How do I Sublease Space?

Subleasing a room in your apartment is a great opportunity to create income and receive help with rent.

If you are about to lose a roommate, or have a room in your apartment you are not using, consider subleasing the space to a new tenant. By establishing a simple lease, you can fill any unused rooms in your apartment, and cut your rental cost in half. In order to sublease a space, you must follow a legal process that will protect you and your future tenant.

Things You'll Need

• Sublease agreement form
• Current property lease

Instructions

1. Verify with your current property lease that you are able to sublet a space. Read over terms of the lease, as some landlords have different terms for subletting their property.

2. Contact the current property owner by telephone or in person to find out if you are able to sublet the space, and inform them of your plans.

3. Specify the length of time in which the property will be sublet. If you are subletting the space for the remaining period of the lease, be sure to specify the exact ending date on the sublease forms.

4. Find a new occupant. Consider renting the space to someone you know and trust. Determine the security deposit required to move into the space.

5. Sign the lease agreement with the new tenant. Go over all of the terms with the new tenant, and have the tenant sign the lease.

6. Establish a move-in day. You and the tenant will work together to develop a move-in schedule. Determine if an amount needs to be added at a pro-rate if the tenant wants to move in before the first of the month.

7. Make a photocopy of the entire lease. Give the new tenant a copy of the lease. The lease is very important as it is an official record of the specific terms of the rental agreement.

8. Give a payment receipt to the new tenant. These are important to keep track of all payment transactions between the payer and the payee.

References

• The Art of Subleasing Office Space

Resources

• Sublease.com : Sublease Commercial Real Estate Spaces