I live in a rent-stabilized 1-BR Manhattan apartment. I’m interested in doing a ‘home exchange’ so that I can live abroad for a year or more.
Can this be arranged as a ‘sublet’ -– and if so, is that the best way to do it? (I'm aware of the 2 out of 4 year limit on sublets. That's not an issue.)
The problem with doing it as a sublet:
Generally, home exchanges don’t involve an assumption of the other person’s financial responsibilities. So ideally, I -– not the person living in my apartment –- would continue to pay the rent on my apartment, as he or she would continue to the pay the rent or mortgage on his/her home. But then, that would not be a sublet.
So, if *not* as a sublet, how can this be done?
Is there any case law on such ‘home exchange’ arrangements?
Knowedgable replies appreciated.