The difference between renting and subletting is whose name is on the lease. Renting allows you to deal directly with the landlord in case issues come up that you need help with. Subletting takes that option off the table and you must deal with the tenant that you sublet through. There are pros and cons to each rental method and reading the following information and tips can help you decide which option is right for you.
Subletting has become very common with post-secondary students. It allows them to commit to a one-year lease from their landlord while still being able to move home during the summer time. Students offer their rental unit for sublet during the spring and summer months. This allows them to collect rent money to help pay their rent while away for the summer. Sometimes they can charge higher than average rent and make a profit from subletting. Having somebody stay in your apartment adds security and offers eyes in case repairs are needed when you are away.
While the pros sound enticing, subletting isn’t all money and convenience. Having someone you don’t know stay in your place can come with a host of problems, such as damage, issues between roommates, and problems with your landlord. Also, imagine what would happen if your tenant decided to stay in your apartment. Evicting someone is no easy feat.
Renting has many pros, the most important of all is your name is on the lease. The lease can protect both you and the landlord if any disputes come up. Renters deal directly with the landlord so any issues can be resolved quickly.
While renting is a great option for people who can’t purchase a property it can also have downfalls. Landlords usually set twelve month leases which can create headaches for students or seasonal workers. Nobody wants to pay for something when they are not using it and a twelve-month lease isn’t the best option for many renters.
Choosing between renting and subletting is often a question of convenience but equipped with this information you can make a more educated choice when choosing your next apartment.