WHY Sublet?
Planning on leaving town for a bit, but you don’t want to lose all the rent you’re pouring into your current apartment rental? Well, you just might be a great candidate for subletting. When you sublet, you rent your room or your entire apartment out to another party for a predetermined period of time (preferably for the entire period you’ll be gone, to make the most money).
WHEN to sublet?
- Relocating: If your dream job comes up in another city and you need to leave before your lease term is up.
- Summer vacation: Summer sublets are very popular in college towns, just like Boston. This is also ideal as a summer subletter is more popular. A bunch of college kids around the area of Boston don’t want to commute into work every day, but don’t want to fully rent an apartment.
- Travel: If life takes you away from home for work or pleasure for a decent period of time, subletting can fill the financial gap between your departure and return. This way you can make money even while being away.
Basically, at anytime where one need to leave town but don’t want to lose the rent money you’re investing in the property for that amount of time.
WHAT to know about subletting?
As the original tenant of the place, you are responsible for the action and payments of the sub-tenant. Make sure to get the sub-tenant agreement in full and in writing, even if the landlord does not require you to have one. Take copies of these agreements as well for safe keeping. Taking pictures of the walls, furniture and property before you leave is a good way to protect yourself from any accusation the sub-tenant could make against you.
Mass state laws requires up to 30 days notice of intent to sublease. Also, under the security deposit law in Massachusetts, a landlord may not collect a security deposit that is greater than one month’s rent. This counts for both the tenant, and the sub-tenant. While both may be required to submit deposits, the total cannot exceed one month’s worth of rent. Subletting is not a way to make extra money and gip people, it is a way to make your rent back so it is not going to waste.
WHO should be involved in the sublet?
In an Ideal situation, you would have a friend or trusted associate engage in a sublease. If one is not available, then there are many resources and sites available to help in the subletting/sub-tenant process. Regardless of whether it is someone you do or do not know, a trusted person to help in the process is essential for security, money, and safety of the property.
HOW to sublet?
To get started, contact your landlord or leasing company to determine how they personally handle subleasing and retrieve any document necessary for completion of the sublease. You will most likely need a Sublease Agreement and the written consent of the landlord as well. Some landlords may not be concerned with the occupation of the apartment as long as the rent is on time and paid in full, but communication will protect you from future legal laskback. Also, if you have roommates, they will have to agree to any sublease agreement that you make and will probably want to be at least somewhat included in the process, so be sure to involve them in the conversation from the very beginning.
Subletting is perfect for a city like Boston, especially in the summer, because with so many bright college kids looking for internships and jobs, they are more than ready to jump at the opportunity to stay in the city for as long as they can instead of living at home and commuting.