This is the second part of our blog post about renting your own place instead of living on campus. The first part was dedicated to various unexpected expenses that you should know about and budgeting for rent in general. If you are interested, we suggest you check out that blog post. The following post will be about subletting and renting from another renter because chances are you will likely face this housing option at one time or another. There are definitely a few little details that you should be aware of; that’s why we decided to explain this topic a little more and provide you with some valuable tips. Let’s get started.
Understanding Subletting
What is a sublet or sublease? It is a thing that occurs when an original tenant who has a contract with a property’s landlord is not the one living there but rents it out to a third party for a period. The main thing about subletting is the lack of a contract between the person who sublets and the landlord, making an original renter a connecting link between the two. An original renter might or might not get a little extra for the deal from the tenant.
Reasons Why You Might Choose to Sublet
Renting an apartment is a very unique experience for everyone. Sometimes, a tenant might face various difficult situations and issues or make a decision in the middle of the current lease contract. Subletting might not be something that comes to mind first. However, you may consider this option in cases like the following:
- Temporary relocation. If you need to move somewhere for a few months, you might not want to pay for the place you are not living in. In this case, finding a temporary subtenant would be a great option. In return, it is also very convenient for a person who would not want to sign a long-term contract and needs some place to stay for a few months.
- Summer break. The same applies if you need to go back home for the summer and can’t afford to pay for the apartment when you don’t live there. Search for someone who will stay in the town for the summer.
- Financial hardships. If you find it hard to pay rent, finding a subtenant is a great choice. You might also try to find a roommate to split the bill. Subletting the whole place is a good way to give yourself time to find another job or make the right choices.
- Study abroad programs. If you are leaving the country, having someone live at your place and pay rent is perfect. You can save a lot of money and not worry about the place, especially if you like it a lot and want to continue the contract in the future.
Legal Considerations
You can probably remember the scene from the TV show Friends where Monica tells Joye that she is living in her grandmother’s apartment, meaning that it is her grandma who is a renter. In Monica’s case, she and Rachel were illegal tenants, as the plot later states, which is a great deal when it comes to terms and conditions of subletting. If you don’t want to get into trouble, you should always make sure that your landlord approves the sublease and knows about your situation.
Before making a decision about subletting, here are a few things that you should check or pay attention to:
- Check the lease agreement with the landlord. There are lease agreements that strictly regulate and prohibit any third-party contracts, which means that subletting would be impossible. Violating the lease rules would surely result in eviction, contract breaking, and additional charges. Be careful with the legal terms mentioned in the contract.
- Obtain the permission. Before subleasing, the original tenants need to obtain permission from a landlord. Subleasing without permission is a big red flag and might result in legal consequences for both parties.
- Signing a sublease agreement. The final step, one of the most important ones, would be to sign a sublease agreement between the original renter and the second one. Being an original renter in this process means taking responsibility for preparing all the paperwork and checking the terms and conditions of a sublease. The points of such an agreement would be details such as the rental rate, duration of the sublease, responsibilities of each party, and any rules or regulations governing the use of the rental unit.
Finding a Subtenant
Being an original renter who is looking for a subtenant is not that easy – you need to find a responsible and neat person who is in need of a temporary contract. There might not be that many people who meet your criteria; be sure to take the process seriously and check the backgrounds of your applicants before making a decision.
To make the process of finding a subtenant easier and quicker, you might want to do the following:
- Network within the community. Ask your mates, peers, and friends if they know someone who would be interested in temporary housing and thus subletting your apartment.
- Check online platforms. Post a listing on your Facebook page or dedicated platforms. This might not be the best option due to safety reasons, so try not to overshare details in your ad.
- Verify identity. Always make sure to ask for ID and even make a copy of it to save with the contract. Having information about your subtenant on hand is crucial.
- Require a security deposit. Just as you were paying your deposit when renting your apartment, you need to have the same thing when subletting. Your subtenant might break something or break tenants’ rules – in this case, the deposit will come in handy to pay for fixes or fines.
Important Things to Remember
Here are a few things that you should keep in mind when subletting your apartment:
- Collect rent payment. Establish the process of collecting the rent payments and transfer them to your landlord yourself.
- Communicate openly. The key thing that you should remember is to maintain open and transparent communication with your subtenant and your landlord. Don’t try to hide anything, but keep all the parties informed.
- Conduct inspections. When your subtenant moves in and moves out, you need to be present and conduct inspections together. This should be done in order to make sure that the state of the property is just as said and that there is no damage that is not addressed.
Conclusion
Subletting might be tricky but it also can be the best and only option in many situations that might occur. You may be the one who is renting from the original renter or the one looking for a subtenant – in any case, we hope that these tips and key points will help you in the process.
The post Renting Off-Campus. Part 2: What You Should Know About Subletting first appeared on Essay Writer.
The post Renting Off-Campus. Part 2: What You Should Know About Subletting appeared first on Essay Writer.
