If you’re an Arlington Heights renter, subletting your rental home or apartment is a good way to make some additional money; on the other hand, you must be careful because the situation is not always perfect – or legal. Even if your landlord allows subletting, there are pros and cons that you need to consider before making a decision. In this blog post, we’ll look at both the good and the bad of subletting. So, whether you’re on the fence about subletting or just looking for more information, read on!
The Pros of Subletting:
- Extra Money: Subletting your rental home or apartment can be a great way to make some extra money, especially if you have a spare room you aren’t using or will be absent from your apartment for an extended period of time. In these situations, having a subletter help you pay your rent can be a huge financial benefit. As long as you get permission from your Arlington Heights property manager first, it’s a win-win situation for both parties involved!
- Security: If you’re worried about leaving your rental home vacant while you’re away, subletting can ease your fears by providing someone to watch over the property while you’re gone. Subletters who take on long-term leases may also be available to help with any maintenance issues that arise during their stay.
- Avoid Breaking a Lease: If you have to leave your rental home before the end of your lease agreement, subletting can provide a way for you to avoid penalties or other problems associated with breaking a lease.
The Cons of Subletting:
- Increased Risk: While most subletters are honest and responsible individuals, there are always risks involved. For example, there’s always the risk that they could stop paying the rent, cause damage to your rental home, or disturb the neighbors. Before you sublet, thoroughly vet each potential subletter and ensure they have a good credit and rental history. Also, make sure that they understand what is expected of them financially and in terms of property maintenance. You also need to consider renter’s insurance. Even though you may be properly insured, your coverage does not extend to subletters; make sure they have renters insurance.
- Potential Legal Problems: In some cases, subletting could violate the terms of your lease agreement or even be illegal in certain cities and states. Check with your landlord and local laws before you begin the subletting process.
- Losing Control: Subletting can also mean that you’ll have less control over who is living in your rental home and how it’s being taken care of. If you are subletting a room, keep in mind that your roommate will be a stranger and may be challenging to live with. If you’re worried about this, consider trying short-term subletting or setting up a system where you can regularly check in on the property.
By considering both the pros and cons of subletting your rental home, you can make an informed decision about whether or not it’s right for you. As long as you do your research and get permission from your landlord, however, subletting can be a great way to make some extra cash and give you peace of mind.
Are you in the market for a new rental home? Real Property Management Chicago Group might have just the place you’re looking for. Browse our listings online or call 312-265-0660.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.