What is a sublet? How does it work?
A sublet happens when a current tenant decides to rent their unit to a third-party, while keeping the lease is in the original tenant’s name. We often have sublease agreements when a current tenant decides to study abroad for a semester, or won’t be in Madison for the summer months. Subletting can involve the entire unit, or individual bedrooms.
If a tenant chooses to sublet, he/she is ultimately responsible for finding a sublease-tenant. However, LZ Management’s marketing team can assist in the process.
Price is to be negotiated between the original tenant and the sublet tenant. It’s important to keep in mind that the original amount of rent due remains the same. Additionally, the original tenant remains ultimately responsible for the lease if the sublease-tenant defaults. The original tenant is released from the lease obligations when the lease terminates.
The sub-lessee(s) must complete an application to be approved by the landlord. In addition, all tenants, the sub-lessee(s), and the Landlord must sign the sublet agreement before the sublease becomes a legal amendment. Finally, there is a $150 sublet fee due upon completion of authorization.