MSB Holdings Subletting Procedure
If you need to sublet your apartment you’ll find these instructions helpful. When subletting, the most important thing to remember is that you aren’t actually removed from the lease. This means that if the party who sublets moves out, doesn't pay, or damages the apartment, you are ultimately responsible. It is important to get someone in the apartment who you feel is responsible. It’s also important to note that at certain times of the year it is really tough to rent apartments. To counter this, you may have to offer some sort of incentive. Often times the current tenant may subsidize the rent to make the sublet seem like a bargain. We will help you along the way.
Here are the steps:
1. If you have them, let your roommates know of your intentions. Inform them that they can, and should, be involved in the process and can use reasonable discretion when selecting a suitable candidate. It is not appropriate for them to deny reasonable candidates.
2. Decide when you want to move.
3. Place an advertisement in a publication that works for your neighborhood. Craigslist works well (both as sublet and as apartment for rent section) Also, talk to friends and other people you know for referrals.
4. Have the prospective sublessee submit an application. This will go directly to MSB Holdings and we can provide a copy back to you.
5. Check their credit. Call their previous landlord, make sure the information is correct etc. We will run their credit too.
7. Fill out the sublet agreement.
8. Coordinate the move in/move out with your sublessee. Make sure you discuss with them how much cleaning you plan to do vs. what they expect.
9. Decide how you’d like to handle the security deposit. If the new party is willing to put down a deposit, have them submit and yours will be returned. Make sure they understand that any damage incurred during your tenancy will be deducted from the only deposit on file – which is theirs. You may want to have them fill out another check in form in case trouble arises later.
10. Pay the sublet fee which can range from $50-$200 based on the number of showings and logistics we need to manage. The average cost to sublet, if we run ads and show the apartment, is $100.
11. Once they move in they pay rent as usual until the end of the lease term.
12. Check with the office every couple of months to make sure they are still paying rent. This is important! See below.
Additional things to consider and pitfalls to avoid:
1. At certain times of the year it is really tough to rent apartments. To counter this, you may have to offer some sort of incentive. Often times the current tenant may subsidize the rent to make the sublet seem like a bargain.
2. If you have to move out, tackle the subletting chore, don't ignore it and just abandon the place. It will cause more trouble in the long run.
3. If you have a roommate and one of you stays while the other leaves, make sure the rent is still being paid. Check with the MSB office every month – not your previous roommate.