In its simplest terms, a sublet is a tenant renting out their leased house or apartment to another tenant. The tenant becomes the de facto landlord, as they are still technically responsible for the property, but have allowed someone else to live there.
A sublet is never an optimal solution, and some landlords forbid it outright – and for good reason. In a town with as many short-term residents as Gainesville, the subject of subletting will come up sooner rather than later.
On either side of the rental process, for both the lessee and the lessor, a sublet has several pros and cons.
Property Owners and Landlords
There are some benefits from allowing sublets on your properties. In a town like Gainesville, with so many students, being flexible with leases and rental terms can generate good word of mouth and help you with acquiring new tenants. For some young people
a year-long lease is too long, so allowing some wiggle room may work in your favor.
Allowing a sublet may also keep your rental from sitting empty. If there is a financial issue with the tenant, then the sublet may be the quickest way to keep your rent coming in on time.
The downside of the sublet is that is can sidestep the careful vetting process used to select tenants. If you do choose to allow subletting, include the proper verbiage in the lease that stipulates you need to approve all potential sublet tenants.
If for some reason you simply have to move and break your lease, a sublet may be your own viable option. If you cannot pay the rent, and your landlord will not let you out of the lease, then you need to find someone to pay it for you.
It may seem that finding a sublet tenant will fix your problems, but be careful that it does not generate a host of new issues.
Even if you don’t live there, you still have your name on the lease. The sublet tenant’s actions and behavior will reflect directly upon you. Any damage or neglect they cause to the property will still very much be your responsibility. And if the
new tenant simply fails to pay rent, then you are still responsible for it.
Get an Expert Opinion
Sublets happen every day and usually proceed without any problems at all. Before you consider subletting a property, it is best to have all the information you can.
For an expert opinion on your particular rental situation – or finding a new rental -- call Allison Ables or one of the agents at Watson Realty Corp. at 352-371-1828