Distinguish subletting from lease assignment: Be well-informed before renting your next apartment!
Are you searching for a new rental property? If so, you have probably heard of subletting and lease assignment. But do you really know the differences between these two terms? Don’t worry, we will clarify everything for you and provide you with all the information you need to make an informed decision.
Subletting occurs when the tenant of an apartment chooses to rent all or part of that apartment to another person, called the subtenant. In this case, the original tenant remains responsible to the landlord for all the fees and obligations of the lease. This means that if the subtenant doesn’t pay the rent or causes damage to the apartment, it is the original tenant who bears the responsibility.
However, lease assignment occurs when the tenant of an apartment wants to transfer their lease to another person, called the assignee. In this case, the original tenant is completely released from all obligations towards the landlord and the assignee becomes the new occupant of the apartment. The assignee is therefore responsible for all the terms of the lease, including rent payment and maintenance of the apartment.
Now that you understand the differences between subletting and lease assignment, you can make an informed decision during your apartment search. If you are comfortable remaining responsible as the primary tenant, subletting can be an excellent option for you. It allows you to share the rental costs with a subtenant, which can be advantageous financially.
Now, what is the next step for you? Don’t miss the opportunity to find your dream apartment with the help of a competent real estate broker. Simply fill out the form below and we will connect you with a professional broker right away!
