Life happens and sometimes you need to get out of your Lease early. However, if you've signed a long-term lease, you may not be able to break your contract without financial or legal repercussions. This is called a sublet, and we'll share the definition and meaning here.

Subletting is a viable option for those who need to get out of their lease early. Here's everything you need to know about Subletting so you can understand if it's the right option for you.

What is subletting?

Subletting, also known as subleasing, is when you add one (or more) people to an existing lease. Typically, the Subletter, signs a lease agreement with you directly, instead of the landlord.

Simply put, you are still the primary renter and are on the original lease, but have a sublet agreement where someone takes over in your place for a designated amount of time. The subletter will move in, take over rent payments and live in the space until the sublease contract is up.

When to consider subletting

You may be wondering what scenarios make sense to sublet an apartment. Well, here are a few cases where it might.

• You are going on an extended trip or vacation
• You need to move temporarily for work, family or personal reasons
• You have a roommate who moves out and you need to fill his or her place in the existing apartment
• You are considering moving to a new city and want to test living in that area before making a long-distance move

While each situation is different, the common theme here is that the renter needs to vacate their current apartment for a period of time before the original lease ends without breaking the terms of the lease.

Subletting is a great option if you need short-term coverage of your rental property.

9 things to do before subletting your apartment

Before you post a “wanted" ad and start interviewing potential subletters, you need to do your homework first. The last thing you want is to be in violation of your lease. So, here is everything to consider before you sublet your apartment.

1. Read your existing lease

When you signed your lease, you may not have read all the fine print. The first thing you need to do is to re-read the original lease agreement to see if subletting is allowed. If so, great! You can move on to step two and talk to your landlord. If subletting is not allowed, you need to come up with a plan B if you really must break your lease early.

2. Talk to your landlord

Clear communication is key when subletting an apartment. Before you sign any paperwork, talk to your landlord and tell them the situation. Explain why you need to move and by when, plus talk to them about your subletting plan and make sure you're following the proper protocol for subletting.

3. Check out local renter laws for a sublet

Another smart thing to do is to read up on your local renter's laws. Different states have different laws around things like subleasing, rent pricing and maximum rent prices and length of the lease. Make sure you are in compliance with your landlord and local laws.

4. Draft up a sublease agreement

Even if you're subletting to your family or BFF, you need to make it official and create a sublease agreement. Word-of-mouth agreements will not provide legal coverage should the worst happen. You can work with local lawyers or your landlord or find a template online for a sublease agreement.

In the sublease, you need to include things like the pet policy, smoking policy and any other rules and regulations that must be followed as part of the original lease. You don't want to be on the hook for a bad subletter causing damage to the apartment.

Make sure your subletter puts pen to paper, understands the terms of the lease and signs the sublease agreement.

5. Determine the financial responsibilities of the subletter

Chances are you aren't able to pay rent in your existing location and a new location. So, you need to outline the financial responsibilities for the subletter. Let them know how much they owe in rent and how much they can expect to pay in utilities. You may need to change names on the utility accounts or have the subletter pay you directly for the cost of utilities. Make sure the numbers are clearly outlined so there isn't confusion about who owes what each month.

6. Outline a timeline for the sublease

If you are in a 12-month lease but are subletting for six months, let the subletter know that. You need to walk through the timeline of how long a subletter will sublease from you and when they need to move out or re-sign in their own name.

7. Talk to other stakeholders

If you have roommates, you need to loop them into the subletting discussion. While they likely don't want to experience a rent increase by having to make up for the difference, they also want a say in who lives with them when you leave. Before you make any subletting arrangements, talk to the relevant stakeholders about your plan to move out.

8. Post an ad and market your rental opening

Once you've dotted your “i's" and crossed your “t's" with the steps above, it's time to market your open rental space. You can use places like online housing boards, social media groups or local newspaper ads. Remember that you are still responsible for rental payments until a subletter is officially in place.

9. Plan your move

Last but not least, it's time to plan your move. Let the relevant people know when you're leaving and when you'll be back.

Pros and cons of subletting

Now that we've talked about the logistics of subletting, it's time to talk about some pros and cons.

Benefits of subletting

Here are some of the pros of subletting:

• You can end your lease early without being in breach of the contract
• You can maintain your renter reputation without breaking your lease early
• You can supplement your income by having someone else pay your lease
• You can tend to the business that required you to move out in the first place while having your current apartment taken care of.

Downsides to subletting

Here are some of the cons of subletting:

• It may not even be allowed by your property manager or existing lease
• Your subletter might not be as good of a roommate as you were
• You need to find a reliable subletter to take over the sublease
• You still need to maintain communication with your subletter, even when you move out
• You'll need to deal with the paperwork of ending your original lease when the time is up

Is subletting right for you?

We can't make the decision for you, but subletting might be a good option if you need out of your lease without breaching the contract. A sublet, if allowed by your apartment complex and state, is a great way to keep your rental history reputation strong and have viable rental coverage when you move out early.

Make sure you follow proper rules and procedures when subletting. If you've done that, then it's time to find your next apartment in your new destination.

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