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A sublease is a short-term rental agreement where a tenant rents out their property to a third party. Short-term subleases are common for residential properties, corporate housing, university housing, and vacation rentals. Commercial subleases tend to be long-term. Written agreements are usually required, and specific terms vary. Many resources are available for finding or advertising subleases.
A sublease, also called a sublease, is a real estate term that refers to simultaneously renting a property from someone and renting it out to a third party. Short term means that the sublease is for a finite period of time which is generally not as long as most other leases. Typically, the specific terms of the contract differ in each case.
Short-term subleases can vary in length depending on the type of property. Some popular types of rental options are an apartment or house sublease. While short-term commercial subleases do exist, they are somewhat less common than residential subleases. In general, there are fewer overall liabilities imposed on someone who enters into a short-term sublease than a long-term lease.
Written agreements for short-term subleases can often be as formal as the original lease agreement. If someone is renting property from a landlord, there may be an obligation to obtain permission to sublease before entering into an agreement with a third party. Most, but not all, short-term sublease agreements are written with specific terms. For example, the original tenant, often referred to as a sub-tenant, is still responsible for paying the rent and maintaining the property properly by the sub-tenant. A sublease typically outlines the lessee’s specific obligations to the lessor, who is still obligated to uphold its original lease agreement with the landlord.
Furnished apartments, often referred to as corporate housing, are another example of a common short-term housing option. They are usually located near companies and universities, where people can be working or studying, anywhere from a few weeks to a year or more. Short-term rentals of university residence halls and off-campus apartments are also popular options with university students. For example, undergraduate students at some universities may sublet their apartments or a room in a shared apartment for the summer or even an academic semester.
Renting timeshares or other types of vacation properties is another example of short-term subleases. Some real estate professionals advise hiring an agent in the area to act as the property manager, overseeing any sublease agreements if the landlord is unable to be present. The typical length of a short-term vacation rental is usually at least two nights and can range from a single week to several months.
In general, a commercial sublease tends to be long-term, as opposed to short-term. For example, an office building owner typically leases the property to a management company, which leases space to other commercial tenants for at least one year. Aside from people only interested in a temporary office space, short-term subleases are often better suited for residential situations.
There is a wealth of information available for people wanting to locate available short-term subleases, as well as those interested in subletting their own properties. Many sites advertise sublets or act as bulletin board services. In addition, many sources of information and legal forms – such as sample lease agreements – can be found online, at local libraries and in bookstores.
Asset Smart.
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