Whether an owner or renter, if you have a room in your house or apartment that you can sublet, you could significantly reduce your monthly rental or mortgage payments.
A sublease is when a tenant wants to give a third party (known as the subtenant) rights to rent all or part of their rental property for the remainder of the lease or rental agreement. The landlord must also consent to the sublease.
Implementation and cost
- If you are renting, ensure you consult with your landlord to ensure subletting is permitted within your rental agreement.
- If you are an owner/occupier ensure your rental arrangement complies with state laws.
- Draw up a residential sublease agreement with the individual(s) who wish to sublease part of your space.