Credit issues and financial hardships are popular reasons to sublet an apartment. There are other benefits as well, and you can end up saving money in the long run. A sublease apartment is a temporary situation, where you rent from a tenant who is primarily or solely responsible to the landlord. The terms of sublease agreements are often for a short period, and it may give you enough time to find a permanent place of your own, or move to another apartment with a sublease agreement.
Benefit #1: No Credit Checks
Many landlords require that you complete and submit a rental application for approval before you can rent their apartment. The application includes a credit report check, and some landlords will deny your application due to poor credit. Many sublessors, the tenant who sublets the apartment, are not that strict. They won’t require an application, and they won’t check your credit history. If your credit history has made it difficult for you to rent apartments, then subletting may be your best option.
Benefit #2: Short Term Lease
It might be hard to find an apartment with a lease agreement that’s less than a year or six months in the area where you want to rent. If you only need to rent for a few months, you’ll lose money if you sign a longer lease. For example, if you’re going to school abroad, or are in between apartments for a couple of months, you should sublet an apartment if you can. You can sign a sublease agreement for the exact number of months that you want, and you may be able to find one that’s a month-to-month arrangement.
Benefit #3: Save Money on Move-In Costs
The money due when you sign your lease agreement can be costly. Some landlords require first and last month’s rent, plus a security deposit. If you want to save money on move-in costs, then you should sublet an apartment. Some tenants who are subletting may require you to pay the entire rent due for the lease upfront, but many are more flexible. The most you’ll have to pay when you sign some sublease agreements is the first month’s rent or a security deposit.
Benefit #4: Save Money on Rent
You may be able to rent the same apartment, cheaper than what the tenant is paying. Some renters are willing to settle for a lower rent payment, if a sublessee isn’t willing to pay the entire rent amount. It depends on the market. For example, if the renter signed a lease a year ago when landlords in the area could charge much higher rates, and the rates have gone down since, the renter may have no choice but to sublet at a lower rent price. You benefit by paying cheaper rent for the same apartment.
Benefit #5: Learn the Neighborhood before Deciding
It’s to your benefit to sublet an apartment in order to learn more about the neighborhood before signing a long term lease. You’ll have enough time to know your way around, and to know your neighbors. It’s hard to get real information about a town or city from reading articles and blog posts online, and having the chance to sublet will give you an opportunity to know whether a neighborhood is right for you.
Don’t sublet an apartment without an agreement, and without verifying that the renter has written permission from the landlord. Getting evicted in the middle of a sublease arrangement is a hassle and you should avoid it.