In our previous article we went over subletting your apartment, and how important it is to not let an eviction or broken lease be on your record. In this article we will be going over some things to keep in mind about trying to sublease your place, the differences between subleases and new leases, and another way to get out of a lease without having any kind of outstanding debt or a broken lease as a result of moving out. Read on for help on how to find out how to get out of your apartment so you can move into your home.
If you are currently paying the standard market rate for your apartment, then it can be harder to find someone to take over your lease. Especially if the apartment offered some kind of move-in special, or are currently offering some kind of move-in special, because they will not be qualified for any kind of signing bonus if they go with a sublease. As well, when someone takes over a sublease, they are agreeing to take over the unit as is, meaning that there will not be a cleaning crew, no carpet replacement, and any damages that are in the unit will remain the way they are. Which is also why it is so important for anyone who is taking over a sublease to thoroughly document any issues that have occurred during the previous tenant’s stay.
Some properties may charge a fee to change over a lease holder, sometimes called a subletting or reletting fee. Reletting generally involves the property finding someone, so we will focus on the subletting fee. It can seem like a good idea to have the new tenant pay for the fees involved, but that can scare away potential prospects. If you offer incentives like half a month paid, or you will pay for half of the move-in costs, it can be a lot easier to find someone. And sometimes it is better to pay an incentive, because every month it sits vacant you have to pay another month of rent, and that can be hard for someone who just got a new home.
An alternative to subletting
There is a note that can be used when moving out, that will essentially state that you will pay the remainder of the balance due for rent, and will pay in monthly installments that you can afford. This is great because it is important to avoid an eviction on your record at all costs. But under the letter of the law, if you take this option, you will owe for every single month left on your lease. So if it is a $1,000 monthly rent with 10 months left, then it is $10,000 that you will owe.
They are also legally required to take every reasonable action to fill the vacancy, and not show any favoritism or discrimination for/against filling your unit. They must post the same number of ads they always do, and take every reasonable step to try to fill your spot. But as well, the monthly installments have to be an amount you can afford. So it does not have to be the same amount as rent is a month, it can be something modest like $100 monthly, and set up to be paid off in installments over a year or two. Once they have filled your vacant unit, you only owe for the months that it was unoccupied.
Hopefully you now have a better idea how to find someone to take over your unit when you are ready to move into your home!