I WOULD LIKE TO SUBLEASE MY RENTAL BECAUSE I CAN NO LONGER MAKE THE PAYMENTS ARIZONA RENTALS
The Phoenix, Arizona rental market is very hot right now. The average time to lease a home under $1,000 monthly rent is about 30 days or less. Why? Many people are unable to obtain a conventional mortgage due to bad credit or recent foreclosure. Then, other people just want to rent and set on the sidelines until things get better. We know the rates are low. However, people still need jobs to pay the monthly mortgage. It is a fine line.
I received a phone call from one of my tenants this past week. She informed me that she would like to sublease her home because she no longer can afford the monthly payment of $1,000. I just want to disclose that there are two other roommates assisting with the monthly rent. Anyway, she went on for about five minutes to explain her situation to me.
I informed her that our rental lease does not allow subleasing.
STATES IN OUR LEASE THE FOLLOWING:
Assignment and Subletting. Lessee shall not assign this Agreement or sublet any portion of the premises without prior written consent of Lessor.
However, I stated that if she found a person who qualifies to take over the lease then I will discuss with the owner the possibility of it. However, we would terminate the existing lease and create a new lease. What about the security deposit? The owner would be able to keep the security deposit since tenant is breaking the lease. Again, it would be totally up to the owner to grant the security deposit back to the tenant.
Read the lease.
Make the Call, Set the Plan, Do the Deal$!
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