{"id":239,"date":"2023-04-17T10:22:17","date_gmt":"2023-04-17T10:22:17","guid":{"rendered":"https:\/\/www.smallbizgenius.net\/?p=239"},"modified":"2023-06-19T03:31:35","modified_gmt":"2023-06-19T03:31:35","slug":"what-is-a-sublet","status":"publish","type":"post","link":"https:\/\/www.smallbizgenius.net\/knowledge-base\/what-is-a-sublet\/","title":{"rendered":"What Is a Sublet, and Should You Be Subletting Your Place?"},"content":{"rendered":"\n
Whether you\u2019re temporarily relocating because of a dream job or going on a summer holiday, subletting is a great way to make back some of your rent money. So what is a sublet arrangement, and what exactly does it involve? <\/p>\n\n\n\n
Unfortunately, not everyone has the right to sublet their apartment. Before renting the property to another party, make sure you aren\u2019t breaching the terms of your lease<\/a>. These agreements are legally binding, and breaking a lease can get you evicted or have other serious consequences. <\/p>\n\n\n\n To find out more about the potential pitfalls and what it takes to be a short-term landlord, check out the following guide. <\/p>\n\n\n\n Also known as a sublease, subletting is when a tenant rents out either all or part of the property to a third party before the original lease ends. So what does a sublease mean for cash-strapped renters? In short, it can be a beneficial arrangement for those looking to redeem some of their rent money. Renters can make back up to 80% of the cash they are spending on the lease. <\/p>\n\n\n\n Although there are leases that don\u2019t permit subletting, most simply require you to notify the landlord and get approval for any changes. If the original lease agreement makes no mention of subletting, it\u2019s usually permitted, but it\u2019s always better to get your landlord\u2019s permission in writing. <\/p>\n\n\n\n The best way to shield yourself from any legal entanglements is to ink a sublease agreement with both the subletter and the landlord. This is especially useful if the tenant\u2019s contractual obligations under the original lease agreement include covering the costs of any damage to the property. Additionally, an in-depth background check <\/a>of potential subletters is a good way to root out those who have a history of not paying their bills or people on sex-crime registries. <\/p>\n\n\n\n If you decide that subletting your apartment is the way to go, there are a few other things to consider. Subletting can be an excellent solution, as long as you are well-informed about the entire process and don’t rush into things. Here is a complete checklist you need to cover before entrusting your place to someone else.<\/p>\n\n\n\n The first step is reviewing your existing lease. You need to make sure you are allowed to sublet the property and under which terms. Keep in mind that individual states have their own laws<\/a> when it comes to subletting. <\/p>\n\n\n\n Any constraints on subletting the apartment should be outlined in your original lease agreement. That\u2019s why it\u2019s absolutely essential that you read it thoroughly before embarking on this journey. And even if your local municipality permits subletting, your landlord may have his own reasons for prohibiting the practice. In such instances, it\u2019s probably best to explore alternative options.<\/p>\n\n\n\n Before subletting, check whether your renter’s insurance extends to subtenants. Some insurers do cover sublease apartments, in addition to providing standard coverage for your belongings in case of theft. If yours doesn’t, and you can’t sign up with those that do, then it\u2019s probably a good idea to remove your personal belongings from the apartment you’re subletting. Keep in mind that you are the one who paid the security deposit. In other words, the money from your pocket is covering any damage to the property unless you get adequate insurance. <\/p>\n\n\n\n Next, it\u2019s time to start looking for a subletter. That typically involves posting an ad somewhere. Make sure that your quest to sublet an apartment goes through legal websites. You can also share your ad on social media platforms. <\/p>\n\n\n\n A good approach is to have all the relevant information in your ad, including the rent, list of amenities, and any other relevant details about your apartment. High-quality images of the property can also be very helpful in attracting the right candidates. You should also make sure to avoid any typos, grammar errors<\/a>, and incorrect information if you want to attract serious subtenants; everything should look professional. <\/p>\n\n\n\n While trying to figure out how to sublease an apartment, most tenants will immediately start weighing the risks. To avoid any horror stories, get to know the prospective candidates by setting up an open house<\/a> and following the same procedure you went through when you were looking for a place to call home. When planning an open house, it\u2019s essential to get the timing right<\/a> and make the interior of your property look pleasant. <\/p>\n\n\n\nWhat Is Subletting? <\/h3>\n\n\n\n
How to Sublet an Apartment?<\/h3>\n\n\n\n
1. Re-check your lease agreement<\/h4>\n\n\n\n
2. Call Your Renter Insurance Company<\/h4>\n\n\n\n
3. Market the Apartment<\/h4>\n\n\n\n
4. Schedule an Open House\/Interviews With Prospective Subletters<\/h4>\n\n\n\n