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Two or more people who rent a home together can be beneficial when it comes to budgeting for monthly rent. The splitting of costs while renting is a common practice in the U.S. A problem can arise when one person is ready to leave the rented home before the original lease is terminated. The process of subletting a rental home is one option that could help a person modify a lease agreement.
A shared lease with two or more names can be difficult to manage when problems arise. Most landlord-tenant agreements are meant for individual renters. Adding or deleting one renter from the agreement is not always a simple process. There are some agreements used by property managers or landlords that forbid a person to sublet a portion of their lease to another person.
Because subletting a lease might cause early termination, getting approval from a property owner, landlord or property manager is always the best practice. A new name can only be added to a lease when approved after a leaving party has terminated their lease portion.
Finding a new roommate does take some research. There are steps that can be completed to assist any renter. Completing each step according to the lease agreement in place could provide a smooth transition for subletting rental homes.
1. Determine monthly rent needed
2. Calculate utilities percentages
3. Determine if advertising is allowed
4. Proceed with lease modification
The first determination after a sublet lease is considered is the monthly rent needed to takeover the prospective share of a new roommate. Rent can be raised in between lease periods and this should be taken into account when reforming a lease agreement based on rent.
Each person will need to be responsible for a portion of the utilities apart from the monthly rent. Specifying in writing what each renter needs to pay can help reduce or in some cases eliminate any issues with utilities payments.
Not all landlords, property managers or property owners allow advertising of a sublet lease. Some people prefer to handle all advertising due to liability issues. Determining if private advertising online or offline is allowed can be a big step forward.
After the logistics are worked out, the actual modification to the lease will need to be approved by the property management company, landlord or owner of the property. All information should be submitted in writing and double checked for accuracy.
Searching for a home for rent in North Florida is a simple process on this website. There are more than 300 homes ready for rent at and below the average market rent prices. A simple search can be completed on this website or more information about the rental application can be found using this resource online.