Subleasing is a common action in real estate that explains the action of when a resident rent out their space to another renter. This can happen for a multitude of reasons such as the original tenant having to leave their current residence due to a personal matter, thus most likely inhibiting them to break their current lease. Subleasing allows the original resident to have another tenant move in for the remainder of the lease and/or until they return. Subleasing can be categorized into three different types: short-term, long-term, and room-by-room.
Short-Term, Long-Term, Room-by-Room
Short-term subleasing allows the new tenant to occupy the original tenant’s residence with the understanding and agreement that the original tenants will return to the property. Due to the fact that subleases only are active for a period of time during the active lease, it’s crucial that documentation be written up, so all parties involved are aware of the fine print. This is also crucial as well for long-term subleases. Long-term subleasing gives the remaining duration of the lease, its fees, etc. to the new tenant. Room-by-room subleasing is the subletting of a room within the original tenant’s residence as they both live on the same property.
Responsibilities of Subleasing
It’s important to note that all subletting options must be approved by the original tenant’s landlord. Unlike the interaction, exchange, and deal(s) that occur through a traditional lease signing between a tenant and landlord; the process of subleasing is a little different. This is mainly since the subleaser is now taking on the obligations of the original lease. However, it is up to the original tenants to cover any damages, missed payments, etc. that may occur. Of course, the fine print can vary from lease to lease throughout the many different cities and states within the country.