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Subletting
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Subletting existing studio space involves renting or subletting an existing studio from the individual artist(s) whose name(s) appear on the lease. Floor cooperative agreements can give sub-tenants broader rights than those subtenants without such agreements. Such arrangements are also easier to maintain in the event of tenant turnover during the lease term, as replacement tenants can know more precisely the mutual responsibilities and expectations among co-op members. Because of the greater stability of co-ops tenant turnover is less frequent than without written agreements.
Key Fees or Fixture Fees
When taking over an existing studio, you may be asked by the current tenant to pay a "fixture fee" or a "key fee," ranging anywhere from a couple hundred to a thousand bucks. These fees are for costs incurred in the development of the space. Be sure you ask to see what improvements you are being asked to pay for and ask to see receipts and hours of work put in. Don’t hesitate to ask how the fee was determined. These fees are often negotiable.
Reviewing Subletting Leases
Be sure to see how much time more there is on the lease you are taking over. Find out when it might be renewed and assess the likelihood of it being renewed. If there isn’t a lot of time left on the lease, you should consider the risk of losing your fee, or you might negotiate a fixture fee refund if the lease if terminated or not renegotiated on terms as agreed. Be sure you understand the process for paying rent and security deposits. Subtenants should have a written agreement – whether a floor co-op agreement or not – and should review it carefully with your potential floor mates.
Meeting your Floormates for the First Time
Your first meeting is very important, present yourself professionally and honestly. As questions about the lease and any other rental agreement. Ask to see the documents yourself, particularly if you are staying a long time. Ask about the day to day operations of the space.
