Jun 23 2008
Pros & Cons of Subleasing
Subleasing can consist of bringing in a roommate or moving out and finding someone to take over your lease. This is a good economical option for many, but there are some potential potholes in this road to success.
Many leases prohibit sub-leasing, so read your lease terms. You probably need to get your landlord's stamp of approval if you add an occupant or want someone to take over your lease. If you simply find someone to move in and take over the rent, this could be a violation of the lease and the landlord could evict you. Yes, I said YOU.
Most leases limit the number of occupants and may add an additional monthly fee to the rent if there is a change in occupancy. Usually it's a minor amount and the benfit of splitting the rent will outweigh the fee. But, if your roommate is not on the lease and decides to stop paying you rent, your landlord has no obligation to help you. So pick your roommates wisely and make sure they are added to the lease so they have some incentive with the financial responsibility.
Also, if you sublease and move out, you would still be liable for the rent, plus the new renter and whatever the new renter does to the unit as the lease still has your name on it. So, rather than having help in a difficult situation, you may end up paying rent in your new location and paying rent while your subleasee enjoys the benefits of worry-free housing. It becomes a snowball effect like co-signing for a relative's car or house. If they stop paying, it becomes your responsibility to step in and make the payments on something you don't tangibly own and can't sell.
