option as it means they will not have to break their lease. Their place can be rented out to someone else for the rest of the lease, and they get the freedom to move on without any of the negative financial consequences of breaking the lease.
Before putting up that ‘For Rent’ sign, it should be clarified first if subletting is allowed in the contract. Check with the landlord and get his permission before pushing through.
As soon as you know whether you are allowed to, then you need to work out a number of factors before you begin interviewing potential candidates. Such factors as the amount you will sublet it for, whether you want a deposit upfront, if you will allow kids or animals in the house, amongst other factors.
Asking for references from previous landlords and doing background verifications is an essential move to make before the new tenant is given the keys and full access to the apartment. It is also a good measure to get the landlord’s approval of the prospective tenant.
To be on the safe side, you need to have it all down on paper. Make sure to include how much rent is to be paid, what condition the property was in and any other vital elements of your agreement.
This author has been providing advice on subletting for the previous three years. In addition, this author loves publishing articles about New York City neighborhoods, like NoHo rentals and Midtown East apartments.
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