Subleasing your apartment can be a great option if you’re looking to move out before your lease ends or need someone to share the rent. However, before you sublease your apartment, there are a few important things to consider. In this blog post, we’ll go over the top 10 things you need to check before subleasing.
1. Your Lease Agreement:
Check your lease agreement to see if subleasing is allowed. Some lease agreements prohibit subleasing or require written consent from the landlord.
2. Landlord Approval:
Even if your lease agreement allows subleasing, you need to get your landlord’s approval before you sublease your apartment. Be sure to get their approval in writing.
3. Subleasing Agreement:
Before you sublease, you need to create a subleasing agreement between you and the sublessee. This agreement should outline the terms and conditions of the sublease, including the rental amount, security deposit, and move-in/move-out dates.
4. Rent Amount:
Determine the rent amount for the sublease. You can charge the same amount as your rent or a different amount depending on the agreement with your sublessee.
5. Security Deposit:
Decide on the security deposit amount for the sublessee. This deposit should cover any damages caused by the sublessee during their stay.
6. Move-In/Move-Out Date:
Decide on the move-in and move-out dates with the sublessee. Make sure to coordinate with your landlord to ensure a smooth transition.
Check if your apartment complex requires renters insurance. If so, make sure your sublessee gets renters insurance as well.
Decide on how you’ll split utility costs with the sublessee. Will they be responsible for paying a portion of the utilities, or will you pay for everything and charge them a flat fee?
Establish the responsibilities of the sublessee when it comes to maintenance and repairs. Make sure they understand what they are responsible for and what you will handle.
10. Exit Strategy:
Decide on the exit strategy for the sublessee. If they need to leave early, how will you handle the situation? Will they need to find a replacement sublessee, or will you be responsible for finding a new tenant?
In conclusion, subleasing can be a great option if done correctly. Before you sublease, make sure you check your lease agreement, get landlord approval, create a subleasing agreement, determine rent and security deposit amounts, coordinate move-in and move-out dates, ensure renters insurance is in place, establish utility and maintenance responsibilities, and decide on an exit strategy. By doing so, you can ensure a successful subleasing experience for both you and your sublessee.