One of the situations that every kind of rental property management Charleston offers will face eventually is whether or not to allow their tenants to sublet their homes. Subletting is a situation in which the leaser is not able to fulfill the terms of the lease and needs to move out early. Rather than breaking the lease, subletting allows the tenant to find someone else to take over the remainder of the lease to avoid penalties.
Rental property management Charleston-based owners know that the job market can fluctuate, and sometimes families may need to move earlier than expected. Sometimes when people get married, they will want to move before the end of their lease. You might also have tenants who lose their jobs and can no longer afford the home, or they simply just want to live somewhere else. Having terms in your lease regarding subletting is important for metropolitan areas, especially. Here’s what a property manager or landlord needs to know before deciding if they will allow subletting:
Pros of Subletting
One of the most significant advantages to rental property management Charleston allows subletting is monetary. If you don’t allow subletting and the tenant leaves anyway, your company might end up having to track down and then fight that tenant in court for rent owed and legal fees. When you allow subletting, you’re more likely to have the rent keep coming in.
Another great reason to allow subletting is that your vacancy rates will improve. Subletters are likely to sign a lease renewal in their name when the lease they are finishing is up. You won’t have to worry about transitioning the home between tenants either or do move out inspections.
If your rental property management Charleston company decides to allow subletting, make sure to screen subletters the same way you qualify tenants and quire property manager approval before the lease is signed or someone new moves in.
Cons of Subletting
The only con to subletting, if you screen subletters like you do tenants, is that two people are on the hook for the lease. While this may seem beneficial—the original leaser is responsible for paying if the subletter fails to pay; it also means that your rental property management Charleston company will have to evict two people.
If subletting and tenants aren’t something you want to deal with as an owner, contact Scott Properties of Charleston to hire a property manager who can handle any tenant situation. Our number is 843-790-0148.