Whether you’re new to renting or you’ve been doing it for years, you’ve probably heard the term subletting. However, it’s one of those words that doesn’t offer a clear definition. If you’re like many others and have no idea what subletting is, don’t worry; we’ve got you covered. So, what exactly is subletting? Here’s what you need to know about subletting your home, as well as some helpful tips for navigating the process.
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What is Subletting?
A sublet/sublease is a legally binding agreement in which one tenant temporarily occupies another’s leased property. The new renter, also known as the sublessee, is responsible for paying rent and maintaining the property while the lease is still in the name of the original tenant. Subleases can vary based on the circumstances, but they generally fall into three categories: short-term, long-term, and room-by-room.
1. Room-by-Room Sublease
The original renter sublets a room to a subletter while living on the property with them.
2. Short-term Sublease
A sublease for a short time within the original leasing period, with the understanding that the original renter will return to the property.
3. Long-term Sublease
A sublease that lasts for the remainder of the original leasing period, which means that the original renter moved out.
What you Need to Know about Subletting
Is Subletting Legal?
The legality of subletting your property is determined by local legislation as well as the lease you signed. Some jurisdictions mandate property managers to allow anyone to sublease, while others leave the decision to the property manager. If your lease allows subletting, read through the stipulations to ensure you follow the correct protocol for subletting your property.
Is Subletting Safe?
Subletting comes with its own set of risks. You will be held liable if the sublessee you choose fails to pay rent on time or destroys the property. This means you must make sure the person you choose to sublet your unit is trustworthy and reliable.
Steps for Subletting a Property
If you do decide that subletting is the right option for you, there are some steps you should follow. The rules will vary depending on your lease and local laws, but following these steps will ensure that you are adhering to the proper subletting guidelines.
Talk to Your Landlord or Property Manager
One of the most perplexing aspects determining whether or not you’re authorized to sublet a rental property. Subletting is governed by varying laws at the state and local levels. Not to mention the possibility that your lease agreement may have a clause about subletting. Subletting without the permission of the property manager is both dishonest and risky. You and your subletter may be evicted. That’s why it’s imperative to ensure that you’re legally allowed to sublet.
Check-In with Your Renter’s Insurance Company
Check with your renter’s insurance provider before subletting to see if your coverage extends to subtenants. If it doesn’t and the provider doesn’t have any packages that do, you may have to remove your personal belongings from the home. This will prevent you from having to cover any damage to your property out-of-pocket that comes from a subtenant. Remember, you paid the security deposit when you moved in. Therefore, damages caused by the new tenant is money out of your wallet.
Screen your Potential Subtenant
After you’ve chosen a candidate, you’ll want to make sure they’re trustworthy. It’s a good idea to have the person fill out an application form as a sub-lease addendum. Ask your subtenant for a credit report and references from previous landlords. It’s also a good idea to pay for a background check.
Consider a Security Deposit
Ultimately, as the lease signer, you will be responsible for any damages to the property. As such, make sure to take necessary precautions when bringing on a subtenant. This means taking photos of the property and doing a walk-through before your subtenant moves in. Rental references are a standard part of the rental process, regardless of whether you are subleasing or not. That said, you should ask any prospective subtenant to include at least two references.
Sign a Sublet Agreement
After you’ve found the ideal subtenant, have them sign a sublet agreement. It might be a good idea to seek assistance from your landlord. They can recommend clauses to include or exclude. Once you’ve both signed the sublease agreement and you’ve received payment – congratulations! You’ve officially sublet the rental property.
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