What is a Sublease?
Subleasing is one of the more complicated concepts in the world of leasing, mostly because it isn’t an extremely common practice. That being said, certain situations will call for a sublease agreement.
We’ve put together everything you could ever need to know about what a sublease is and when you should do one, so you’ll never find yourself in the dark as a renter.
A sublease by definition
Subleasing is the act of renting a space for a short time period within a larger, pre-existing rental agreement. In simple terms, a tenant rents out their apartment to a third party for the remainder of, or a portion of, an existing lease.
What to keep in mind if you’re considering subleasing
Because of the sometimes complex nature of a sublease, asking, “What is a sublease,” is not enough to make sure you have a full understanding of the concept. There are several considerations to keep in mind regardless of the specifics of your potential sublease.
One, you should never enter into a sublease – either as the renter or the rentee – without the knowledge of the property owner. Many assume that as long as subletting is not explicitly prohibited in the original lease, that there is no reason to inform the property owner. Though subletting laws vary from state to state, in most cases, it’s required that the landlord or property manager be notified.
And two, tenants who are subletting a room or apartment are bound to the initial lease agreement, just like the permanent tenant is. That means if their lease expires and they choose not to renew it, you’ll either have to sign a new lease agreement with you as the permanent tenant or find a new place to live.
When should you sign a sublease?
There are several reasons that one might want to take on a sublease.
One example is if you’re unable to afford the entirety of a month’s rent on your own. Because rent is increasing in many cities across the nation, many renters are finding themselves unable to afford to live alone. Signing a sublease is a great way to live in a reasonable apartment and pay a reasonable amount.
If you’re new to the city you plan on living in, subleasing can be a fantastic way to get adjusted prior to signing a long-term lease of your own. When you have a chance to live in an apartment temporarily, you have time to find out what part of town you like, what commuting is like and determine whether or not you’d like to eventually sign a lease of your own.
So, if you’re able to sublease your apartment and the property owner is on board, it can be a great way to save some money or allow you to keep your apartment even if you have to leave it for a bit.