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.
Some people do this plainly because they are short on cash. Others simply have a spare room in the house and getting an additional roommate to split the rent can help in keeping expenses down.
Other people find that they have to move away for a while, whether for business or on an extended holiday. Subletting in these circumstances is great because it means that the rent is covered and the place is not vacant for ages.
For those who will be moving out permanently before their lease expires, subletting will let them leave without breaking their lease. The home can be sublet to a new tenant for the remainder of the lease and it will be up to that new tenant and the landlord whether to continue with it once the lease has expired.
It is the tenant's responsibility to confirm with the landlord whether subletting is permitted under the contract, and if so, to ask for his consent. This is an important step before planning to sublet and putting up the "For Rent' sign.
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.
It is important to run background checks and ask for references from previous landlords before handing over the keys to the apartment to the new tenant. Consider also if the landlord would want to interview or screen the tenant.
For the benefit of all parties, it is important to have everything on paper. Provisions such as rental terms, security deposit, existing condition of the apartment upon moving in, responsibility for utilities and maintenance, as well as other relevant concerns have to be properly documented.
Some people do this plainly because they are short on cash. Others simply have a spare room in the house and getting an additional roommate to split the rent can help in keeping expenses down.
Other people find that they have to move away for a while, whether for business or on an extended holiday. Subletting in these circumstances is great because it means that the rent is covered and the place is not vacant for ages.
For those who will be moving out permanently before their lease expires, subletting will let them leave without breaking their lease. The home can be sublet to a new tenant for the remainder of the lease and it will be up to that new tenant and the landlord whether to continue with it once the lease has expired.
It is the tenant's responsibility to confirm with the landlord whether subletting is permitted under the contract, and if so, to ask for his consent. This is an important step before planning to sublet and putting up the "For Rent' sign.
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.
It is important to run background checks and ask for references from previous landlords before handing over the keys to the apartment to the new tenant. Consider also if the landlord would want to interview or screen the tenant.
For the benefit of all parties, it is important to have everything on paper. Provisions such as rental terms, security deposit, existing condition of the apartment upon moving in, responsibility for utilities and maintenance, as well as other relevant concerns have to be properly documented.
About the Author:
This author has been providing advice about subletting for the past two years. Furthermore, this author is fond of contributing information about NYC neighborhoods, like NoHo rentals and Midtown East apartment rentals.
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