short term subletting for special events : ezLandlordForms

H

Heather H

started a topic about 12 years ago

I own and manage a 7 unit building located on Bourbon Street in New Orleans. Superbowl week is an opportunity for many locals to rent their homes to visitors at a very high rate. Having already done short term rentals for big events, I know my $2500/month unit would rent easily for $500/night.But it is occupied now, as are all my units. In general, I do not allow subletting. But, The lease says that tenants wishing to do so must get written authorization from me first. Heres my question. If Unit One who pays 2500/month sublets his apartment for $500/night for the 5 days around Superbowl 5, he'll make $2500. Some property owners sti to the no sublet rule, some charge their tenant a percentage of the sublet inome , some charge the tenat a flat rate and the tenantmay rent it for whatever he wants, some tell their tenants that if they move ot for the 5 days of Superbowl they dont have to pay rent that month. What's legal and what's not? What is typical? Heather Zimmer

B

Bob R

said about 12 years ago

In New Orleans - “no rentals less than 60 days” in French Quarter or “no rentals less than 30 days” in the rest of the city…. Here’s an interesting site http://nolafemmes.com/2011/09/12/str-blues/ -----Disclaimer: Since I’ve been answering a lot of questions, I thought I would make the following statement. I’m not affiliated with EZlandlord Forms. I’m just here (not sure how long) to help those that have questions. Having 40+ yrs with Rental Property and done well, it’s my way of “Pay it Forward (check out the movie).” However, it is up to you to become familiar with your State/Local laws. I always like to know if the suggestions I offer are helpful. Feel free to comment anytime. Thanks in Advance. BTW...check out the Rental Property Organizer at Simp-List.com.

J

Jessica B

said about 12 years ago

Hmm I am not sure Heather. I do not allow for subletting. However, if permission were needed and I said yes to the tenant, I would most certainly want a cut of the funds raised. Although, it wouldnt be as high as the tenant, since they are the ones being displaced. Maybe do a little web searching or look for a local investment club, they might have some great suggestions.