The process of leasing space from a Tenant who is already obligated to a Landlord. A tool used to relieve a current tenant from the space. Does not normally release the primary tenant or their guarantors from the original lease. Most leases require Landlords consent. Subtenants need to confirm all aspects of the lease in writing with both the original Tenant and the Landlord. To make them attractive, most subleases are done at a discount from the face rate on the lease and the original primary Tenant absorbs the difference.
A process by which a tenant leases a rented property to another tenant.This new tenant is bound by the terms of the original lease.
Partial transfer of a tenant's right in a rental property to a third party.
The leasing of an apartment by a tenant to a third party for part of the tenant's lease term. Also refers to renting an apartment in a co-op (see cooperative).