A primer on subleasing

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Subletting is a preferred option for individuals who want to rent out their apartment without losing on their current payments. This option has another person renting out a room (or the entire apartment) for a predetermined period. This is typical for backpackers or for people who spend months away from their current residence. Subleasing is also an option for those considering moving out of their country permanently. 


This renting option is generally simple, although there are a few consideration before deciding on subleasing:


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Not everyone can sublease: Where most people get in trouble with this type of option is not informing their landlord beforehand. Individuals who are currently renting out their own rented unit should first review their current contract. If the contract does not include a provision for subleasing, individuals should seek permission from their landlord. It is highly recommended that agreements are made in writing, with a copy given to the landlord and the other to the renter. 


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Subleasing is a business: Most of the time, people sublease their apartments to their friends or relatives. To be fair however, deposits should be made prior to the move and payments made regularly. Subleasing is still a business transaction and should be treated with the same amount of formality given to any financial deal. 


Ultimately, subleasing is another way for people to earn money while traveling or on the move. Business-minded individuals can use this option as an alternative means to generate income during their times of recreation. 


Subleasing is part of property management. Count on Applegate Property Management to help you create strategies to make this process easier. Subscribe to this blog for more discussions on property management.