Living in New York can get expensive, so if you plan to stay out of the city for a while or are looking to take on a roommate, subletting your New York apartment is a great way to get most of the money back. or your entire stay. to rent. Fortunately, there are also plenty of people looking to sublet in NYC, whether they’re students who are in town for college or short-term visitors who may also be looking to save money by getting a short-term sublet instead of staying in an expensive hotel or signing a one-year lease.
If you’re planning to sublet in New York City, here’s what you need to know.
What is subletting?
Subletting means signing a legally binding contract that allows another tenant to live in your apartment while the original lease is still in your name.
Subletting is a great option if you plan to move out of town in the short term but want to keep your lease or want to add a roommate. However, you should keep in mind that a sublet is in fact a business transaction, so make sure you understand the subletting laws in New York City and understand your responsibilities under the terms of the contract or of the sublease contract.
Is subletting in New York legal?
In short, yes: it’s legal to sublet your New York apartment under New York City sublet laws if you live in a building with four or more units. But New York City has relatively strict short-term sublet restrictions, so there are several conditions you should keep in mind if you are considering subletting your apartment.
Under New York City law, you cannot sublet your apartment if you live in a rent-controlled building or public housing, or if you receive section 8 public assistance. can only sublet if you plan to return to your apartment at the end of the sublet, so this option may not work for you if you plan to run an Airbnb business or want to sublet until the end of your lease.
New York City also has a “multiple dwelling” law, which means sublets in New York must last for more than 30 days and less than two years. This can include Airbnb and similar rental options, so you should check the city’s latest rules and regulations before trying to sublet this way. Check with the Ministry of Finance or the Ministry of Buildings for the latest regulations. It may also be a good idea to consult a lawyer with experience in real estate law.
Additionally, it can be difficult to sublet if you live in a co-op, as co-op boards usually have restrictions on renting, such as the number of condos that can be sublet at one time. If you want to sublet a condo in New York City, check your exclusive lease to see what’s allowed.
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How to find sub-lettering
Once you’ve determined that you want to sublet your apartment and it may be legal for you to do so, here are the steps on how to sublet your New York apartment:
Get permission from your landlord
First of all, in New York, you need to get permission from your landlord to sublet your apartment. You must send your landlord a formal request by certified mail and you must also provide a valid reason for the sublet. Before you apply, check the terms of your lease to see if there are any restrictions on subletting.
Once your sub-tenant has signed the sublease agreement, you will need to send another certified letter to your landlord with a copy of the sublet signed by you and your sub-tenant. You will need to include key details in the lease, including:
- Your name and the name of your sub-letter
- The timing and duration of the sublet
- The reason you are requesting a sublet
- An overview of the rent your sub-tenant will pay and any security deposits you will collect from them
Your landlord must respond to the letter within 10 days to request additional information. If you don’t hear from them within 30 days, you can consider the request approved.
List your place
Once you’ve gotten formal permission from your landlord, you’re ready to find a sub-letter. While the New York real estate market tends to be hot, it might take a while for you to find the right sub letter. Post your ad on a website like Zumper, which can help make renting or subletting a pain-free experience. Include high-quality photos of your apartment, the duration and timing of the sublet, and the cost of the sublet in your ad. Keep in mind that in New York, your sublet must last longer than 30 days, but cannot extend for more than two years in a four-year period.
When pricing the sublet, be sure to include the cost of rent as well as any utility costs in your calculations. Explicitly state in your ad whether utilities are included in the rent or whether subtenants will have to pay for utilities separately.
You will be financially responsible for the cost of the rent during your sub-tenant’s tenure. To make sure your sub-tenant will pay their rent on time and be a respectful tenant, you’ll want to ask for references. You may be responsible for the costs of any damage a sub tenant sustains to your apartment, so you’ll want to make sure that your sub tenant is careful and respectful of your apartment. You may also want to consider collecting a security deposit from your sub-letter just to be on the safe side.
Prepare your apartment
Make sure to remove any valuables or items of sentimental value and put them away or take them with you. You’ll also want to clean your accommodation thoroughly so that your sub-letter begins with a clean spot.
Subletting your apartment in New York is a good option to save on rent if you are away from the city. Make sure you understand the rules and regulations and your responsibilities as a tenant before you begin.