About Subletting

Perhaps you want to move in with your significant other. Maybe your roommate moved out. It could be that you rent a place right on the beach, and would like to make some money while you are away on vacation or business. Whatever the reason, subletting your home or apartment may be an option for you.

Significance

If you are considering subletting, that means you are currently leasing or renting your home. Since you are not the owner, you must read your lease or contact your landlord to find out whether you are even allowed to sublet. This does apply to renting out a room as well, as the property owner or manager has the right to know and run background and credit checks on anyone living in the home.

Function

Subletting allows you to rent out your rental home or just a room in your rental home. You can sublet for different reasons. You may have a room in your home that you were using as an office or guest room. Finding yourself short on cash, you might decide to sublet that room to another tenant. You can sublet your home if you need to move but are not able to break your current lease.

Time Frame

You can determine the time period of the sublease. For example, if you have to move to another city for your job but are unable to get out of your lease, you can sublet your home for the remainder of your existing lease. After that, it would be between the property owner and current tenant as to whether she wishes to continue this arrangement. You can also let out a room or the home temporarily. If you are traveling abroad for the summer, you might wish to sublet your home to vacationers.

Considerations

Before you begin your search for a tenant, make sure that you have thought through the entire procedure. Have a written list of everything you need to convey to the person who may sublease from you, as well as a list of everything that you need to know about him. Some things to consider include how much you will charge for rent; whether you will require a security deposit; whether pets or smoking will be allowed in the home; and whether or not you will be renting a furnished space.

Warning

If you do decide to sublet your home or any part of it, it is imperative that you realize that you will in essence be this person's landlord. The person who subleases from you will be paying rent to you, and you will be responsible for paying the property owner. This means that you will also ultimately be responsible for the upkeep of the home and any damage to it. If the person should break your sublease, you will still be held accountable for paying the rent until your original lease has expired.

Resources

• Downloadable sublease agreements