Atlanta is one of the fastest-growing cities in the South. Many people move here for jobs, school, and a fresh start. While the rental market is moving fast, it can feel overwhelming for anyone who is not prepared. Whether you are new to the city or have lived here for years, you should have a solid understanding of your options. It can help you save money and stress. Read on to learn more about the rental market flexibility in Atlanta.
Understanding Your Lease Options in Atlanta
There are two types of leases that you will generally encounter when renting in Atlanta: Fixed-Term leases and Month-to-Month leases. They both have obvious advantages and disadvantages. Your lifestyle and goals will determine which type of lease is best for you.
Fixed-Term leases are, by far, the most common type of lease. Most fixed-term leases are for 12 months. The advantage of this type of lease is that your rent will be guaranteed not to increase for the duration of your lease. This means if your rent is $1,000 per month when you sign the lease, it will be $1,000 per month for the next 12 months. This type of lease is perfect if you know you will be living at that address for the foreseeable future and want to budget your monthly housing costs. Most apartment complexes throughout the city (Midtown, Buckhead, West Midtown, etc.) offer this type of lease initially.
Month-to-month leases offer flexibility. As the name suggests, you pay rent monthly, and you can move out with as little as 30 days’ notice in most cases. These leases are ideal if you’ve just moved to Atlanta and aren’t sure where you want to live long-term, or if you know you will be in Atlanta for a short period of time but don’t know how long (possible job situation). The downside of this type of lease is cost. You can generally expect to pay several hundred dollars more per month for a month-to-month lease than for a fixed lease. Landlords charge a premium because they risk you moving out at any time.
Finally, there is a hybrid option becoming more popular in Atlanta called short-term or mid-term rentals. These leases generally range from 1 month to 6 months. These are typically found in furnished apartment buildings close to hospitals, universities, and other major employment hubs. They have been traditionally popular with visiting professionals on long-term assignments. Many of these types of rentals allow you to extend or decrease the terms of your lease.
What Is Subletting in Atlanta
Subletting in Atlanta often involves renting your apartment to another person while you remain on the lease. If you want to rent your apartment to someone else while remaining on the lease, you’re subletting. You are known as the sublessor while your tenant is known as the subtenant. Students often sublet apartments when they study abroad or if they need to travel for work. You may also sublet if you need to leave town for a few months and don’t want to terminate your lease.
Subletting itself is legal in Georgia, but there are rules you have to follow. First, you must obtain written permission from your landlord to sublet your apartment, which is not negotiable. State law requires it, and if you get caught subletting without permission, you could face eviction and further legal action. Your landlord can include the right to sublet in your lease, or provide a signed document granting you the right to sublet. As long as you have written permission before you sublet, you’re fine.
Your lease will also give you clues on what you and your landlord allow. Many leases in Atlanta will have a clause that specifically talks about subletting. Some will allow it with your landlord’s permission; others forbid it outright.
If your lease doesn’t mention it, you should still check with your landlord. Never assume it’s allowed unless it says so. If the landlord is not reachable, you can seek guidance from the property manager. Working with an Atlanta property manager can improve the overall profitability of rental investments.
Tips for Successfully Subletting Your Apartment
Subletting doesn’t have to be scary if done right. Here’s what you need to do to protect yourself and ensure things run smoothly.
- Review your lease
The first thing you should do is look over your current lease. Does it mention anything about subletting or assignment? Don’t hesitate to contact your landlord or local tenants’ rights organization if you have any questions.
- Ask your landlord for written permission
Email or send a letter to your landlord formally requesting permission to sublet your apartment. Include the dates you will be subletting, the reason for subletting, and any information you have on your prospective subtenant. If you don’t hear back from them, give them a call. Save any emails you receive from them.
- Interview your prospective subtenant
Don’t rush this process. You are essentially hiring someone to live in your home and pay your rent. Perform a credit check, verify employment, and, if possible, call their previous landlords. Ask about their lifestyle, whether they have pets, why they are looking for a short-term rental, and anything else you feel is necessary. Researching now will save you a lot of trouble down the road.
- Write up a Sublease agreement
Get everything in writing with your subtenant. Include start and end dates, monthly rental price, when rent is due, and what happens with the security deposit at the end of the term. Your landlord may require you to use a specific form. If not, you can find fillable Georgia sublease forms online.
- Confirm your renters’ insurance
Ensure your renters’ insurance policy will remain active while you sublease. Some policies may include subletting clauses, so it’s best to confirm with your provider.
Final Words
Atlanta offers flexibility for renters who know what to look for. You just need to review the options available to you and choose the best one. When you stay informed and plan ahead, you can easily navigate through the rental scene of Atlanta with confidence.