If you’re a college student, looking to travel for weeks or months at a time, or you simply want to add a roommate to your roster, you may be looking to sublet your apartment or room. Subletting allows you to save money by recouping some or all of the cost of your rent and keep your place so that you can return after your time away.
We’ll explain a few things about subleasing to help you decide whether finding a subletter is right for you and what you should keep in mind when getting ready to sublease.
What is subletting?
First, the basics: What exactly is subletting? A sublease is a legally binding contract that lets you rent out your apartment or part of it (one room, for example) while you still have the original lease with your landlord. The sublease agreement should lay out all of the terms and conditions for the renter so that both you and your subletter are clear about the terms of the deal. This document will also help protect you—the original tenant—if you run into issues with your landlord or subletter down the road.
You may be looking to sublet your entire place if you’re going to be away, or you may want to add a roommate to your existing lease. Either way, there are a few things you should keep in mind as you think about subletting your place, including whether or not you’ll need to collect a sublease security deposit.
Determining if you can sublet your apartment
Before you move ahead with subletting, make sure your landlord is on board with a sublet. Most leases will have explicit terms saying whether or not renters are allowed to have subletters.
Even if your lease allows subletters, it’s a good idea to double-check with your landlord just to confirm that you intend to sublet. If you discuss subletting with your landlord in person or by phone, make sure you have the terms of the sublet in writing with your landlord, including factors like the total length of the sublet. If you have roommates, you’ll also want to have their consent to a sublet in writing. Submit this documentation to your landlord at least 30 days before your move-out date or the sublet begins.
Some landlords also require you to complete a sublease application or fill out an addendum to your original lease.
Finding a subletter
Once you have official permission to move forward, you’re ready to find your subletter or new roommate. After you identify a potential subletter, you may want to run a credit check and/or contact their references so you can make sure that they are good renters and that you won’t have any hassle getting them to pay their rent on time. Depending on your local laws and the terms of the sublease, you may be liable for some or all of the cost of unpaid rent if your subletter decides to leave early.
If you have roommates, you’ll want them to be able to meet and approve of the subletter too — after all, they’ll have to live with them after you’ve left.
You may need to negotiate the rental price for your subletter. Often, short-term sublets go for slightly less than the usual rental cost. You’ll likely want to ask for 70-80% of your typical rent cost from a subletter, unless you live in a particularly hot market or a desirable area, in which case you may be able to get the full cost of your rent. Check the rental costs of similar units in your area to get a sense of the market rate. Don’t forget to clarify whether the cost of utilities will be included in your rent or charged separately based on usage.
Moving out
If you’re leaving your apartment to the subletter, make sure you’ve agreed in advance whether you will leave your furniture and any other belongings at the apartment. Some subletters prefer a fully furnished apartment while others may want to bring their own. Make sure you take with you or put in storage any items that are valuable or have particular sentimental value so you don’t have to worry about them while you’re away. You can also leave valuables in a lockbox or a safe that is out of the way.
Getting a security deposit sublease
Find out whether your landlord requires you to collect a security deposit from your subletter. Either way, it is recommended that you require a security deposit, otherwise you will be liable for any damage your subletter causes, and the costs could even come out of your own security deposit. In many cases, your landlord will collect the security deposit sublease directly from the subletter. In that case, make sure you are there for the walk-through with both the subletter and your landlord and that you’re clear on what exactly you versus the subletter is responsible for.
You’ll also want to document the condition of your apartment before you leave. Take pictures of your apartment and save them. You can also do a walk-through inspection with your subletter to document any issues that exist before they move in. Have them sign an agreement that they will be responsible for any major damages that they cause. Make sure the document is specific about damage to any of your furniture or other possessions left behind as well as to the apartment or house itself.
Documentation with pictures and an inspection helps to clarify for both sides who is responsible for what, and it helps ensure that you won’t be financially liable for damage caused by the subletter. Before they move out, do another walk-through together to confirm any damage incurred by the subletter.
Make sure that you follow local laws when collecting a sublease security deposit. Subletting comes with risks, but it can be a useful way to hang on to your apartment while you’re traveling or away for the summer.
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