Searching for a summertime tenant? or must you let your place out while you’re away?
There are several reasons why you would want to find out more about a short-term, temporary lease. You can have more freedom with a sublease without having to deal with the hassle of negotiating a lease, dealing with realtors, and having your credit checked.
We can therefore help you with all the finer points and details involved in subletting an apartment in New York, whether you are simply looking for some additional cash or are simply in a non-committal stage of life.
What is Subletting?
When you sublease an apartment, the tenant moves in with you, the sublessor, and pays rent directly to you rather than the landlord.
It’s crucial to remember that even when the subletter uses the space, the primary tenant is still entirely responsible for paying the landlord’s rent and is liable for any damages or violations of the lease.
Subletting has become more and more common in the busy city of New York City among young professionals, students, and individuals who frequently travel for work-related reasons.
Subletting as a Subtenant
Subleasing is a common option if you’re searching for temporary lodging. All the information you require to sublease as a tenant in New York City is provided here.
The Sublease Agreement
Many would want a contract to make sure they can trust you to pay the rent on time and to evaluate damages. Make sure you are not taken advantage of by the deal. A lot of people struggle to get their deposits back from their landlords since there was poor communication about the sublease’s conditions, rent, timeliness, and other details.
Furnished or Unfurnished?
In all likelihood, you could choose to have a short-term rental furnished. If this isn’t the case, try to find unfurnished spaces. Since the furniture usually doesn’t impact the rent, you might as well get the bed included in the price of the room.
See the Apartment!
If you’re considering renting out a room from an unknown person, take sure to check the location before making any payments. On the internet, there are numerous con artists operating. Have a friend go see the location for you if you are unable to do so.
Understand the expenses
It may be less expensive to sublease than to sign a new lease, so keep that in mind. You can be required to pay an application fee, broker’s fee, and other costs when you sign a new lease. In addition, you might need to purchase and install a large amount of new furniture. Subletting, however, might be less expensive for certain people because the apartment is frequently already livable. Nevertheless, be ready to pay a security deposit, which is often equivalent to one month’s worth of rent.
Do you want to re-sign or pay month-to-month?
There are folks who might urge you to resign the lease once you sublease the room. Determine whether you are interested in this. If not, look for another choice! Furthermore, some locations can let you pay month-to-month with no obligations rather than signing a three- or six-month sublease, giving you some freedom.
Act Fast
You should be aware that NYC’s rental market changes swiftly. This implies that booking a room that far in advance is usually not possible. It is advised that you start looking two to three months before you intend to move in (or rent out your apartment).
Make sure you are not being ripped off
If you are renting a room in an apartment, you can check the price that the unit has been rented for previously by using Streeteasy. The unit usually cannot be rented for more than the value of the lease. Unless, naturally, the space is furnished. However, in that scenario, determine whether the price rise makes logical.
Decide if location is important to you
Do you intend to move to Manhattan or Brooklyn? Is it your goal to be near your place of work? Which would you prefer—by Central Park? These are worthwhile inquiries to think about. There are several different neighborhoods in New York City, each catering to a different demographic and budget. Some might not be to your taste.
Communities like Williamsburg, the East Village, Bushwick, Lower East Side, and Harlem may appeal to younger individuals. The West Village, Upper East Side, Upper West Side, and Morningside are popular with older folks. Financial professionals might enjoy living in Murray Hill, Midtown, or the Financial District.
Subletting as the Original Tenant
In the event that you choose to sublease as the original tenant, your name will still be on the apartment contract. In a sublease, you are still responsible for maintaining the property’s upkeep, handling utilities, and paying the rent.
These are the key points to remember when navigating the subleasing process.
Co-op or Condo?
Various laws apply to apartments in New York City based on the building’s age. Co-ops may impose limitations on the length of time, or even if at all, you are able to rent out your apartment. Furthermore, you won’t have an easy time defending yourself if you violate the building’s policies and you live in a well-monitored building with a doorman.
Are you the owner of the renter of the unit?
Should you choose to sublease your flat, be aware that the rules alter depending on whether you are renting or the unit’s owner. Before you start looking for a subtenant, find out what restrictions apply to your unit and building. If you unlawfully sublet a building, some may even force you to leave.
Security Deposits
To offset any potential damages, you could want your tenant to provide a security deposit. Verify that the security deposit is appropriate. Think about whether the space is furnished and if so, how much it costs. A month’s worth of rent is usually covered by the deposit, but if the tenant is just staying temporarily, you might be able to charge them less. Asking your prospective tenant to sign a contract is not unreasonable.
Meet the subtenant before you give them the keys!
Make sure you can trust the individual residing in your apartment if you are letting them do so. We advise getting together with them in person. Skype call them if you are unable to meet in person. Furthermore, before you hand them your keys, make sure you get the necessary paperwork from them. Get them to sign a contract and request references. It’s impossible to be too safe!
How do I Find a Sublet or a Subletter?
We’ve assisted many clients in NYC with their subletting journeys, and one thing we can guarantee is that word-of-mouth and subletting from friends or acquaintances are the finest ways to discover a sublet or subletter. In this manner, you may ensure that everything is trustworthy and safe.
The internet is your next best alternative if that isn’t an option. You may find a lot of online sites to assist you in finding a renter or sublease. In addition to getting in touch with subletting firms, you may get in touch with individuals seeking to sublease directly on a number of social media platforms.
Here are a few trustworthy websites to look into:
Facebook Marketplace/Gypsy Housing NYC
You can check available hotels nearby with Facebook Marketplace. You can also check what’s available in NYC by setting the location there. The individual can be messaged directly.
Alternatively, you may try the well-liked Facebook group Gypsy Housing NYC for room rentals. People post rooms to Gypsy Housing every day, so be sure to keep a look out!
Craigslist
Craigslist is the traditional way to find listings for NYC classifieds. It’s important to have open lines of communication with your potential landlord because Craigslist advertisements can occasionally be dubious.
Listings Project
Listings Project is a creatives-only publication. The publication adds new listings to its website every Wednesday. Listings Project regularly shares excellent, well screened subletting opportunities.
Leasebreak
is a market dedicated to those wishing to terminate their lease. There are a lot of short-term rentals because they want to break their lease. To locate a room that works for you, you may either post your location or look through the available choices.
Spareroom/Roomi
Young individuals utilize these two services, which are fairly similar to one another, in the hopes of finding a compatible roommate or filling an extra space in their apartment. Make sure to look out the numerous short-term subletting choices offered on these websites.
Airbnb
You may consider using Airbnb, depending on how long you need the accommodation for! Try Airbnb if you only need a room for this time frame because there is a law in NYC restricting the length of time you can rent a room there (usually less than 30 days)!
Social Media!
Remember to share on your social media accounts that you are seeking for housing or that you would want to sublease your residence. Someone knows of someone who can help you find what you’re looking for!
In NYC, subletting is a challenging procedure. Current tenants are prohibited by numerous regulations from subleasing their apartments, so be sure to be aware of the possible repercussions of engaging in an unauthorized sublet.
Having said that, there are plenty of safe and legal alternatives. Be quick and careful in whatever you decide to do, and good luck in your search for the subtenant (or sublet!) of your dreams.
