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What is "Sublet"

Discussion in 'General Discussions - USA & Canada' started by Nitha J, Mar 18, 2010.

  1. Nitha J

    Nitha J IL Hall of Fame

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    Hii all
    Since we are planning to move closer to NYC; we are on apartment hunt. I saw that there is a considerable difference in rent when you are subletting.
    I would like to know how different is sublet from normal renting? Is it a common practice to sublet?
    Please help.
    -Nitha
     
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  2. gjaya

    gjaya Silver IL'ite

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    Hi Nitha,

    From my understanding it is like this, sublet happens when the person who has rented the apartment has to suddenly move out before the lease term and so since they have to pay the rent for the entire lease term they instead sublet at a lesser amount so that they can cover their rental amount.

    So if it is subletting then you pay rent to the person who has rented the apartment as opposed to the apartment community/owner.



    Jaya
     
    Last edited: Mar 18, 2010
  3. Nitha J

    Nitha J IL Hall of Fame

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    Thanks Jaya for quick response.
    So I guess there would be an agreement between sub "lessee" and "leasor".
    -Nitha
     
  4. Pavarun

    Pavarun Silver IL'ite

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  5. gjaya

    gjaya Silver IL'ite

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    Yes Nitha, and its common in most of the bigger cities.


    Jaya
     
  6. Nitha J

    Nitha J IL Hall of Fame

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    Thanks Jaya. Sindhu; Thanks for the link. I needed to be sure of the sub tenant's rights/liabilities.
    -Nitha
     

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