Boston is home to numerous colleges and universities including MIT, Harvard, Boston University and Boston College. The student population puts pressure on the demand of rental properties, making property management in Boston necessary. Consequently, many students turn to sites such as AirBnB or Timeshares to find tenants willing to sublet.
What is subletting?Subletting is when a tenant who has a current lease contract decides to either rent a room in their apartment or the entire apartment to another tenant on a short-term basis.
Why tenants subletAccording to Property Investment Project website, tenants can opt to sublet their apartments if they will be away for some months. Some tenants sublet as a way of raising finances to meet rent and utility bills.
5 Keys of Subletting For Effective Property Management in Boston
- Add a Subleasing Clause to the Rental Agreement
- Let Tenants Find a New Tenant for Subletting
- Run a Background Check on Potential Subtenants
- Let the New Subtenants Know the Regulations
- Get an Insurance Company that Allows Subletting
Boston Property ManagementIn closing, property owners should carefully weigh their options before deciding whether to permit subletting. Depending on your situation, you can use subletting to ensure no part of your property remains vacant. Our expert property managers at Mediate Management can help you determine if subletting is a viable option for you.
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