Subletting your unit requires careful consideration of all the significant risks involved.
You become the subletter’s landlord. You are responsible for all damage or theft from the subletters and their guests.
If they over stay the term of your original lease with us and do not move out willingly, you are responsible for the loss of rental income from the incoming students. You are also responsible for any extra management and legal fees involved in evicting the subletters.
You must inform us of any intention to sublet and get written permission from us. This will NOT release you from any legal or financial liability from subletting. If you still decide to sublet, we strongly suggest you sublet to friends or students with valid student ID. Check their references!
REAL CASE STUDY:
At another property, we recently had a group of students sublet to 4 people who were middle aged crackheads on social assistance. These 4 inconsiderate students rented out 4 bedrooms out of a 5 bedroom unit and left one student stranded with these people. The subletters only paid the students one month of rent. We subsequently found out there were 9 people applying for welfare through this unit in late July.
The TV, X Box and Rogers Cable Box in the common games room were stolen. There was significant damage and smoking of cigarettes and drugs in the unit. We had to repaint the unit and change all the damaged doors, door frames, flooring and furniture. The stove and fridge was punched or kicked in and will be replaced.
We had to hire security guards to keep the other tenants safe and the building secure. We had to do multiple lock changes to secure the building. We had to pay paralegals and lawyers to get legal advice to evict the tenants. We had to threaten the ringleader with videos of him in a stolen rental van. Even with this, we had to pay him $500 in order to get all the subletters to leave.
All these costs will be recovered from the original tenants and their guarantors through the court system. The 4 students now have to hire lawyers and pay for well over tens of thousands of dollars in damages and expenses. Do not let this happen to you or your guarantors!!!