In some cases, apartment subletting can work out well for all parties involved. The person doing the subletting makes some extra income while the person he or she sublets to may be able to live in a building or area they otherwise couldn't afford or have access to. However, there are also many things that could go wrong in apartment subletting such as roommate disagreements or damage done to the premises. Many condo buildings have policies that prevent subletting.
In rental situations, the landlord has to give his or her permission for apartment subletting. Rental agreements usually spell out the exact requirements in regard to subletting and disobeying the lease may result in an eviction notice. If a landlord agrees to the subletting situation, then a separate lease for the subletting tenant may be created. In the case where the person doing the subletting owns his or her suite, the condo building policy in regard to subletting is in effect. Some policies state that the units must be owner-occupied, while other building policies allow investors the right to apartment subletting to earn rental income.
Apartment subletting may be short-term or long-term. Shorter term rentals may be for the summer, while longer terms may be for a year or more. It can be difficult for both parties interested in apartment subletting to reach a suitable agreement that they both trust. There are realtors that specialize in apartment subletting and this may take a lot of hassle out of the situation, but they may charge a fee between 25% and 40% of the amount of the sublet.
In situations where a person is letting out a room in the rented or owned condo they live in, roommate disagreements are likely to occur that can make the subletting arrangement problematic for both parties. An agreement should be made as to expectations and responsibilities about issues such as cleaning, cooking and bill paying. Regular meetings should be held so that any disagreements or resentments don't escalate.
