This guide will look at exactly what a sublet is and why you might be interested.
What is a Sublet?
A sublet simply means a property which is rented out by someone who is themselves renting it.
If for example you rent an apartment and then decide to rent it out to someone else then this will be known as a sublet.
Is it Allowed?
Not all landlords will allow you to sublet the property you are renting from them. It’s important that you check with your landlord and also insurance company to make sure that you won’t get into any trouble by subletting the apartment or building.
Have to Move out Early
When you rent a house or an apartment you will sign up to a lease agreement for a set number of years. There will be a financial penalty if you break this agreement early. Typically this will mean that you will lose your security deposit.
The trouble is that nobody knows what the future has in store for them. There could be many different reasons why you might want to leave the apartment earlier than you wanted. If you still have a long time remaining on the lease contract then this could be very costly.
Whether you want to move in with your partner, or your finances have been affected you will want to move as soon as possible. If you don’t want to lose your security deposit and want to leave sooner than you are allowed to then you might want to consider subletting. By subletting you can move out and not have to worry about paying all of the rent yourself.
If there is any shortfall in the rent you are charging and paying then you will need to make up the difference. It’s also important to point out that if your tenant doesn’t pay that you will still be responsible to continue paying the rent each month.
Have a spare room
Another possible reason why you might want to sublet is if you have a spare room. If you have a room which isn’t in use then you could rent it out to someone else. This is a great way to save money on your rent so you have some extra money to spend each month.
If you are trying to rent an apartment then you might also consider sublets. A New York sublet apartment is also a good way to find an apartment in the city at very short notice.