Exchanging apartments and run for vacation

Exchanging apartment with friends or strangers may seem like a great way to save money or simply afford the comfort of one’s own personal space while away, but certain legal precautions should be taken to avoid nightmare scenarios when you arrive back home.

Exchanging apartments: know the facts

As a nice gesture or a way to save money, exchanging apartments with others may seem like a good idea when going on vacation. However, there are things tenants must know before handing over their keys. There are two types of exchanges: sublets and incidental occupancy.
Subletting an apartment in exchange for money should be consulted with the landlord; tenants enter murky waters if they profit from a rental in any way. As far as incidental occupancies, renters may lend or exchange their apartments. These long-term stays tend to be governed by state laws, which stipulate the length of time a person can occupy an apartment without signing a lease. Landlords and co-ops may not tolerate these stays, so it’s best to check first.

Risks associated with exchanging apartments

Many websites have made property exchanges popular, however, these are not without risk. Mishaps while exchanging apartments are common. If there is damage to the property while the tenant is away, renter’s insurance will consider the circumstances and the length of the exchange, and longer stays could result in a tenant’s coverage being canceled. Consult with an insurance agent before taking on the risk. If not, you may need the services of a lawyer to dispute a claim.

Exchanging apartments has become increasingly popular in recent years, yet there is a clear distinction between doing so for profit or simply as an even exchange. It pays to read the fine print before committing to a swap. All parties – tenants, landlords and visitors – should be aware of their rights and responsibilities and be in agreement.