If you are renting an apartment or a house soon, then you should be familiar with the term subletting. What is subletting and what should you know about it before renting a place?
What is subletting?
Subletting is subleasing are not the same thing. They are similar, yes, but not the same. Subletting is renting out a room or apartment to someone that you are already renting and sublease traditionally refers to commercial property.
So, to understand this term better, if your name is on the lease and you have a roommate who is moving out but you want to keep an apartment, you can rent out another room in your apartment to another person. But, it is not always allowed. You should check with your landlord before taking any further steps. If it is not allowed and you are doing it anyway, it is illegal.
If you are renting an NYC apartment or apartment in any other city in the USA, you should know what are the benefit of subletting and how it works. Simply said, it gives you more control and also, you will save money too.
Having a roommate will help you split the monthly costs. Split bills for rent and utilities. A lot of people have a roommate because it is financially better, especially in big and expensive cities such as Los Angeles and New York City.
How subletting works?
The process is simple to understand, and here are some steps you should take.
- Check the rules with your landlord and make sure you are allowed to sublet. Also, read your lease, all the rules are written there.
- Check with renter’s insurance because insurance protects from theft and injury. You insurace should cover the new subtenant, just to be safe, it is better.
- Go online and market your sublet to attract more potentail tenants. There are so many different online platforms where you can put you ad. Find a subtenant if you need it, and people will contact you.
- Interview potential tenants and be clear about the apartment rules. You cannot live with anyone, so make sure to interview a candidate. Communication and compromise are key.
- After making the final decision, sign a sublet agreement. Have everything in paper and a signed contract between you two.
If you are renting your first college apartment, don’t be nervous and stressed out. Subletting is not nuclear science. Some of the pros of making this step are the freedom to travel and not be in the apartment all the time. Also, you will save money and you won’t break your lease even if you don’t live there anymore. You can turn into your apartment after being somewhere else.