What is a Sublease ?
You’re a college student living in an apartment and are off for the summer or spring break. Since your
lease or rental
agreement is for a year, you want some assistance in paying your monthly rent. So, you look for a friend who may temporarily need a place to stay in your area to rent your place while you’re away. What you’re doing is called subleasing your apartment.
A sublease is a contract made between a tenant and a new tenant also called a subtenant or sublessee. This agreement allows the subtenant to share or take over the rented area from the first tenant but usually with the permission of the
landlord. Of course, the first tenant is still directly responsible for the rent or any damage that may occur in the premises.
There are rules that apply specifically for subtenants. One of these is the completion of a check-in inspection form by the subtenant after taking possession of the place. The form includes a description of the property’s condition at the time the subtenant takes possession of the apartment. This document will be used as a comparison tool at the expiration of the sublease term to find out if any damage was done to the property.
As for the payment, while the original tenant pays rent directly to the landlord, the subtenant pays rent to the first tenant. In some cases, subtenants may be required to provide a damage deposit to the sublandlord at the start of the term. The amount will be used to pay for any repairs needed at the end of the sublease term. Should there be excess amount or no repair is needed, the money will be returned to the subtenant.
If you’re somebody looking for an apartment for less than a year or just for several months, consider subletting an apartment. You can easily find them in cities and areas near universities. However, you may have to inquire at least two to three months early. Learn about the typical rental fee by researching online through current sublet postings or universities. You may also call by phone or email the poster.
Schedule your visits to several sublets in one week so that you have several choices. You can also ask a friend to check out the place for you if the area is far from yours. If not, email or call the tenant and ask for pictures if possible. Be sure to ask about duration of the sublet, rent amount, location and safety of the area. Other things you can inquire include the available furniture, dates for moving in and moving out, cost of utilities, pets and cleanliness.
When subleasing, it’s always best that you sign an agreement for your protection and peace of mind. With a written document, all the terms and conditions are specified for the subtenant to follow. Both the tenant and the subtenant are assured that what the do is legally binding.
Subleasing is an attractive option for many college students who are on a budget. Since a semester would only last several months, they can really save a lot if they just sublease instead of renting an apartment which requires them to sign a one-year contract at a minimum.
