Subletting your rental property, or part of your property is a great way to help cover the rent, whilst keeping everyone accountable as a tenant. It can assist in maintaining the rental property if you travel often and also improve security by increasing human presence at the property.
There are a few things you need to consider prior to seeking out your next housemate:
Make sure your leasing agreement allows you to sublet the property. In most cases, you are entitled to be able to sublet, however, your landlord will still need to give consent for the arrangement.
Keeping open lines of communication with the property owner can go a long way when it comes to maintaining a positive relationship with everyone involved.
Bond and rent
If you collect a bond from your subtenant, you must register this with the relevant residential tenancy authority in your state, and provide your subtenant with a receipt. This must be done within 10 days of their occupying the space. Additionally, rent collection from subtenants is the responsibility of the main tenant. It is a good idea to discuss this as part of the subtenancy agreement, so everyone is clear on how much the rent will be and how it will be paid.
Get it in writing
Even if you are subletting to a friend or family member, it is a good idea to make sure your tenancy agreement is in writing, and you both have a copy of this document prior to your subtenant occupying the room or home. As part of this agreement, you should decide how utility bills will be divided, and if there will be house rules for common areas of the property.
An entry condition report is also something to consider, so that there are no discrepancies later on if any part of the property is damaged by the subtenant.
With 2020 having us feel the pinch financially, subletting can be a great option for tenants who want to reduce the costs associated with renting. If you have permission from your landlord, and have a tenancy agreement that makes the expectations and requirements of your subtenancy clear, then all that is left is for you to find a great candidate to share your space.